Canada Goose (NYSE:GOOS) Sees Large Volume Increase After Analyst Upgrade

Key Points

• Canada Goose shares experienced a 260% increase in trading volume following an upgrade from Baird R W from a hold rating to a strong-buy rating, with shares rising from $12.17 to $14.15.
• Institutional investors have significantly increased their positions, with Bank of America growing its stake by 1,557.5% during the second quarter.
• The company reported $77.91 million in revenue for the last quarter, surpassing analyst expectations despite a net loss of ($0.66) earnings per share.

Canada Goose Holdings Inc. (NYSE:GOOS - Get Free Report) shares saw unusually-strong trading volume on Wednesday after Baird R W upgraded the stock from a hold rating to a strong-buy rating. Approximately 4,209,819 shares changed hands during trading, an increase of 260% from the previous session's volume of 1,168,916 shares.The stock last traded at $14.15 and had previously closed at $12.17.

GOOS has been the subject of several other research reports. Wall Street Zen cut shares of Canada Goose from a "buy" rating to a "hold" rating in a research report on Saturday, August 2nd. Robert W. Baird upgraded shares of Canada Goose from a "neutral" rating to an "outperform" rating in a research report on Tuesday. Evercore ISI set a $11.00 price target on shares of Canada Goose and gave the stock an "in-line" rating in a research report on Thursday, May 22nd. Wells Fargo & Company upgraded shares of Canada Goose from an "equal weight" rating to an "overweight" rating in a research report on Friday, August 1st. Finally, UBS Group reiterated a "neutral" rating and set a $11.00 price target (up previously from $8.00) on shares of Canada Goose in a research report on Thursday, May 22nd. One investment analyst has rated the stock with a Strong Buy rating, two have assigned a Buy rating, four have given a Hold rating and one has given a Sell rating to the company. Based on data from MarketBeat, the company presently has an average rating of "Hold" and a consensus price target of $11.00.

Hedge Funds Weigh In On Canada Goose

Several institutional investors and hedge funds have recently modified their holdings of GOOS. Bank of America Corp DE grew its position in shares of Canada Goose by 1,557.5% in the 2nd quarter. Bank of America Corp DE now owns 1,265,898 shares of the company's stock valued at $14,165,000 after purchasing an additional 1,189,523 shares during the period. Headwater Capital Co Ltd acquired a new position in shares of Canada Goose in the second quarter valued at approximately $7,385,000. Marshall Wace LLP boosted its holdings in shares of Canada Goose by 115.3% in the second quarter. Marshall Wace LLP now owns 1,120,956 shares of the company's stock valued at $12,543,000 after buying an additional 600,242 shares during the period. Jump Financial LLC boosted its holdings in shares of Canada Goose by 1,064.7% in the second quarter. Jump Financial LLC now owns 323,054 shares of the company's stock valued at $3,615,000 after buying an additional 295,318 shares during the period. Finally, Acadian Asset Management LLC acquired a new position in shares of Canada Goose in the second quarter valued at approximately $2,353,000. 83.64% of the stock is currently owned by institutional investors and hedge funds.

Canada Goose Price Performance

The company has a market cap of $1.38 billion, a price-to-earnings ratio of 41.95, a PEG ratio of 0.88 and a beta of 1.45. The company has a quick ratio of 0.89, a current ratio of 2.02 and a debt-to-equity ratio of 0.87. The company's fifty day moving average price is $12.25 and its two-hundred day moving average price is $10.41.

Canada Goose (NYSE:GOOS - Get Free Report) last released its quarterly earnings results on Thursday, July 31st. The company reported ($0.66) earnings per share for the quarter, missing the consensus estimate of ($0.62) by ($0.04). The company had revenue of $77.91 million during the quarter, compared to analyst estimates of $68.33 million. Canada Goose had a net margin of 3.48% and a return on equity of 19.85%. During the same quarter last year, the company earned $0.78 EPS. On average, equities research analysts forecast that Canada Goose Holdings Inc. will post 0.7 EPS for the current fiscal year.

About Canada Goose

Canada Goose Holdings Inc, together with its subsidiaries, designs, manufactures, and sells performance luxury apparel for men, women, youth, children, and babies in Canada, the United States, Asia Pacific, Europe, the Middle East, and Africa. The company operates through three segments: Direct-to-Consumer, Wholesale, and Other.

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