Boot Barn (NYSE:BOOT) Sets New 1-Year High Following Analyst Upgrade

Shares of Boot Barn Holdings, Inc. (NYSE:BOOT) reached a new 52-week high during trading on Thursday after UBS Group raised their price target on the stock from $127.00 to $165.00. UBS Group currently has a neutral rating on the stock. Boot Barn traded as high as $169.83 and last traded at $169.61, with a volume of 161586 shares traded. The stock had previously closed at $167.10.

A number of other equities research analysts also recently weighed in on the company. Robert W. Baird upped their target price on Boot Barn from $140.00 to $167.00 and gave the stock a “neutral” rating in a research report on Tuesday, October 1st. BTIG Research raised their target price on Boot Barn from $150.00 to $165.00 and gave the company a “buy” rating in a research note on Tuesday, September 10th. Piper Sandler lifted their target price on Boot Barn from $147.00 to $179.00 and gave the stock an “overweight” rating in a report on Monday. Citigroup upped their price target on shares of Boot Barn from $122.00 to $154.00 and gave the company a “buy” rating in a report on Friday, July 19th. Finally, JPMorgan Chase & Co. lifted their price objective on shares of Boot Barn from $146.00 to $160.00 and gave the stock an “overweight” rating in a research note on Tuesday, September 10th. One research analyst has rated the stock with a sell rating, four have assigned a hold rating and eight have assigned a buy rating to the company. Based on data from MarketBeat, Boot Barn has a consensus rating of “Moderate Buy” and a consensus price target of $156.00.

Hedge Funds Weigh In On Boot Barn

Hedge funds and other institutional investors have recently added to or reduced their stakes in the company. GAMMA Investing LLC boosted its position in shares of Boot Barn by 111.1% in the second quarter. GAMMA Investing LLC now owns 266 shares of the company’s stock worth $34,000 after buying an additional 140 shares during the period. Canada Pension Plan Investment Board purchased a new stake in Boot Barn in the 2nd quarter worth about $64,000. 1620 Investment Advisors Inc. acquired a new stake in Boot Barn during the 2nd quarter worth about $84,000. USA Financial Formulas acquired a new position in shares of Boot Barn in the 3rd quarter valued at about $92,000. Finally, First Horizon Advisors Inc. lifted its position in shares of Boot Barn by 11.2% in the second quarter. First Horizon Advisors Inc. now owns 931 shares of the company’s stock worth $120,000 after purchasing an additional 94 shares in the last quarter.

Boot Barn Price Performance

The firm has a market capitalization of $5.16 billion, a price-to-earnings ratio of 34.81 and a beta of 2.12. The firm’s fifty day moving average is $150.30 and its 200 day moving average is $128.40.

Boot Barn (NYSE:BOOT) last issued its earnings results on Wednesday, August 7th. The company reported $1.26 earnings per share for the quarter, topping the consensus estimate of $1.08 by $0.18. The company had revenue of $423.40 million for the quarter, compared to analyst estimates of $415.04 million. Boot Barn had a return on equity of 16.44% and a net margin of 8.89%. The business’s revenue was up 10.3% compared to the same quarter last year. During the same period in the prior year, the firm posted $1.11 EPS. Equities research analysts forecast that Boot Barn Holdings, Inc. will post 5.29 EPS for the current fiscal year.

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.