Skechers U.S.A. (NYSE:SKX) Shares Gap Up – Time to Buy?

Shares of Skechers U.S.A., Inc. (NYSE:SKX) gapped up prior to trading on Tuesday . The stock had previously closed at $65.65, but opened at $68.34. Skechers U.S.A. shares last traded at $68.81, with a volume of 545,890 shares.

Analyst Upgrades and Downgrades

A number of research firms have recently issued reports on SKX. Deutsche Bank Aktiengesellschaft raised their price target on Skechers U.S.A. from $83.00 to $84.00 and gave the stock a “buy” rating in a research note on Friday, October 25th. TD Cowen decreased their target price on Skechers U.S.A. from $78.00 to $76.00 and set a “buy” rating on the stock in a report on Monday, October 14th. Needham & Company LLC started coverage on Skechers U.S.A. in a report on Friday, November 22nd. They issued a “hold” rating on the stock. Bank of America decreased their target price on Skechers U.S.A. from $81.00 to $80.00 and set a “buy” rating on the stock in a report on Friday, October 25th. Finally, Barclays raised their target price on Skechers U.S.A. from $79.00 to $80.00 and gave the stock an “overweight” rating in a report on Friday, October 25th. Two analysts have rated the stock with a hold rating and eleven have issued a buy rating to the company’s stock. Based on data from MarketBeat, Skechers U.S.A. has a consensus rating of “Moderate Buy” and an average price target of $78.09.

Skechers U.S.A. Trading Up 2.1 %

The company has a quick ratio of 1.25, a current ratio of 1.96 and a debt-to-equity ratio of 0.01. The stock has a fifty day simple moving average of $63.63 and a 200 day simple moving average of $66.08. The firm has a market capitalization of $10.66 billion, a P/E ratio of 17.40, a PEG ratio of 0.96 and a beta of 1.22.

Skechers U.S.A. (NYSE:SKX) last posted its quarterly earnings results on Thursday, October 24th. The textile maker reported $1.26 EPS for the quarter, beating analysts’ consensus estimates of $1.15 by $0.11. The business had revenue of $2.35 billion for the quarter, compared to analysts’ expectations of $2.31 billion. Skechers U.S.A. had a return on equity of 13.71% and a net margin of 7.19%. The business’s quarterly revenue was up 16.0% on a year-over-year basis. During the same period last year, the firm earned $0.93 earnings per share. As a group, research analysts forecast that Skechers U.S.A., Inc. will post 4.25 EPS for the current year.

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

A number of hedge funds have recently made changes to their positions in the company. Pacer Advisors Inc. lifted its position in shares of Skechers U.S.A. by 5,780.6% in the third quarter. Pacer Advisors Inc. now owns 2,639,390 shares of the textile maker’s stock worth $176,628,000 after buying an additional 2,594,507 shares in the last quarter. Geode Capital Management LLC lifted its position in shares of Skechers U.S.A. by 0.5% in the third quarter. Geode Capital Management LLC now owns 2,216,905 shares of the textile maker’s stock worth $148,395,000 after buying an additional 11,026 shares in the last quarter. Dimensional Fund Advisors LP lifted its position in shares of Skechers U.S.A. by 3.0% in the second quarter. Dimensional Fund Advisors LP now owns 1,885,723 shares of the textile maker’s stock worth $130,350,000 after buying an additional 55,095 shares in the last quarter. Charles Schwab Investment Management Inc. lifted its position in shares of Skechers U.S.A. by 1.3% in the third quarter. Charles Schwab Investment Management Inc. now owns 1,316,882 shares of the textile maker’s stock worth $88,126,000 after buying an additional 17,429 shares in the last quarter. Finally, Wellington Management Group LLP lifted its position in shares of Skechers U.S.A. by 39.0% in the third quarter. Wellington Management Group LLP now owns 1,025,556 shares of the textile maker’s stock worth $68,630,000 after buying an additional 287,939 shares in the last quarter. 79.96% of the stock is currently owned by hedge funds and other institutional investors.

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.