Boot Barn (NYSE:BOOT) Shares Gap Up - Here's Why

Boot Barn Holdings, Inc. (NYSE:BOOT - Get Free Report) shares gapped up prior to trading on Monday . The stock had previously closed at $117.64, but opened at $129.65. Boot Barn shares last traded at $132.01, with a volume of 367,372 shares changing hands.

Analyst Upgrades and Downgrades

BOOT has been the subject of several research reports. StockNews.com downgraded shares of Boot Barn from a "hold" rating to a "sell" rating in a report on Monday, February 17th. Stephens began coverage on shares of Boot Barn in a research report on Wednesday, April 9th. They set an "overweight" rating and a $100.00 price target on the stock. Bank of America lifted their price objective on shares of Boot Barn from $160.00 to $173.00 and gave the company a "buy" rating in a report on Thursday. Craig Hallum upgraded shares of Boot Barn from a "hold" rating to a "buy" rating and set a $130.00 target price on the stock in a report on Wednesday, April 23rd. Finally, Piper Sandler set a $162.00 price target on shares of Boot Barn in a research report on Friday, April 25th. One investment analyst has rated the stock with a sell rating, one has issued a hold rating, twelve have given a buy rating and one has issued a strong buy rating to the stock. According to data from MarketBeat.com, the company has a consensus rating of "Moderate Buy" and a consensus target price of $168.77.

Boot Barn Stock Performance

The company's fifty day moving average is $104.90 and its two-hundred day moving average is $129.88. The firm has a market cap of $4.85 billion, a price-to-earnings ratio of 28.33, a price-to-earnings-growth ratio of 1.17 and a beta of 1.59.

Boot Barn (NYSE:BOOT - Get Free Report) last released its quarterly earnings results on Wednesday, May 14th. The company reported $1.22 EPS for the quarter, missing the consensus estimate of $1.24 by ($0.02). Boot Barn had a return on equity of 17.11% and a net margin of 9.36%. The company had revenue of $453.75 million for the quarter, compared to analyst estimates of $458.56 million. As a group, analysts forecast that Boot Barn Holdings, Inc. will post 5.82 earnings per share for the current fiscal year.

Boot Barn announced that its Board of Directors has initiated a share buyback program on Wednesday, May 14th that allows the company to buyback $200.00 million in outstanding shares. This buyback authorization allows the company to purchase up to 4.8% of its shares through open market purchases. Shares buyback programs are usually an indication that the company's board believes its shares are undervalued.

Hedge Funds Weigh In On Boot Barn

Several large investors have recently modified their holdings of BOOT. Miracle Mile Advisors LLC bought a new position in Boot Barn during the fourth quarter worth $322,000. Park Avenue Securities LLC lifted its holdings in Boot Barn by 26.7% in the fourth quarter. Park Avenue Securities LLC now owns 1,858 shares of the company's stock worth $282,000 after acquiring an additional 391 shares during the last quarter. Campbell Newman Asset Management Inc. acquired a new position in Boot Barn in the fourth quarter valued at approximately $1,834,000. Artemis Investment Management LLP bought a new position in shares of Boot Barn during the fourth quarter valued at approximately $36,361,000. Finally, Mitsubishi UFJ Asset Management UK Ltd. grew its holdings in shares of Boot Barn by 85.7% during the fourth quarter. Mitsubishi UFJ Asset Management UK Ltd. now owns 13,000 shares of the company's stock valued at $1,974,000 after purchasing an additional 6,000 shares during the last quarter.

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.