Bank of America Forecasts Strong Price Appreciation for Boot Barn (NYSE:BOOT) Stock

Boot Barn (NYSE:BOOT) had its target price raised by Bank of America from $187.00 to $192.00 in a research report report published on Wednesday morning,Benzinga reports. Bank of America currently has a buy rating on the stock.

Several other research analysts also recently issued reports on the stock. Piper Sandler reiterated an “overweight” rating and set a $179.00 price target on shares of Boot Barn in a report on Tuesday, October 29th. Citigroup lowered their target price on Boot Barn from $194.00 to $178.00 and set a “buy” rating for the company in a report on Tuesday, October 29th. Craig Hallum lowered Boot Barn from a “buy” rating to a “hold” rating and lifted their price target for the company from $154.00 to $162.00 in a research note on Friday, October 25th. Williams Trading reaffirmed a “buy” rating and issued a $173.00 price objective on shares of Boot Barn in a research note on Tuesday, October 29th. Finally, Benchmark reiterated a “buy” rating and set a $192.00 target price on shares of Boot Barn in a research report on Tuesday, October 29th. One research analyst has rated the stock with a sell rating, two have assigned a hold rating, eleven have issued a buy rating and one has given a strong buy rating to the company’s stock. According to data from MarketBeat, the stock presently has a consensus rating of “Moderate Buy” and a consensus target price of $171.58.

Boot Barn Stock Up 1.0 %

Shares of BOOT stock opened at $151.51 on Wednesday. The business has a fifty day simple moving average of $145.96 and a 200 day simple moving average of $143.46. The company has a market cap of $4.62 billion, a P/E ratio of 30.42, a P/E/G ratio of 1.59 and a beta of 2.10. Boot Barn has a twelve month low of $69.35 and a twelve month high of $169.83.

Boot Barn (NYSE:BOOT) last posted its earnings results on Monday, October 28th. The company reported $0.95 EPS for the quarter, topping analysts’ consensus estimates of $0.93 by $0.02. The firm had revenue of $425.80 million during the quarter, compared to analysts’ expectations of $424.42 million. Boot Barn had a net margin of 8.73% and a return on equity of 15.89%. The business’s revenue for the quarter was up 13.7% compared to the same quarter last year. During the same quarter in the prior year, the business earned $0.91 earnings per share. As a group, equities research analysts anticipate that Boot Barn will post 5.48 earnings per share for the current fiscal year.

Insider Activity

In related news, CEO John Hazen sold 6,311 shares of Boot Barn stock in a transaction on Thursday, January 2nd. The shares were sold at an average price of $152.98, for a total value of $965,456.78. Following the completion of the sale, the chief executive officer now owns 3,937 shares of the company’s stock, valued at approximately $602,282.26. This trade represents a 61.58 % decrease in their position. The transaction was disclosed in a document filed with the SEC, which can be accessed through the SEC website. Company insiders own 1.00% of the company’s stock.

Institutional Inflows and Outflows

Large investors have recently made changes to their positions in the business. GHP Investment Advisors Inc. acquired a new stake in shares of Boot Barn in the 3rd quarter worth about $25,000. Canada Pension Plan Investment Board purchased a new stake in shares of Boot Barn in the second quarter worth approximately $64,000. GAMMA Investing LLC raised its stake in shares of Boot Barn by 100.8% in the third quarter. GAMMA Investing LLC now owns 534 shares of the company’s stock worth $89,000 after purchasing an additional 268 shares during the last quarter. USA Financial Formulas bought a new position in shares of Boot Barn in the third quarter valued at approximately $92,000. Finally, KBC Group NV boosted its position in shares of Boot Barn by 23.3% during the third quarter. KBC Group NV now owns 951 shares of the company’s stock valued at $159,000 after buying an additional 180 shares during the last quarter.

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.