Skechers U.S.A. (NYSE:SKX) Now Covered by Analysts at Piper Sandler

Stock analysts at Piper Sandler assumed coverage on shares of Skechers U.S.A. (NYSE:SKX) in a research note issued on Tuesday. The brokerage set a “neutral” rating and a $65.00 price target on the textile maker’s stock. Piper Sandler’s price target would suggest a potential downside of 8.32% from the stock’s current price.

A number of other equities analysts have also weighed in on SKX. TD Cowen cut their price objective on shares of Skechers U.S.A. from $78.00 to $76.00 and set a “buy” rating for the company in a research report on Monday, October 14th. Barclays increased their target price on Skechers U.S.A. from $79.00 to $80.00 and gave the stock an “overweight” rating in a research report on Friday, October 25th. Needham & Company LLC started coverage on shares of Skechers U.S.A. in a research report on Friday, November 22nd. They set a “hold” rating for the company. StockNews.com cut Skechers U.S.A. from a “buy” rating to a “hold” rating in a research report on Monday, November 25th. Finally, Morgan Stanley raised their price objective on Skechers U.S.A. from $81.00 to $84.00 and gave the stock an “overweight” rating in a research note on Friday, October 25th. Three research analysts have rated the stock with a hold rating and eleven have given a buy rating to the company. Based on data from MarketBeat, Skechers U.S.A. currently has a consensus rating of “Moderate Buy” and a consensus target price of $77.00.

Skechers U.S.A. Stock Performance

Skechers U.S.A. stock traded down $1.10 during midday trading on Tuesday, hitting $70.90. 267,334 shares of the company’s stock were exchanged, compared to its average volume of 1,884,548. The company has a debt-to-equity ratio of 0.01, a quick ratio of 1.25 and a current ratio of 1.96. The firm’s 50 day simple moving average is $63.81 and its 200 day simple moving average is $66.13. The stock has a market cap of $10.70 billion, a price-to-earnings ratio of 17.46, a price-to-earnings-growth ratio of 0.99 and a beta of 1.22. Skechers U.S.A. has a 12-month low of $55.67 and a 12-month high of $75.09.

Skechers U.S.A. (NYSE:SKX) last issued its earnings results on Thursday, October 24th. The textile maker reported $1.26 earnings per share for the quarter, topping the consensus estimate of $1.15 by $0.11. The company had revenue of $2.35 billion for the quarter, compared to analyst estimates of $2.31 billion. Skechers U.S.A. had a net margin of 7.19% and a return on equity of 13.71%. The firm’s revenue for the quarter was up 16.0% compared to the same quarter last year. During the same period in the prior year, the business posted $0.93 earnings per share. Equities research analysts predict that Skechers U.S.A. will post 4.25 EPS for the current year.

Hedge Funds Weigh In On Skechers U.S.A.

Several institutional investors have recently modified their holdings of SKX. UMB Bank n.a. raised its holdings in Skechers U.S.A. by 423.3% during the 3rd quarter. UMB Bank n.a. now owns 450 shares of the textile maker’s stock worth $30,000 after buying an additional 364 shares during the period. Venturi Wealth Management LLC boosted its position in Skechers U.S.A. by 52.9% during the 3rd quarter. Venturi Wealth Management LLC now owns 864 shares of the textile maker’s stock worth $58,000 after acquiring an additional 299 shares during the last quarter. Brooklyn Investment Group acquired a new stake in shares of Skechers U.S.A. in the third quarter valued at approximately $67,000. 1620 Investment Advisors Inc. bought a new position in Skechers U.S.A. in the second quarter valued at $69,000. Finally, Blue Trust Inc. boosted its position in Skechers U.S.A. by 778.1% during the third quarter. Blue Trust Inc. now owns 1,001 shares of the textile maker’s stock valued at $69,000 after purchasing an additional 887 shares during the last quarter. 79.96% of the stock is currently owned by institutional investors and hedge funds.

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.