Skechers U.S.A. (NYSE:SKX) Sees Strong Trading Volume After Analyst Upgrade

Skechers U.S.A., Inc. (NYSE:SKX - Get Free Report) saw unusually-high trading volume on Tuesday after Wells Fargo & Company raised their price target on the stock from $57.00 to $63.00. Wells Fargo & Company currently has an overweight rating on the stock. Approximately 10,037,875 shares changed hands during trading, an increase of 278% from the previous session's volume of 2,652,226 shares.The stock last traded at $61.43 and had previously closed at $61.39.

Several other equities analysts also recently commented on the stock. Needham & Company LLC reiterated a "hold" rating on shares of Skechers U.S.A. in a report on Tuesday, April 22nd. TD Cowen upped their target price on Skechers U.S.A. from $88.00 to $93.00 and gave the company a "buy" rating in a research note on Wednesday, January 8th. Morgan Stanley decreased their price target on Skechers U.S.A. from $80.00 to $73.00 and set an "overweight" rating for the company in a research note on Friday, April 25th. Monness Crespi & Hardt cut their price objective on Skechers U.S.A. from $85.00 to $70.00 and set a "buy" rating on the stock in a research report on Friday, April 25th. Finally, Bank of America reduced their target price on Skechers U.S.A. from $76.00 to $70.00 and set a "buy" rating on the stock in a research note on Monday, March 24th. One analyst has rated the stock with a sell rating, seven have given a hold rating and seven have issued a buy rating to the stock. According to MarketBeat, the company has an average rating of "Hold" and a consensus price target of $70.00.

Insider Buying and Selling at Skechers U.S.A.

In related news, COO David Weinberg sold 36,000 shares of the stock in a transaction that occurred on Wednesday, February 12th. The shares were sold at an average price of $62.72, for a total value of $2,257,920.00. Following the completion of the transaction, the chief operating officer now directly owns 54,499 shares of the company's stock, valued at $3,418,177.28. This trade represents a 39.78 % decrease in their position. The sale was disclosed in a document filed with the SEC, which is available through this hyperlink. Also, CEO Robert Greenberg sold 52,600 shares of the business's stock in a transaction that occurred on Wednesday, February 12th. The stock was sold at an average price of $62.72, for a total transaction of $3,299,072.00. Following the sale, the chief executive officer now directly owns 61,367 shares in the company, valued at approximately $3,848,938.24. This represents a 46.15 % decrease in their position. The disclosure for this sale can be found here. Over the last ninety days, insiders sold 218,245 shares of company stock valued at $13,452,902. 24.78% of the stock is currently owned by insiders.

Institutional Investors Weigh In On Skechers U.S.A.

A number of large investors have recently made changes to their positions in the stock. NewEdge Advisors LLC grew its stake in Skechers U.S.A. by 85.2% during the 4th quarter. NewEdge Advisors LLC now owns 413 shares of the textile maker's stock valued at $28,000 after purchasing an additional 190 shares during the last quarter. TD Private Client Wealth LLC boosted its position in Skechers U.S.A. by 534.3% in the fourth quarter. TD Private Client Wealth LLC now owns 425 shares of the textile maker's stock valued at $29,000 after buying an additional 358 shares during the last quarter. Investment Management Corp VA ADV acquired a new position in Skechers U.S.A. in the 4th quarter worth approximately $32,000. Parallel Advisors LLC raised its position in Skechers U.S.A. by 183.0% during the 1st 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 last quarter. Finally, Golden State Wealth Management LLC purchased a new position in Skechers U.S.A. during the 1st quarter worth approximately $35,000. 79.96% of the stock is owned by hedge funds and other institutional investors.

Skechers U.S.A. Stock Performance

The firm's 50 day simple moving average is $53.40 and its 200 day simple moving average is $62.07. The firm has a market capitalization of $9.19 billion, a price-to-earnings ratio of 14.82, a PEG ratio of 1.11 and a beta of 1.06. The company has a debt-to-equity ratio of 0.01, a quick ratio of 1.12 and a current ratio of 1.97.

Skechers U.S.A. (NYSE:SKX - Get Free Report) last announced its quarterly earnings results on Thursday, April 24th. The textile maker reported $1.34 earnings per share for the quarter, topping the consensus estimate of $1.17 by $0.17. The company had revenue of $2.41 billion for the quarter, compared to the consensus estimate of $2.43 billion. Skechers U.S.A. had a return on equity of 13.73% and a net margin of 7.13%. The firm's revenue for the quarter was up 7.1% compared to the same quarter last year. During the same period last year, the firm earned $1.33 EPS. Sell-side analysts forecast that Skechers U.S.A., Inc. will post 4.47 earnings per share for the current fiscal year.

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.