Canaccord Genuity Group Issues Positive Forecast for YETI (NYSE:YETI) Stock Price

Key Points

• Canaccord Genuity Group has raised its price target for YETI stock from $33.00 to $34.00, indicating a potential upside of 4.13% from the previous close.
• Multiple analysts have given mixed ratings, with Citigroup projecting a target of $44.00 for a "buy" rating, while the average analyst rating remains at "Hold" with an average target price of $39.07.
• YETI's latest quarterly earnings report showed a profit of $0.66 per share, beating estimates, but revenue declined by 3.8% year-over-year to $445.89 million.

YETI (NYSE:YETI - Free Report) had its target price raised by Canaccord Genuity Group from $33.00 to $34.00 in a report issued on Friday,Benzinga reports. The brokerage currently has a hold rating on the stock.

YETI has been the topic of several other reports. Jefferies Financial Group reiterated a "buy" rating and set a $55.00 price target on shares of YETI in a research report on Monday, May 5th. The Goldman Sachs Group lowered their price target on YETI from $41.00 to $29.00 and set a "neutral" rating on the stock in a report on Tuesday, April 22nd. Raymond James Financial reissued an "outperform" rating and set a $37.00 price objective (up previously from $34.00) on shares of YETI in a research report on Friday. KeyCorp raised YETI from an "underweight" rating to a "sector weight" rating in a research report on Thursday, April 17th. Finally, Morgan Stanley boosted their price target on YETI from $33.00 to $34.00 and gave the stock an "equal weight" rating in a research report on Friday, May 9th. Nine analysts have rated the stock with a hold rating and five have assigned a buy rating to the stock. According to MarketBeat, YETI presently has a consensus rating of "Hold" and a consensus target price of $38.54.

YETI Stock Performance

NYSE:YETI traded up $1.24 during trading hours on Friday, reaching $33.10. 976,077 shares of the stock were exchanged, compared to its average volume of 2,181,022. The company has a quick ratio of 1.48, a current ratio of 2.52 and a debt-to-equity ratio of 0.09. The firm has a 50 day simple moving average of $33.23 and a 200-day simple moving average of $32.85. YETI has a 52 week low of $26.61 and a 52 week high of $45.25. The stock has a market capitalization of $2.69 billion, a P/E ratio of 15.76, a P/E/G ratio of 2.82 and a beta of 1.84.

YETI (NYSE:YETI - Get Free Report) last announced its quarterly earnings results on Thursday, August 7th. The company reported $0.66 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.54 by $0.12. The business had revenue of $445.89 million for the quarter, compared to the consensus estimate of $461.73 million. YETI had a return on equity of 24.60% and a net margin of 9.73%. The business's revenue was down 3.8% on a year-over-year basis. During the same quarter last year, the business posted $0.70 EPS. As a group, sell-side analysts forecast that YETI will post 2.57 earnings per share for the current fiscal year.

Institutional Trading of YETI

Several hedge funds have recently modified their holdings of the company. Mystic Asset Management Inc. boosted its position in YETI by 2.0% in the 1st quarter. Mystic Asset Management Inc. now owns 19,278 shares of the company's stock valued at $638,000 after buying an additional 375 shares during the last quarter. Parallel Advisors LLC raised its stake in YETI by 61.6% during the 2nd quarter. Parallel Advisors LLC now owns 984 shares of the company's stock worth $31,000 after buying an additional 375 shares during the period. UMB Bank n.a. increased its holdings in YETI by 109.3% during the 2nd quarter. UMB Bank n.a. now owns 896 shares of the company's stock worth $28,000 after purchasing an additional 468 shares in the last quarter. Hsbc Holdings PLC increased its holdings in YETI by 2.5% during the 1st quarter. Hsbc Holdings PLC now owns 19,429 shares of the company's stock worth $638,000 after purchasing an additional 483 shares in the last quarter. Finally, Assetmark Inc. grew its holdings in shares of YETI by 7.6% in the 2nd quarter. Assetmark Inc. now owns 6,909 shares of the company's stock valued at $218,000 after acquiring an additional 488 shares in the last quarter.

About YETI

YETI Holdings, Inc designs, retails, and distributes products for the outdoor and recreation market under the YETI brand. It offers coolers and equipment, including hard and soft coolers, cargo, bags, outdoor living, and associated accessories, as well as backpacks, duffel bags, luggage, packing cubes, carryalls, camp chairs, blankets, dog beds, dog bowls, and gear cases under the LoadOut, Panga, Crossroads, Camino, Hondo Base, Trailhead, Lowlands, Boomer, and SideKick Dry brands.