Short Interest in Skechers U.S.A., Inc. (NYSE:SKX) Decreases By 25.4%

Key Points

• Short interest in Skechers U.S.A. has decreased by 25.4%, down to 2,550,000 shares as of August 31st, from a previous total of 3,420,000 shares.
• Institutional investors own approximately 79.96% of Skechers U.S.A.'s stock, with several key firms, including Nomura Holdings and Boussard & Gavaudan, acquiring new stakes.
• Skechers reported earnings of $1.13 per share for the last quarter, exceeding analysts' expectations and showing a year-over-year revenue increase of 13.1%.

Skechers U.S.A., Inc. (NYSE:SKX - Get Free Report) was the recipient of a significant decline in short interest during the month of August. As of August 31st, there was short interest totaling 2,550,000 shares, a decline of 25.4% from the August 15th total of 3,420,000 shares. Based on an average daily volume of 3,480,000 shares, the days-to-cover ratio is currently 0.7 days. Currently, 2.2% of the company's shares are short sold. Currently, 2.2% of the company's shares are short sold. Based on an average daily volume of 3,480,000 shares, the days-to-cover ratio is currently 0.7 days.

Skechers U.S.A. Price Performance

SKX stock remained flat at $63.13 during trading on Friday. Skechers U.S.A. has a 12-month low of $44.50 and a 12-month high of $78.85. The business has a fifty day moving average of $63.09 and a 200-day moving average of $59.57. The company has a quick ratio of 1.29, a current ratio of 2.09 and a debt-to-equity ratio of 0.02. The firm has a market cap of $9.49 billion, a P/E ratio of 14.41 and a beta of 1.19.

Skechers U.S.A. (NYSE:SKX - Get Free Report) last posted its earnings results on Friday, August 8th. The textile maker reported $1.13 earnings per share for the quarter, beating analysts' consensus estimates of $0.86 by $0.27. Skechers U.S.A. had a return on equity of 13.44% and a net margin of 7.07%.The company had revenue of $2.44 billion for the quarter, compared to the consensus estimate of $2.35 billion. During the same quarter in the prior year, the company earned $0.91 earnings per share. Skechers U.S.A.'s revenue was up 13.1% on a year-over-year basis. As a group, equities analysts expect that Skechers U.S.A. will post 4.47 earnings per share for the current fiscal year.

Analyst Upgrades and Downgrades

Several analysts have weighed in on the company. Wall Street Zen upgraded Skechers U.S.A. to a "hold" rating in a research report on Saturday, August 30th. Zacks Research upgraded Skechers U.S.A. from a "hold" rating to a "strong-buy" rating in a report on Tuesday, August 26th. Needham & Company LLC restated a "hold" rating on shares of Skechers U.S.A. in a report on Wednesday, August 27th. TD Cowen downgraded Skechers U.S.A. from a "buy" rating to a "hold" rating and set a $63.00 target price for the company. in a report on Wednesday, May 28th. Finally, Argus downgraded Skechers U.S.A. from a "buy" rating to a "hold" rating and set a $63.00 target price for the company. in a report on Tuesday, August 26th. One analyst has rated the stock with a Strong Buy rating, five have given a Buy rating and nine have issued a Hold rating to the stock. According to data from MarketBeat, the stock has a consensus rating of "Hold" and a consensus target price of $66.46.

Institutional Inflows and Outflows

Several institutional investors have recently made changes to their positions in SKX. Banque Transatlantique SA bought a new position in shares of Skechers U.S.A. in the first quarter worth about $26,000. Hantz Financial Services Inc. raised its stake in shares of Skechers U.S.A. by 297.5% in the second quarter. Hantz Financial Services Inc. now owns 477 shares of the textile maker's stock worth $30,000 after buying an additional 357 shares during the period. Investment Management Corp VA ADV bought a new position in shares of Skechers U.S.A. in the fourth quarter worth about $32,000. Parallel Advisors LLC raised its stake in shares of Skechers U.S.A. by 183.0% in the first quarter. Parallel Advisors LLC now owns 617 shares of the textile maker's stock worth $35,000 after buying an additional 399 shares during the period. Finally, Golden State Wealth Management LLC bought a new position in shares of Skechers U.S.A. in the first quarter worth about $35,000. Institutional investors own 79.96% of the company's stock.

Skechers U.S.A. Company Profile

Skechers U.SA, Inc designs, develops, markets, and distributes footwear for men, women, and children worldwide. The company operates through Wholesale and Direct-to-Consumer segments. It offers footwear under Skechers Hands Free Slip-ins, Skechers Arch Fit, and Skechers Air-Cooled Memory Foam brands.