XTX Topco Ltd Purchases Shares of 13,752 Boot Barn Holdings, Inc. (NYSE:BOOT)

Key Points

• XTX Topco Ltd has acquired a new stake in Boot Barn Holdings, purchasing 13,752 shares valued at approximately $1.48 million during the first quarter.
• Boot Barn's stock outperformed expectations in its last earnings report, with $1.74 earnings per share compared to a consensus estimate of $1.55, and a revenue of $504.07 million, exceeding forecasts.
• The Board of Directors has authorized a $200 million stock buyback plan, indicating a belief that the company's shares are undervalued.

XTX Topco Ltd purchased a new stake in shares of Boot Barn Holdings, Inc. (NYSE:BOOT - Free Report) in the 1st quarter, according to its most recent 13F filing with the Securities & Exchange Commission. The institutional investor purchased 13,752 shares of the company's stock, valued at approximately $1,477,000.

Other institutional investors also recently modified their holdings of the company. Oppenheimer Asset Management Inc. boosted its holdings in shares of Boot Barn by 29.3% during the first quarter. Oppenheimer Asset Management Inc. now owns 14,731 shares of the company's stock worth $1,583,000 after purchasing an additional 3,341 shares during the period. SG Americas Securities LLC purchased a new stake in shares of Boot Barn during the first quarter worth about $916,000. KBC Group NV lifted its holdings in Boot Barn by 21.8% in the first quarter. KBC Group NV now owns 1,489 shares of the company's stock worth $160,000 after buying an additional 267 shares during the period. GAMMA Investing LLC lifted its holdings in Boot Barn by 8,368.8% in the first quarter. GAMMA Investing LLC now owns 42,005 shares of the company's stock worth $4,513,000 after buying an additional 41,509 shares during the period. Finally, Artemis Investment Management LLP lifted its holdings in Boot Barn by 206.5% in the first quarter. Artemis Investment Management LLP now owns 734,023 shares of the company's stock worth $78,856,000 after buying an additional 494,523 shares during the period.

Boot Barn Stock Performance

Shares of NYSE BOOT opened at $171.13 on Friday. The company has a market capitalization of $5.23 billion, a price-to-earnings ratio of 29.20, a P/E/G ratio of 2.07 and a beta of 1.69. The company has a 50 day simple moving average of $164.40 and a two-hundred day simple moving average of $137.61. Boot Barn Holdings, Inc. has a fifty-two week low of $86.17 and a fifty-two week high of $179.89.

Boot Barn (NYSE:BOOT - Get Free Report) last announced its quarterly earnings results on Thursday, July 31st. The company reported $1.74 earnings per share for the quarter, beating the consensus estimate of $1.55 by $0.19. The company had revenue of $504.07 million during the quarter, compared to the consensus estimate of $489.49 million. Boot Barn had a net margin of 9.47% and a return on equity of 16.98%. The firm's quarterly revenue was up 19.1% compared to the same quarter last year. During the same quarter last year, the firm earned $1.26 earnings per share. On average, 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 authorized a stock buyback plan on Wednesday, May 14th that permits the company to buyback $200.00 million in shares. This buyback authorization permits the company to reacquire up to 4.8% of its shares through open market purchases. Shares buyback plans are usually a sign that the company's leadership believes its shares are undervalued.

Insider Activity at Boot Barn

In related news, insider Michael A. Love sold 4,154 shares of the firm's stock in a transaction that occurred on Friday, May 23rd. The shares were sold at an average price of $155.34, for a total transaction of $645,282.36. Following the completion of the sale, the insider owned 2,112 shares of the company's stock, valued at $328,078.08. This trade represents a 66.29% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. Also, insider Laurie Marie Grijalva sold 2,438 shares of the firm's stock in a transaction that occurred 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 sale, the insider directly owned 14,593 shares of the company's stock, valued at $2,344,657.31. This trade represents a 14.32% decrease in their position. The disclosure for this sale can be found here. 0.66% of the stock is owned by company insiders.

Analyst Ratings Changes

Several brokerages have commented on BOOT. Piper Sandler raised their price objective on shares of Boot Barn from $184.00 to $185.00 and gave the stock an "overweight" rating in a report on Monday. Jefferies Financial Group lowered shares of Boot Barn from a "buy" rating to a "hold" rating and lowered their price objective for the stock from $187.00 to $175.00 in a report on Wednesday, July 23rd. KeyCorp raised their price objective on shares of Boot Barn from $180.00 to $195.00 and gave the stock an "overweight" rating in a report on Tuesday, July 22nd. Stephens began coverage on shares of Boot Barn in a report on Wednesday, April 9th. They issued an "overweight" rating and a $100.00 price objective for the company. Finally, UBS Group raised their price objective on shares of Boot Barn from $156.00 to $210.00 and gave the stock a "buy" rating in a report on Thursday, May 15th. One equities research analyst has rated the stock with a sell rating, two have given a hold rating, twelve have assigned a buy rating and one has issued a strong buy rating to the company. Based on data from MarketBeat, Boot Barn currently has a consensus rating of "Moderate Buy" and an average target price of $179.23.

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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