Skechers U.S.A., Inc. (NYSE:SKX) Short Interest Up 28.5% in June

Skechers U.S.A., Inc. (NYSE:SKX) was the recipient of a significant increase in short interest in June. As of June 15th, there was short interest totalling 3,430,000 shares, an increase of 28.5% from the May 31st total of 2,670,000 shares. Based on an average trading volume of 1,740,000 shares, the days-to-cover ratio is presently 2.0 days. Currently, 2.6% of the company’s stock are short sold.

Skechers U.S.A. Price Performance

NYSE:SKX opened at $67.52 on Tuesday. The firm has a market cap of $10.30 billion, a price-to-earnings ratio of 17.77, a price-to-earnings-growth ratio of 0.99 and a beta of 1.25. The company has a current ratio of 2.39, a quick ratio of 1.56 and a debt-to-equity ratio of 0.02. The company’s 50-day moving average is $68.94 and its two-hundred day moving average is $63.62. Skechers U.S.A. has a 12-month low of $45.58 and a 12-month high of $75.09.

Skechers U.S.A. (NYSE:SKX) last announced its quarterly earnings data on Thursday, April 25th. The textile maker reported $1.33 earnings per share for the quarter, topping the consensus estimate of $1.10 by $0.23. The business had revenue of $2.25 billion for the quarter, compared to analyst estimates of $2.20 billion. Skechers U.S.A. had a net margin of 7.17% and a return on equity of 13.56%. The company’s revenue was up 12.5% on a year-over-year basis. During the same period in the prior year, the firm posted $1.02 EPS. Research analysts expect that Skechers U.S.A. will post 4.08 EPS for the current year.

Analyst Ratings Changes

A number of equities analysts recently weighed in on the stock. Barclays assumed coverage on shares of Skechers U.S.A. in a research report on Monday, April 1st. They issued an “overweight” rating and a $71.00 price objective on the stock. TD Cowen lifted their price objective on shares of Skechers U.S.A. from $70.00 to $74.00 and gave the company a “buy” rating in a research report on Wednesday, March 6th. Evercore ISI decreased their target price on shares of Skechers U.S.A. from $73.00 to $68.00 and set an “outperform” rating on the stock in a research report on Wednesday, April 17th. Wells Fargo & Company initiated coverage on shares of Skechers U.S.A. in a research report on Wednesday, June 12th. They set an “overweight” rating and a $83.00 target price on the stock. Finally, Wedbush restated an “outperform” rating and set a $76.00 target price on shares of Skechers U.S.A. in a research report on Friday, May 17th. One equities research analyst has rated the stock with a hold rating and thirteen have assigned a buy rating to the company’s stock. Based on data from MarketBeat, Skechers U.S.A. has an average rating of “Moderate Buy” and a consensus price target of $72.00.

Insider Activity at Skechers U.S.A.

In related news, General Counsel Phillip Paccione sold 423 shares of the firm’s stock in a transaction that occurred on Tuesday, June 4th. The shares were sold at an average price of $69.45, for a total value of $29,377.35. Following the sale, the general counsel now owns 35,000 shares of the company’s stock, valued at $2,430,750. The sale was disclosed in a filing with the SEC, which can be accessed through this hyperlink. 24.75% of the stock is owned by corporate insiders.

Institutional Inflows and Outflows

Large investors have recently modified their holdings of the stock. Redmont Wealth Advisors LLC purchased a new position in shares of Skechers U.S.A. during the 1st quarter worth about $25,000. Bessemer Group Inc. increased its position in Skechers U.S.A. by 66.7% during the 1st quarter. Bessemer Group Inc. now owns 410 shares of the textile maker’s stock worth $25,000 after purchasing an additional 164 shares in the last quarter. GAMMA Investing LLC acquired a new stake in Skechers U.S.A. in the fourth quarter valued at approximately $36,000. Game Plan Financial Advisors LLC acquired a new stake in Skechers U.S.A. in the first quarter valued at approximately $43,000. Finally, Sunbelt Securities Inc. acquired a new stake in Skechers U.S.A. in the first quarter valued at approximately $45,000. 79.96% of the stock is currently owned by hedge funds and other institutional investors.

About Skechers U.S.A.

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.