Hanesbrands (NYSE:HBI) Sees Unusually-High Trading Volume - Here's What Happened

Key Points

• Hanesbrands Inc. experienced a significant surge in trading volume with approximately 18.5 million shares traded, marking a 189% increase from the previous session.
• Analysts are optimistic about the stock, with UBS upgrading their price target from $8.00 to $9.00 and changing their rating to "buy", while Wall Street Zen raised its rating to "strong-buy".
• Hanesbrands reported $0.24 earnings per share for the last quarter, exceeding expectations and indicating a revenue of $991.33 million, slightly down from the previous year.

Shares of Hanesbrands Inc. (NYSE:HBI - Get Free Report) saw unusually-strong trading volume on Tuesday . Approximately 18,535,215 shares traded hands during trading, an increase of 189% from the previous session's volume of 6,415,663 shares.The stock last traded at $6.60 and had previously closed at $4.83.

Analyst Ratings Changes

Several equities research analysts have issued reports on HBI shares. UBS Group boosted their price objective on shares of Hanesbrands from $8.00 to $9.00 and gave the company a "buy" rating in a research report on Friday. Wall Street Zen raised Hanesbrands from a "hold" rating to a "strong-buy" rating in a research report on Saturday. Wells Fargo & Company lifted their price target on Hanesbrands from $3.00 to $4.00 and gave the stock an "underweight" rating in a research report on Wednesday, May 14th. Finally, Barclays set a $6.00 target price on Hanesbrands and gave the company an "equal weight" rating in a research report on Tuesday, May 20th. One research analyst has rated the stock with a sell rating, two have assigned a hold rating, one has given a buy rating and one has given a strong buy rating to the stock. According to data from MarketBeat.com, the company has a consensus rating of "Hold" and an average target price of $6.00.

Hanesbrands Stock Performance

The firm's fifty day simple moving average is $4.58 and its 200 day simple moving average is $5.31. The company has a market capitalization of $2.15 billion, a PE ratio of 25.27 and a beta of 1.40. The company has a debt-to-equity ratio of 13.62, a current ratio of 1.52 and a quick ratio of 0.74.

Hanesbrands (NYSE:HBI - Get Free Report) last announced its quarterly earnings results on Thursday, August 7th. The textile maker reported $0.24 earnings per share (EPS) for the quarter, topping analysts' consensus estimates of $0.18 by $0.06. Hanesbrands had a net margin of 2.49% and a return on equity of 226.31%. The firm had revenue of $991.33 million for the quarter, compared to the consensus estimate of $971.93 million. During the same period in the prior year, the firm posted $0.15 earnings per share. The firm's quarterly revenue was down .4% compared to the same quarter last year. On average, research analysts predict that Hanesbrands Inc. will post 0.53 EPS for the current year.

Institutional Investors Weigh In On Hanesbrands

Institutional investors and hedge funds have recently added to or reduced their stakes in the stock. GeoWealth Management LLC grew its position in shares of Hanesbrands by 2,278.8% in the fourth quarter. GeoWealth Management LLC now owns 3,473 shares of the textile maker's stock valued at $28,000 after purchasing an additional 3,327 shares during the period. First Horizon Advisors Inc. boosted its holdings in Hanesbrands by 240.7% in the 2nd quarter. First Horizon Advisors Inc. now owns 6,613 shares of the textile maker's stock worth $30,000 after buying an additional 4,672 shares during the last quarter. CX Institutional purchased a new stake in Hanesbrands during the 1st quarter worth approximately $34,000. Strs Ohio purchased a new stake in Hanesbrands during the 1st quarter worth approximately $38,000. Finally, AlphaQuest LLC purchased a new stake in Hanesbrands during the 1st quarter worth approximately $44,000. Hedge funds and other institutional investors own 80.31% of the company's stock.

Hanesbrands Company Profile

Hanesbrands Inc, a consumer goods company, designs, manufactures, sources, and sells a range of range of innerwear apparels for men, women, and children in the Americas, Europe, the Asia pacific, and internationally. The company operates through three segments: Innerwear, Activewear, and International.

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