Boot Barn (NYSE:BOOT) Hits New 1-Year Low on Analyst Downgrade

Key Points

• Boot Barn shares fell to a new 52-week low, trading as low as $119.21 after Craig Hallum reduced its price target from $235 to $224, though it maintained a buy rating.
• Despite recent target cuts from several analysts, Boot Barn retains an overall “Buy” consensus with an average price target of $215.58.
• The company recently exceeded quarterly expectations, reporting $2.29 in earnings per share and $593.51 million in revenue, with sales up 17.7% year over year.

Boot Barn Holdings, Inc. (NYSE:BOOT - Get Free Report)'s share price reached a new 52-week low during mid-day trading on Tuesday after Craig Hallum lowered their price target on the stock from $235.00 to $224.00. Craig Hallum currently has a buy rating on the stock. Boot Barn traded as low as $119.21 and last traded at $121.6790, with a volume of 42592 shares. The stock had previously closed at $126.16.

A number of other equities analysts have also commented on BOOT. UBS Group set a $225.00 price objective on shares of Boot Barn in a research note on Wednesday, June 17th. TD Cowen cut their target price on shares of Boot Barn from $225.00 to $190.00 and set a "buy" rating on the stock in a research note on Thursday, July 30th. Robert W. Baird reduced their target price on Boot Barn from $212.00 to $160.00 and set an "outperform" rating for the company in a report on Tuesday. Weiss Ratings cut Boot Barn from a "hold (c+)" rating to a "hold (c)" rating in a research report on Tuesday, August 18th. Finally, BTIG Research reiterated a "buy" rating and set a $215.00 price target on shares of Boot Barn in a report on Tuesday, September 15th. One investment analyst has rated the stock with a Strong Buy rating, twelve have given a Buy rating and one has given a Hold rating to the company's stock. According to data from MarketBeat.com, the company has an average rating of "Buy" and an average target price of $215.58.

Institutional Inflows and Outflows

A number of large investors have recently modified their holdings of the business. Northwestern Mutual Wealth Management Co. bought a new stake in shares of Boot Barn in the second quarter valued at approximately $33,000. Integrated Wealth Concepts LLC acquired a new position in Boot Barn during the 2nd quarter valued at $46,000. Quantbot Technologies LP bought a new stake in Boot Barn in the 2nd quarter valued at $46,000. Hantz Financial Services Inc. boosted its holdings in Boot Barn by 284.1% in the 4th quarter. Hantz Financial Services Inc. now owns 338 shares of the company's stock valued at $60,000 after purchasing an additional 250 shares during the period. Finally, Allworth Financial LP acquired a new stake in Boot Barn in the 2nd quarter worth $57,000.

Boot Barn Trading Down 3.7%

The firm's fifty day moving average price is $149.71 and its 200-day moving average price is $156.51. The company has a market cap of $3.68 billion, a P/E ratio of 15.31, a P/E/G ratio of 0.79 and a beta of 1.70.

Boot Barn (NYSE:BOOT - Get Free Report) last released its earnings results on Wednesday, July 29th. The company reported $2.29 earnings per share for the quarter, beating the consensus estimate of $1.69 by $0.60. Boot Barn had a net margin of 10.35% and a return on equity of 18.78%. The business had revenue of $593.51 million during the quarter, compared to analysts' expectations of $583.15 million. During the same quarter last year, the company earned $1.74 earnings per share. The firm's revenue was up 17.7% on a year-over-year basis. Boot Barn has set its FY 2027 guidance at 8.800-9.230 EPS and its Q2 2027 guidance at 1.550-1.650 EPS. As a group, research analysts forecast that Boot Barn Holdings, Inc. will post 9.18 earnings per share for the current fiscal year.

About Boot Barn

Boot Barn Holdings, Inc is a specialty retailer focused on Western and workwear products. The company sells a broad selection of footwear, clothing, accessories and related merchandise designed for customers interested in Western lifestyles, outdoor activities and occupational work.

Its product offerings include cowboy boots, work boots, jeans, shirts, jackets, hats, belts, jewelry and safety equipment. Boot Barn carries recognized third-party brands such as Ariat, Justin, Wrangler and Carhartt, along with private-label brands including Cody James, Shyanne, Hawx and Moonshine Spirit.

Founded in 1978 in Orange County, California, Boot Barn has expanded from a single store into a multichannel retailer operating physical stores and an e-commerce platform.

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest reporting and unbiased coverage. Please send any questions or comments about this story to contact@marketbeat.com.