Skechers U.S.A. (NYSE:SKX) Shares Gap Down After Analyst Downgrade

Skechers U.S.A., Inc. (NYSE:SKX - Get Free Report)'s stock price gapped down before the market opened on Friday after Wells Fargo & Company lowered their price target on the stock from $65.00 to $57.00. The stock had previously closed at $50.49, but opened at $48.26. Wells Fargo & Company currently has an overweight rating on the stock. Skechers U.S.A. shares last traded at $48.89, with a volume of 1,462,772 shares.

SKX has been the subject of a number of other reports. Raymond James decreased their price target on Skechers U.S.A. from $80.00 to $75.00 and set an "outperform" rating for the company in a research note on Friday, February 7th. UBS Group lowered their target price on shares of Skechers U.S.A. from $65.00 to $64.00 and set a "buy" rating on the stock in a report on Monday, April 14th. Bank of America cut their price target on shares of Skechers U.S.A. from $76.00 to $70.00 and set a "buy" rating for the company in a research note on Monday, March 24th. Barclays dropped their target price on shares of Skechers U.S.A. from $77.00 to $53.00 and set an "overweight" rating on the stock in a report on Friday, April 25th. Finally, TD Cowen increased their price objective on shares of Skechers U.S.A. from $88.00 to $93.00 and gave the company a "buy" rating in a research report on Wednesday, January 8th. Three research analysts have rated the stock with a hold rating and twelve have assigned a buy rating to the company's stock. According to data from MarketBeat.com, Skechers U.S.A. currently has an average rating of "Moderate Buy" and an average price target of $69.62.

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

In other news, President Michael Greenberg sold 33,656 shares of the firm's stock in a transaction that occurred on Monday, March 3rd. The shares were sold at an average price of $60.76, for a total transaction of $2,044,938.56. Following the completion of the sale, the president now owns 137,530 shares of the company's stock, valued at $8,356,322.80. This trade represents a 19.66 % decrease in their position. The sale was disclosed in a filing with the SEC, which is available through this link. Also, COO David Weinberg sold 36,000 shares of the business's stock in a transaction dated 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 sale, the chief operating officer now directly owns 54,499 shares of the company's stock, valued at $3,418,177.28. The trade was a 39.78 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold 218,245 shares of company stock worth $13,452,902 over the last quarter. Corporate insiders own 24.78% of the company's stock.

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

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

Skechers U.S.A. Stock Performance

The firm has a fifty day moving average price of $54.11 and a 200 day moving average price of $62.42. The company has a current ratio of 1.97, a quick ratio of 1.12 and a debt-to-equity ratio of 0.01. The firm has a market cap of $7.07 billion, a PE ratio of 11.40, a price-to-earnings-growth ratio of 1.11 and a beta of 1.08.

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 (EPS) for the quarter, topping analysts' consensus estimates of $1.17 by $0.17. Skechers U.S.A. had a net margin of 7.13% and a return on equity of 13.73%. The business had revenue of $2.41 billion during the quarter, compared to the consensus estimate of $2.43 billion. During the same quarter last year, the firm earned $1.33 EPS. The business's revenue was up 7.1% compared to the same quarter last year. As a group, equities research analysts expect 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.