Canada Goose (NYSE:GOOS) Shares Gap Up After Analyst Upgrade

Key Points

• Canada Goose shares experienced a notable increase, opening at $14.03 after an upgrade from TD Cowen from a "hold" to a "buy" rating, with a new price target set at $18.00.
• Institutional investors hold 83.64% of Canada Goose's stock, with Bank of America Corp DE significantly increasing its stake by over 1,557% during the second quarter.
• The company recently reported a quarterly earnings loss of ($0.66) per share, missing analyst estimates, but exceeded revenue expectations with $77.91 million reported.

Canada Goose Holdings Inc. (NYSE:GOOS - Get Free Report)'s share price gapped up before the market opened on Monday after Cowen upgraded the stock from a hold rating to a buy rating. The stock had previously closed at $13.39, but opened at $14.03. Canada Goose shares last traded at $14.45, with a volume of 763,564 shares changing hands.

Several other research firms have also recently weighed in on GOOS. Wall Street Zen cut shares of Canada Goose from a "buy" rating to a "hold" rating in a research report on Saturday, August 2nd. Baird R W upgraded shares of Canada Goose from a "hold" rating to a "strong-buy" rating in a research report on Tuesday, August 26th. Evercore ISI set a $11.00 price objective on shares of Canada Goose and gave the company an "in-line" rating in a research report on Thursday, May 22nd. Robert W. Baird set a $28.00 price objective on shares of Canada Goose in a research report on Thursday, August 28th. Finally, The Goldman Sachs Group raised their price objective on shares of Canada Goose from $8.00 to $9.00 and gave the company a "sell" rating in a research report on Thursday, May 22nd. One investment analyst has rated the stock with a Strong Buy rating, four have issued a Buy rating, three have assigned a Hold rating and one has assigned a Sell rating to the company's stock. Based on data from MarketBeat.com, the stock presently has a consensus rating of "Moderate Buy" and an average price target of $15.00.

Hedge Funds Weigh In On Canada Goose

A number of hedge funds have recently modified their holdings of the company. Public Employees Retirement System of Ohio increased its position in shares of Canada Goose by 5.8% in the second quarter. Public Employees Retirement System of Ohio now owns 16,791 shares of the company's stock valued at $187,000 after acquiring an additional 914 shares during the period. Invesco Ltd. increased its position in shares of Canada Goose by 7.2% in the second quarter. Invesco Ltd. now owns 15,124 shares of the company's stock valued at $169,000 after acquiring an additional 1,012 shares during the period. Russell Investments Group Ltd. increased its position in shares of Canada Goose by 5.9% in the second quarter. Russell Investments Group Ltd. now owns 29,026 shares of the company's stock valued at $324,000 after acquiring an additional 1,630 shares during the period. TD Asset Management Inc increased its position in shares of Canada Goose by 3.3% in the first quarter. TD Asset Management Inc now owns 51,512 shares of the company's stock valued at $408,000 after acquiring an additional 1,656 shares during the period. Finally, Mackenzie Financial Corp increased its position in shares of Canada Goose by 8.7% in the first quarter. Mackenzie Financial Corp now owns 23,223 shares of the company's stock valued at $184,000 after acquiring an additional 1,864 shares during the period. Hedge funds and other institutional investors own 83.64% of the company's stock.

Canada Goose Price Performance

The business's 50-day simple moving average is $12.86 and its 200-day simple moving average is $10.71. The stock has a market cap of $1.37 billion, a PE ratio of 41.38, a PEG ratio of 1.10 and a beta of 1.46. The company has a quick ratio of 0.89, a current ratio of 2.02 and a debt-to-equity ratio of 0.87.

Canada Goose (NYSE:GOOS - Get Free Report) last released its quarterly earnings data on Thursday, July 31st. The company reported ($0.66) earnings per share (EPS) for the quarter, missing analysts' consensus estimates of ($0.62) by ($0.04). Canada Goose had a net margin of 3.48% and a return on equity of 19.85%. The firm had revenue of $77.91 million during the quarter, compared to analysts' expectations of $68.33 million. During the same quarter in the previous year, the firm posted $0.78 EPS. On average, research analysts expect 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.