Boot Barn (NYSE:BOOT) Stock Price Expected to Rise, JPMorgan Chase & Co. Analyst Says

Boot Barn (NYSE:BOOT) had its price objective lifted by equities researchers at JPMorgan Chase & Co. from $181.00 to $188.00 in a research report issued to clients and investors on Wednesday,Benzinga reports. The firm presently has an “overweight” rating on the stock. JPMorgan Chase & Co.‘s price target indicates a potential upside of 19.47% from the company’s current price.

Several other research analysts have also weighed in on the company. Baird R W raised Boot Barn from a “hold” rating to a “strong-buy” rating in a research report on Wednesday, October 30th. Citigroup reduced their price objective on Boot Barn from $194.00 to $178.00 and set a “buy” rating on the stock in a research note on Tuesday, October 29th. Craig Hallum cut Boot Barn from a “buy” rating to a “hold” rating and boosted their target price for the stock from $154.00 to $162.00 in a report on Friday, October 25th. Williams Trading restated a “buy” rating and issued a $173.00 price target on shares of Boot Barn in a report on Tuesday, October 29th. Finally, Piper Sandler reiterated an “overweight” rating and set a $179.00 price objective on shares of Boot Barn in a research note on Tuesday, October 29th. One analyst has rated the stock with a sell rating, three have issued a hold rating, ten have assigned a buy rating and one has assigned a strong buy rating to the company’s stock. According to data from MarketBeat, the company presently has an average rating of “Moderate Buy” and a consensus target price of $167.00.

Boot Barn Price Performance

NYSE:BOOT traded down $3.05 during mid-day trading on Wednesday, reaching $157.36. The company’s stock had a trading volume of 323,452 shares, compared to its average volume of 639,391. Boot Barn has a twelve month low of $69.35 and a twelve month high of $169.83. The company’s fifty day simple moving average is $142.56 and its two-hundred day simple moving average is $142.42. The stock has a market cap of $4.80 billion, a P/E ratio of 31.60 and a beta of 2.10.

Boot Barn (NYSE:BOOT) last released its earnings results on Monday, October 28th. The company reported $0.95 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.93 by $0.02. The firm had revenue of $425.80 million during the quarter, compared to the consensus estimate of $424.42 million. Boot Barn had a net margin of 8.73% and a return on equity of 15.89%. Boot Barn’s revenue was up 13.7% compared to the same quarter last year. During the same period in the previous year, the firm earned $0.91 earnings per share. Sell-side analysts expect that Boot Barn will post 5.48 EPS for the current fiscal year.

Insiders Place Their Bets

In other news, CEO John Hazen sold 6,311 shares of the stock in a transaction that occurred on Thursday, January 2nd. The stock was sold at an average price of $152.98, for a total transaction of $965,456.78. Following the completion of the transaction, the chief executive officer now directly owns 3,937 shares in the company, valued at approximately $602,282.26. This represents a 61.58 % decrease in their position. The transaction was disclosed in a filing with the SEC, which can be accessed through this hyperlink. 1.00% of the stock is currently owned by company insiders.

Institutional Trading of Boot Barn

Several institutional investors have recently added to or reduced their stakes in the stock. Rhumbline Advisers increased its holdings in shares of Boot Barn by 0.6% in the 2nd quarter. Rhumbline Advisers now owns 84,556 shares of the company’s stock valued at $10,902,000 after acquiring an additional 543 shares during the last quarter. Arizona State Retirement System increased its stake in Boot Barn by 1.9% during the second quarter. Arizona State Retirement System now owns 8,483 shares of the company’s stock valued at $1,094,000 after purchasing an additional 160 shares during the last quarter. Choreo LLC acquired a new stake in shares of Boot Barn during the second quarter worth $213,000. Texas Permanent School Fund Corp lifted its position in shares of Boot Barn by 0.6% in the 2nd quarter. Texas Permanent School Fund Corp now owns 26,677 shares of the company’s stock worth $3,439,000 after buying an additional 158 shares during the last quarter. Finally, Thoroughbred Financial Services LLC acquired a new position in shares of Boot Barn in the 2nd quarter valued at about $263,000.

About Boot Barn

Boot Barn Holdings, Inc, a lifestyle retail chain, operates specialty retail stores in the United States. The company's specialty retail stores offer western and work-related footwear, apparel, and accessories for men, women, and kids. It offers boots, shirts, jackets, hats, belts and belt buckles, handbags, western-style jewelry, rugged footwear, outerwear, overalls, denim, and flame-resistant and high-visibility clothing.