G-III Apparel Group, Ltd. (NASDAQ:GIII) Sees Significant Drop in Short Interest

G-III Apparel Group, Ltd. (NASDAQ:GIII) was the target of a large drop in short interest during the month of December. As of December 31st, there was short interest totalling 4,190,000 shares, a drop of 6.5% from the December 15th total of 4,480,000 shares. Approximately 11.0% of the company’s shares are short sold. Based on an average daily volume of 447,900 shares, the short-interest ratio is currently 9.4 days.

Institutional Trading of G-III Apparel Group

Several institutional investors and hedge funds have recently made changes to their positions in GIII. Point72 Asia Singapore Pte. Ltd. purchased a new stake in G-III Apparel Group during the second quarter worth $42,000. Quarry LP purchased a new stake in shares of G-III Apparel Group during the 3rd quarter worth $63,000. Point72 DIFC Ltd bought a new stake in G-III Apparel Group during the second quarter valued at about $78,000. CWM LLC grew its stake in G-III Apparel Group by 46.8% in the third quarter. CWM LLC now owns 2,777 shares of the textile maker’s stock valued at $85,000 after purchasing an additional 885 shares during the last quarter. Finally, Point72 Hong Kong Ltd bought a new position in G-III Apparel Group in the third quarter worth about $152,000. 92.13% of the stock is currently owned by institutional investors.

G-III Apparel Group Trading Up 1.0 %

Shares of NASDAQ:GIII traded up $0.32 during trading on Friday, reaching $30.91. 316,958 shares of the company were exchanged, compared to its average volume of 498,402. The business’s fifty day simple moving average is $31.89 and its 200-day simple moving average is $29.64. The company has a debt-to-equity ratio of 0.13, a current ratio of 2.63 and a quick ratio of 1.75. G-III Apparel Group has a 12-month low of $20.66 and a 12-month high of $36.18. The firm has a market capitalization of $1.36 billion, a PE ratio of 8.11 and a beta of 2.09.

G-III Apparel Group (NASDAQ:GIII) last released its quarterly earnings data on Tuesday, December 10th. The textile maker reported $2.59 EPS for the quarter, topping the consensus estimate of $2.26 by $0.33. G-III Apparel Group had a return on equity of 11.66% and a net margin of 5.59%. The company had revenue of $1.09 billion for the quarter, compared to the consensus estimate of $1.10 billion. During the same period last year, the business posted $2.78 EPS. G-III Apparel Group’s quarterly revenue was up 1.9% on a year-over-year basis. On average, research analysts anticipate that G-III Apparel Group will post 4.16 EPS for the current year.

Wall Street Analyst Weigh In

GIII has been the topic of several analyst reports. Barclays boosted their target price on G-III Apparel Group from $27.00 to $29.00 and gave the company an “underweight” rating in a research report on Wednesday, December 11th. Telsey Advisory Group reissued a “market perform” rating and issued a $38.00 target price on shares of G-III Apparel Group in a research note on Wednesday, December 18th. KeyCorp lifted their price target on shares of G-III Apparel Group from $34.00 to $40.00 and gave the stock an “overweight” rating in a research note on Wednesday, December 11th. Guggenheim increased their price objective on shares of G-III Apparel Group from $36.00 to $38.00 and gave the stock a “buy” rating in a research report on Wednesday, December 11th. Finally, StockNews.com upgraded G-III Apparel Group from a “hold” rating to a “buy” rating in a research report on Friday. Two investment analysts have rated the stock with a sell rating, two have issued a hold rating and three have given a buy rating to the company. According to data from MarketBeat, the company currently has an average rating of “Hold” and a consensus target price of $33.17.

G-III Apparel Group Company Profile

G-III Apparel Group, Ltd. designs, sources, and markets women's and men's apparel in the United States and internationally. The company operates through two segments, Wholesale Operations and Retail Operations. Its products include outerwear, dresses, sportswear, swimwear, women's suits, and women's performance wear; and women's handbags, footwear, small leather goods, cold weather accessories, and luggage.