Birkenstock (NYSE:BIRK) Raised to Buy at HSBC

Birkenstock (NYSE:BIRK) was upgraded by equities researchers at HSBC from a “hold” rating to a “buy” rating in a report issued on Tuesday, MarketBeat.com reports. The firm currently has a $60.00 price objective on the stock, up from their previous price objective of $58.00. HSBC’s price objective indicates a potential upside of 15.12% from the company’s current price.

BIRK has been the topic of several other research reports. Telsey Advisory Group restated an “outperform” rating and set a $70.00 target price on shares of Birkenstock in a research report on Tuesday, September 24th. Evercore ISI restated an “outperform” rating and set a $77.00 price target (up previously from $63.00) on shares of Birkenstock in a research note on Monday, August 26th. BMO Capital Markets reiterated an “outperform” rating and set a $60.00 price objective on shares of Birkenstock in a report on Friday, August 30th. BTIG Research set a $60.00 price target on Birkenstock and gave the company a “buy” rating in a research note on Friday, October 18th. Finally, Stifel Nicolaus upped their price target on Birkenstock from $63.00 to $70.00 and gave the stock a “buy” rating in a report on Friday, August 23rd. Two analysts have rated the stock with a hold rating and fourteen have given a buy rating to the company’s stock. Based on data from MarketBeat, the company presently has a consensus rating of “Moderate Buy” and a consensus price target of $66.00.

Birkenstock Trading Up 1.2 %

Shares of Birkenstock stock traded up $0.61 during midday trading on Tuesday, reaching $52.12. The company had a trading volume of 94,938 shares, compared to its average volume of 1,008,267. The company has a debt-to-equity ratio of 0.55, a current ratio of 2.91 and a quick ratio of 1.49. Birkenstock has a fifty-two week low of $41.00 and a fifty-two week high of $64.78. The stock has a fifty day moving average price of $48.46 and a 200 day moving average price of $52.67. The firm has a market cap of $9.79 billion, a PE ratio of 84.36, a P/E/G ratio of 1.12 and a beta of 2.22.

Institutional Investors Weigh In On Birkenstock

A number of large investors have recently modified their holdings of the stock. Bamco Inc. NY increased its position in shares of Birkenstock by 2.6% during the 3rd quarter. Bamco Inc. NY now owns 3,102,507 shares of the company’s stock valued at $152,923,000 after purchasing an additional 78,093 shares during the last quarter. Healthcare of Ontario Pension Plan Trust Fund lifted its position in shares of Birkenstock by 30.4% in the second quarter. Healthcare of Ontario Pension Plan Trust Fund now owns 3,000,000 shares of the company’s stock valued at $163,230,000 after acquiring an additional 700,000 shares in the last quarter. FMR LLC raised its position in shares of Birkenstock by 61.4% during the third quarter. FMR LLC now owns 2,128,689 shares of the company’s stock valued at $104,923,000 after buying an additional 809,784 shares during the last quarter. Millennium Management LLC bought a new position in shares of Birkenstock during the 2nd quarter valued at about $61,972,000. Finally, Federated Hermes Inc. increased its holdings in shares of Birkenstock by 42.0% in the second quarter. Federated Hermes Inc. now owns 1,071,235 shares of the company’s stock worth $58,286,000 after purchasing an additional 316,935 shares during the last quarter. Institutional investors own 19.93% of the company’s stock.

About Birkenstock

Birkenstock Holding plc manufactures and sells footwear products. It also offers sandals, shoes, closed-toe silhouettes, skincare products, and accessories. The company sells its products through e-commerce sites and a network of owned retail stores, as well as business-to-business channels. It operates in the United States, Brazil, Canada, Mexico, Europe, APMA, and internationally.