Birkenstock (NYSE:BIRK) Shares Gap Up After Analyst Upgrade

Birkenstock Holding plc (NYSE:BIRK) gapped up prior to trading on Wednesday after UBS Group raised their price target on the stock from $83.00 to $95.00. The stock had previously closed at $56.06, but opened at $60.94. UBS Group currently has a buy rating on the stock. Birkenstock shares last traded at $59.58, with a volume of 1,670,112 shares traded.

A number of other research firms have also weighed in on BIRK. Robert W. Baird increased their price target on Birkenstock from $65.00 to $72.00 and gave the company an “outperform” rating in a research report on Thursday. Piper Sandler began coverage on shares of Birkenstock in a research report on Tuesday, December 10th. They issued an “overweight” rating and a $65.00 target price on the stock. Evercore ISI restated an “outperform” rating and issued a $77.00 price target (up previously from $63.00) on shares of Birkenstock in a research report on Monday, August 26th. HSBC raised shares of Birkenstock from a “hold” rating to a “buy” rating and raised their price objective for the stock from $58.00 to $60.00 in a research note on Tuesday, December 3rd. Finally, BMO Capital Markets boosted their target price on shares of Birkenstock from $60.00 to $70.00 and gave the company an “outperform” rating in a research note on Thursday. Two research analysts have rated the stock with a hold rating, fourteen have given a buy rating and one has given a strong buy rating to the company’s stock. Based on data from MarketBeat, the company has a consensus rating of “Moderate Buy” and an average price target of $68.31.

Institutional Trading of Birkenstock

Institutional investors and hedge funds have recently added to or reduced their stakes in the company. HighTower Advisors LLC grew its position in shares of Birkenstock by 370.8% during the 3rd quarter. HighTower Advisors LLC now owns 26,165 shares of the company’s stock worth $1,289,000 after buying an additional 20,607 shares during the period. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC acquired a new position in Birkenstock in the third quarter valued at approximately $1,323,000. Federated Hermes Inc. grew its holdings in Birkenstock by 42.0% during the 2nd quarter. Federated Hermes Inc. now owns 1,071,235 shares of the company’s stock worth $58,286,000 after acquiring an additional 316,935 shares during the period. Renaissance Technologies LLC raised its position in shares of Birkenstock by 128.8% during the 2nd quarter. Renaissance Technologies LLC now owns 124,000 shares of the company’s stock valued at $6,747,000 after acquiring an additional 69,800 shares during the last quarter. Finally, Element Capital Management LLC acquired a new position in shares of Birkenstock in the 2nd quarter valued at $6,325,000. 19.93% of the stock is owned by institutional investors.

Birkenstock Price Performance

The company has a debt-to-equity ratio of 0.55, a quick ratio of 1.49 and a current ratio of 2.91. The company has a 50-day moving average price of $49.97 and a 200-day moving average price of $53.08. The firm has a market capitalization of $10.82 billion, a P/E ratio of 94.41, a price-to-earnings-growth ratio of 1.19 and a beta of 2.22.

About Birkenstock

Birkenstock Holding plc manufactures and sells footwear products. It also offers sandals, shoes, closed-toe silhouettes, skincare products, and accessories. The company sells its products through e-commerce sites and a network of owned retail stores, as well as business-to-business channels. It operates in the United States, Brazil, Canada, Mexico, Europe, APMA, and internationally.