Boot Barn (NYSE:BOOT) Sets New 52-Week High - What's Next?

Boot Barn Holdings, Inc. (NYSE:BOOT - Get Free Report) hit a new 52-week high during mid-day trading on Thursday . The stock traded as high as $176.80 and last traded at $176.07, with a volume of 560763 shares traded. The stock had previously closed at $168.49.

Analyst Upgrades and Downgrades

Several analysts have recently weighed in on BOOT shares. JPMorgan Chase & Co. lifted their price target on shares of Boot Barn from $196.00 to $207.00 and gave the company an "overweight" rating in a research note on Tuesday, May 27th. Stephens assumed coverage on Boot Barn in a report on Wednesday, April 9th. They issued an "overweight" rating and a $100.00 price target for the company. Craig Hallum upgraded Boot Barn from a "hold" rating to a "buy" rating and set a $130.00 price objective for the company in a report on Wednesday, April 23rd. Piper Sandler increased their target price on shares of Boot Barn from $162.00 to $184.00 and gave the stock an "overweight" rating in a report on Thursday, May 15th. Finally, UBS Group boosted their price target on shares of Boot Barn from $156.00 to $210.00 and gave the company a "buy" rating in a report on Thursday, May 15th. One research analyst has rated the stock with a sell rating, one has issued a hold rating, eleven have given a buy rating and one has assigned a strong buy rating to the company. Based on data from MarketBeat.com, Boot Barn has a consensus rating of "Moderate Buy" and an average target price of $173.67.

Boot Barn Stock Performance

The company has a market cap of $5.35 billion, a PE ratio of 29.86, a PEG ratio of 1.94 and a beta of 1.69. The firm's 50 day moving average is $152.37 and its 200-day moving average is $135.71.

Boot Barn (NYSE:BOOT - Get Free Report) last posted its quarterly earnings results on Wednesday, May 14th. The company reported $1.22 earnings per share for the quarter, missing the consensus estimate of $1.24 by ($0.02). Boot Barn had a net margin of 9.47% and a return on equity of 16.98%. The firm had revenue of $453.75 million during the quarter, compared to analysts' expectations of $458.56 million. During the same period last year, the company earned $0.96 EPS. The business's quarterly revenue was up 16.8% on a year-over-year basis. On average, analysts predict that Boot Barn Holdings, Inc. will post 5.82 EPS for the current year.

Boot Barn announced that its Board of Directors has approved a share buyback plan on Wednesday, May 14th that permits the company to repurchase $200.00 million in outstanding shares. This repurchase authorization permits the company to repurchase up to 4.8% of its shares through open market purchases. Shares repurchase plans are generally an indication that the company's management believes its stock is undervalued.

Insider Buying and Selling

In other Boot Barn news, insider Michael A. Love sold 4,154 shares of the stock in a transaction that occurred on Friday, May 23rd. The shares were sold at an average price of $155.34, for a total value of $645,282.36. Following the sale, the insider directly owned 2,112 shares of the company's stock, valued at approximately $328,078.08. This represents a 66.29% decrease in their position. The sale was disclosed in a document filed with the SEC, which is available at this link. Also, insider Laurie Marie Grijalva sold 2,438 shares of the stock in a transaction on Thursday, May 22nd. The shares were sold at an average price of $160.67, for a total transaction of $391,713.46. Following the completion of the transaction, the insider directly owned 14,593 shares in the company, valued at $2,344,657.31. This trade represents a 14.32% decrease in their ownership of the stock. The disclosure for this sale can be found here. Corporate insiders own 1.00% of the company's stock.

Institutional Inflows and Outflows

Hedge funds and other institutional investors have recently bought and sold shares of the business. Signaturefd LLC lifted its stake in shares of Boot Barn by 201.8% in the 4th quarter. Signaturefd LLC now owns 166 shares of the company's stock worth $25,000 after acquiring an additional 111 shares during the period. Opal Wealth Advisors LLC acquired a new stake in shares of Boot Barn in the first quarter valued at about $29,000. Golden State Wealth Management LLC lifted its stake in shares of Boot Barn by 263.6% in the first quarter. Golden State Wealth Management LLC now owns 280 shares of the company's stock valued at $30,000 after purchasing an additional 203 shares during the period. Versant Capital Management Inc lifted its stake in shares of Boot Barn by 210.8% in the first quarter. Versant Capital Management Inc now owns 317 shares of the company's stock valued at $34,000 after purchasing an additional 215 shares during the period. Finally, Assetmark Inc. lifted its stake in shares of Boot Barn by 45.2% in the fourth quarter. Assetmark Inc. now owns 363 shares of the company's stock valued at $55,000 after purchasing an additional 113 shares during the period.

Boot Barn Company Profile

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.

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