Skechers U.S.A. (NYSE:SKX) Shares Gap Down – What’s Next?

Skechers U.S.A., Inc. (NYSE:SKX)’s stock price gapped down before the market opened on Thursday . The stock had previously closed at $59.03, but opened at $52.39. Skechers U.S.A. shares last traded at $46.64, with a volume of 1,816,612 shares trading hands.

Analyst Ratings Changes

Several brokerages have weighed in on SKX. TD Cowen lifted their price target on shares of Skechers U.S.A. from $88.00 to $93.00 and gave the company a “buy” rating in a report on Wednesday, January 8th. StockNews.com downgraded shares of Skechers U.S.A. from a “buy” rating to a “hold” rating in a report on Monday, February 10th. Evercore ISI upped their price target on shares of Skechers U.S.A. from $72.00 to $85.00 and gave the company an “outperform” rating in a research note on Tuesday, January 28th. Stifel Nicolaus dropped their price objective on shares of Skechers U.S.A. from $83.00 to $80.00 and set a “buy” rating for the company in a research note on Friday, February 7th. Finally, Bank of America decreased their target price on shares of Skechers U.S.A. from $76.00 to $70.00 and set a “buy” rating on the stock in a research report on Monday, March 24th. Three research analysts have rated the stock with a hold rating and eleven have assigned a buy rating to the company. According to MarketBeat.com, the stock has a consensus rating of “Moderate Buy” and a consensus price target of $80.42.

Skechers U.S.A. Stock Up 2.7 %

The company has a current ratio of 1.97, a quick ratio of 1.12 and a debt-to-equity ratio of 0.01. The firm has a market cap of $7.51 billion, a PE ratio of 12.12, a P/E/G ratio of 1.11 and a beta of 1.08. The business’s 50-day simple moving average is $62.35 and its 200 day simple moving average is $64.80.

Skechers U.S.A. (NYSE:SKX) last announced its quarterly earnings results on Thursday, February 6th. The textile maker reported $0.65 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $0.73 by ($0.08). Skechers U.S.A. had a net margin of 7.13% and a return on equity of 13.73%. As a group, equities research analysts expect that Skechers U.S.A., Inc. will post 4.47 earnings per share for the current year.

Insiders Place Their Bets

In related news, General Counsel Phillip Paccione sold 10,994 shares of the company’s stock in a transaction that occurred on Monday, March 3rd. The stock was sold at an average price of $56.63, for a total value of $622,590.22. Following the sale, the general counsel now owns 15,000 shares in the company, valued at $849,450. This represents a 42.29 % decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, CEO Robert Greenberg sold 52,600 shares of the firm’s stock in a transaction on Wednesday, February 12th. The stock was sold at an average price of $62.72, for a total transaction of $3,299,072.00. Following the transaction, the chief executive officer now directly owns 61,367 shares of the company’s stock, valued at approximately $3,848,938.24. This trade represents a 46.15 % decrease in their position. The disclosure for this sale can be found here. In the last quarter, insiders have sold 218,245 shares of company stock valued at $13,452,902. Insiders own 24.75% of the company’s stock.

Institutional Investors Weigh In On Skechers U.S.A.

A number of institutional investors have recently modified their holdings of SKX. NewEdge Advisors LLC increased its holdings in Skechers U.S.A. by 85.2% in the 4th quarter. NewEdge Advisors LLC now owns 413 shares of the textile maker’s stock worth $28,000 after acquiring an additional 190 shares in the last quarter. TD Private Client Wealth LLC lifted its position in shares of Skechers U.S.A. by 534.3% in the fourth quarter. TD Private Client Wealth LLC now owns 425 shares of the textile maker’s stock valued at $29,000 after acquiring an additional 358 shares in the last quarter. Investment Management Corp VA ADV acquired a new stake in shares of Skechers U.S.A. in the fourth quarter worth approximately $32,000. UMB Bank n.a. increased its position in shares of Skechers U.S.A. by 53.1% during the fourth quarter. UMB Bank n.a. now owns 689 shares of the textile maker’s stock worth $46,000 after purchasing an additional 239 shares in the last quarter. Finally, IFP Advisors Inc lifted its holdings in Skechers U.S.A. by 62.4% in the 4th quarter. IFP Advisors Inc now owns 825 shares of the textile maker’s stock valued at $55,000 after purchasing an additional 317 shares in the last quarter. 79.96% of the stock is currently owned by institutional investors and hedge funds.

Skechers U.S.A. Company Profile

Skechers U.SA, Inc designs, develops, markets, and distributes footwear for men, women, and children worldwide. The company operates through Wholesale and Direct-to-Consumer segments. It offers footwear under Skechers Hands Free Slip-ins, Skechers Arch Fit, and Skechers Air-Cooled Memory Foam brands.