Amer Sports (NYSE:AS) Shares Gap Up After Better-Than-Expected Earnings

Amer Sports, Inc. (NYSE:AS - Get Free Report) shares gapped up prior to trading on Wednesday following a stronger than expected earnings report. The stock had previously closed at $37.37, but opened at $38.39. Amer Sports shares last traded at $38.09, with a volume of 742,157 shares traded.

The company reported $0.27 EPS for the quarter, topping the consensus estimate of $0.15 by $0.12. The firm had revenue of $1.47 billion for the quarter, compared to the consensus estimate of $1.38 billion. Amer Sports had a positive return on equity of 3.15% and a negative net margin of 0.74%. The business's quarterly revenue was up 24.5% compared to the same quarter last year. During the same period in the previous year, the business earned $0.08 EPS.

Analyst Ratings Changes

A number of brokerages recently weighed in on AS. Sanford C. Bernstein assumed coverage on shares of Amer Sports in a research note on Thursday, February 13th. They set an "outperform" rating and a $38.00 target price for the company. The Goldman Sachs Group boosted their price objective on Amer Sports from $28.00 to $44.00 and gave the company a "buy" rating in a research note on Wednesday, May 21st. UBS Group reiterated a "buy" rating and issued a $50.00 target price (up from $37.00) on shares of Amer Sports in a report on Wednesday, May 21st. Citigroup restated a "buy" rating and set a $42.00 price target (up from $30.00) on shares of Amer Sports in a report on Wednesday, May 21st. Finally, Wall Street Zen raised shares of Amer Sports from a "hold" rating to a "buy" rating in a research report on Saturday. Four analysts have rated the stock with a hold rating, ten have given a buy rating and one has issued a strong buy rating to the company. Based on data from MarketBeat.com, Amer Sports presently has a consensus rating of "Moderate Buy" and a consensus target price of $36.67.

Institutional Investors Weigh In On Amer Sports

Several hedge funds have recently bought and sold shares of the business. Bank of America Corp DE increased its stake in shares of Amer Sports by 957.6% during the fourth quarter. Bank of America Corp DE now owns 384,705 shares of the company's stock valued at $10,756,000 after purchasing an additional 348,329 shares in the last quarter. Element Capital Management LLC purchased a new stake in shares of Amer Sports in the 4th quarter worth approximately $357,000. GAM Holding AG bought a new position in Amer Sports during the 4th quarter valued at approximately $13,460,000. Renaissance Capital LLC increased its position in Amer Sports by 116.2% during the 4th quarter. Renaissance Capital LLC now owns 135,697 shares of the company's stock valued at $3,794,000 after buying an additional 72,936 shares in the last quarter. Finally, Pamalican Asset Management Ltd purchased a new position in Amer Sports during the fourth quarter valued at $20,970,000. Institutional investors own 40.25% of the company's stock.

Amer Sports Stock Down 1.0%

The firm has a market capitalization of $20.56 billion, a P/E ratio of -265.09, a P/E/G ratio of 0.72 and a beta of 2.76. The company has a fifty day simple moving average of $26.62 and a 200 day simple moving average of $27.46. The company has a quick ratio of 0.77, a current ratio of 1.62 and a debt-to-equity ratio of 0.58.

Amer Sports Company Profile

Amer Sports, Inc designs, manufactures, markets, distributes, and sells sports equipment, apparel, footwear, and accessories in Europe, the Middle East, Africa, the Americas, China, and the Asia Pacific. It operates through three segments: Technical Apparel, Outdoor Performance, and Ball & Racquet Sports.