Adidas (OTCMKTS:ADDYY) Sees Unusually-High Trading Volume on Analyst Upgrade

Key Points

• Citigroup upgraded Adidas to “overweight” from “buy,” triggering elevated trading activity; about 59,260 shares changed hands, while the stock traded near $86.55.
• Analyst sentiment is broadly positive, with a consensus “Moderate Buy” rating from 14 analysts and an average price target of $146.02.
• Adidas’ latest quarterly results were mixed: EPS of $1.22 missed estimates of $1.38, but revenue of $7.76 billion exceeded the $7.55 billion consensus forecast.

Shares of Adidas AG (OTCMKTS:ADDYY - Get Free Report) saw strong trading volume on Wednesday after Citigroup upgraded the stock from a buy rating to an overweight rating. Approximately 59,260 shares were traded during mid-day trading, a decline of 40% from the previous session's volume of 98,877 shares.The stock last traded at $86.55 and had previously closed at $86.41.

ADDYY has been the topic of several other research reports. Piper Sandler restated an "overweight" rating on shares of Adidas in a research note on Wednesday, July 15th. JPMorgan Chase & Co. started coverage on Adidas in a report on Thursday, July 2nd. They set an "overweight" rating on the stock. Royal Bank Of Canada upgraded Adidas from a "sector perform" rating to an "outperform" rating in a research note on Wednesday, June 10th. Barclays raised Adidas from an "equal weight" rating to an "overweight" rating in a research report on Tuesday. Finally, Deutsche Bank Aktiengesellschaft reaffirmed a "buy" rating on shares of Adidas in a research report on Tuesday, June 30th. Ten investment analysts have rated the stock with a Buy rating, three have issued a Hold rating and one has issued a Sell rating to the company's stock. According to MarketBeat.com, Adidas presently has a consensus rating of "Moderate Buy" and a consensus target price of $146.02.

Institutional Trading of Adidas

A hedge fund recently raised its position in Adidas stock. GAMMA Investing LLC lifted its position in shares of Adidas AG (OTCMKTS:ADDYY - Free Report) by 53.5% during the 2nd quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The institutional investor owned 2,101 shares of the company's stock after acquiring an additional 732 shares during the quarter. GAMMA Investing LLC's holdings in Adidas were worth $216,000 at the end of the most recent reporting period.

Adidas Stock Up 0.8%

The stock has a market capitalization of $31.13 billion, a price-to-earnings ratio of 19.19, a price-to-earnings-growth ratio of 1.20 and a beta of 1.26. The company has a quick ratio of 0.74, a current ratio of 1.39 and a debt-to-equity ratio of 0.39. The stock has a 50 day moving average price of $97.34 and a 200 day moving average price of $90.82.

Adidas (OTCMKTS:ADDYY - Get Free Report) last issued its quarterly earnings data on Thursday, July 30th. The company reported $1.22 earnings per share (EPS) for the quarter, missing analysts' consensus estimates of $1.38 by ($0.16). Adidas had a net margin of 5.30% and a return on equity of 22.35%. The business had revenue of $7.76 billion during the quarter, compared to the consensus estimate of $7.55 billion. As a group, analysts forecast that Adidas AG will post 5.35 EPS for the current year.

About Adidas

Adidas AG is a global designer, manufacturer and marketer of athletic footwear, apparel and accessories, headquartered in Herzogenaurach, Germany. Founded by Adolf "Adi" Dassler in 1949, the company has grown into one of the world's leading sportswear brands, offering products for running, soccer, basketball and a wide range of other sports as well as lifestyle and fashion markets.

Adidas's product portfolio includes performance footwear, sports apparel, team uniforms, equipment and accessories sold under the Adidas brand and through various collaborations.

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