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Hibbett Sports (NASDAQ:HIBB) Cut to Hold at Zacks Investment Research

Tuesday, April 13, 2021 | MarketBeat

Hibbett Sports (NASDAQ:HIBB) was downgraded by Zacks Investment Research from a "strong-buy" rating to a "hold" rating in a note issued to investors on Tuesday, Zacks.com reports. They presently have a $76.00 price objective on the stock. Zacks Investment Research's price objective indicates a potential upside of 8.87% from the company's current price.

According to Zacks, "Shares of Hibbett have increased and outpaced the industry in the past three months. The company reported impressive fourth-quarter fiscal 2021 results, wherein both top and bottom lines improved year over year. Results gained from continued positive momentum driven by enhanced omni-channel capabilities and robust demand, particularly for athletic apparel. Also, increased adoption of the online mode of shopping, new customer retention and additional government stimulus contributed to quarterly growth. Further, strength in the apparel and footwear categories across all genres aided comps. Moreover, strong margin growth contributed to significant bottom-line growth. It issued a favorable guidance for fiscal 2022. However, higher costs related to increased investments act as a deterrent. Also, uncertainty related to the pandemic remains a concern."

NASDAQ:HIBB traded down $2.64 during trading hours on Tuesday, reaching $69.81. 7,391 shares of the company traded hands, compared to its average volume of 482,356. The firm's 50-day moving average is $68.16 and its 200-day moving average is $53.32. The stock has a market cap of $1.13 billion, a P/E ratio of 21.35, a P/E/G ratio of 0.53 and a beta of 1.68. The company has a debt-to-equity ratio of 0.01, a current ratio of 1.94 and a quick ratio of 0.95. Hibbett Sports has a 1-year low of $11.19 and a 1-year high of $78.32.

Hibbett Sports (NASDAQ:HIBB) last issued its quarterly earnings results on Thursday, March 4th. The company reported $1.40 earnings per share for the quarter, topping analysts' consensus estimates of $1.37 by $0.03. Hibbett Sports had a return on equity of 26.38% and a net margin of 4.16%. The company had revenue of $376.80 million for the quarter, compared to analyst estimates of $378.42 million. During the same quarter in the prior year, the company posted $0.51 EPS. The business's revenue for the quarter was up 20.4% compared to the same quarter last year. As a group, research analysts predict that Hibbett Sports will post 5.82 earnings per share for the current year.

In related news, Director Anthony F. Crudele sold 2,000 shares of the stock in a transaction on Monday, January 25th. The stock was sold at an average price of $60.00, for a total value of $120,000.00. Also, Director James A. Hilt sold 16,410 shares of the stock in a transaction on Monday, March 15th. The stock was sold at an average price of $72.99, for a total value of $1,197,765.90. Following the completion of the transaction, the director now directly owns 21,953 shares in the company, valued at $1,602,349.47. The disclosure for this sale can be found here. In the last three months, insiders have sold 49,917 shares of company stock worth $3,377,764. Corporate insiders own 2.20% of the company's stock.

Institutional investors and hedge funds have recently modified their holdings of the stock. Vantage Consulting Group Inc purchased a new position in shares of Hibbett Sports in the 4th quarter worth $26,000. Strs Ohio acquired a new stake in shares of Hibbett Sports during the fourth quarter valued at about $60,000. Globeflex Capital L P acquired a new position in Hibbett Sports in the fourth quarter worth about $194,000. Arizona State Retirement System acquired a new position in Hibbett Sports in the fourth quarter worth about $221,000. Finally, LS Investment Advisors LLC acquired a new position in Hibbett Sports in the fourth quarter worth about $228,000.

Hibbett Sports Company Profile

Hibbett Sports, Inc, together with its subsidiaries, engages in the retail of athletic-inspired fashion products. Its stores offer a range of merchandise, including athletic footwear, athletic and fashion apparel, team sports equipment, and related accessories. The company operates stores in small and mid-sized communities, and e-commerce Websites under the hibbett.com and citygear.com names.

Read More: Why do analysts give a neutral rating?

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