Skechers U.S.A. (NYSE:SKX) Shares Gap Up - Time to Buy?

Skechers U.S.A., Inc. (NYSE:SKX - Get Free Report) gapped up prior to trading on Monday . The stock had previously closed at $49.37, but opened at $61.79. Skechers U.S.A. shares last traded at $61.68, with a volume of 23,129,922 shares changing hands.

Wall Street Analysts Forecast Growth

SKX has been the topic of a number of research reports. Evercore ISI cut their target price on shares of Skechers U.S.A. from $78.00 to $60.00 and set an "outperform" rating on the stock in a research note on Thursday, April 17th. Monness Crespi & Hardt decreased their target price on Skechers U.S.A. from $85.00 to $70.00 and set a "buy" rating for the company in a research report on Friday, April 25th. Morgan Stanley reiterated an "equal weight" rating and set a $63.00 target price (down from $73.00) on shares of Skechers U.S.A. in a report on Wednesday. Barclays reaffirmed an "equal weight" rating and issued a $63.00 price objective (up previously from $53.00) on shares of Skechers U.S.A. in a research report on Tuesday. Finally, Wells Fargo & Company boosted their target price on shares of Skechers U.S.A. from $57.00 to $63.00 and gave the stock an "overweight" rating in a research report on Tuesday. One analyst has rated the stock with a sell rating, six have given a hold rating and eight have given a buy rating to the stock. According to data from MarketBeat.com, the stock has an average rating of "Hold" and an average target price of $70.00.

Skechers U.S.A. Trading Up 0.1 %

The company's fifty day moving average is $53.26 and its 200-day moving average is $62.08. The firm has a market capitalization of $9.19 billion, a P/E ratio of 14.82, a P/E/G ratio of 1.11 and a beta of 1.06. The company has a current ratio of 1.97, a quick ratio of 1.12 and a debt-to-equity ratio of 0.01.

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

Insiders Place Their Bets

In other news, CEO Robert Greenberg sold 52,600 shares of Skechers U.S.A. stock in a transaction that occurred on Wednesday, February 12th. The shares were sold at an average price of $62.72, for a total transaction of $3,299,072.00. Following the completion of the sale, the chief executive officer now owns 61,367 shares in the company, valued at $3,848,938.24. The trade was a 46.15 % decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through this link. Also, EVP Mark A. Nason sold 12,046 shares of Skechers U.S.A. stock in a transaction on Tuesday, February 18th. The stock was sold at an average price of $66.08, for a total value of $795,999.68. Following the sale, the executive vice president now directly owns 25,675 shares of the company's stock, valued at approximately $1,696,604. This trade represents a 31.93 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold a total of 218,245 shares of company stock worth $13,452,902 over the last quarter. Company insiders own 24.78% of the company's stock.

Institutional Inflows and Outflows

Hedge funds have recently added to or reduced their stakes in the business. Victory Capital Management Inc. increased its position in shares of Skechers U.S.A. by 15,774.3% in the first quarter. Victory Capital Management Inc. now owns 3,949,844 shares of the textile maker's stock valued at $224,272,000 after acquiring an additional 3,924,962 shares during the last quarter. Norges Bank acquired a new stake in Skechers U.S.A. in the 4th quarter valued at about $105,741,000. Duquesne Family Office LLC bought a new position in Skechers U.S.A. during the fourth quarter worth about $72,272,000. Two Sigma Investments LP increased its position in Skechers U.S.A. by 772.7% during the fourth quarter. Two Sigma Investments LP now owns 1,176,488 shares of the textile maker's stock worth $79,107,000 after buying an additional 1,041,677 shares during the last quarter. Finally, Anomaly Capital Management LP boosted its stake in shares of Skechers U.S.A. by 51.2% during the 4th quarter. Anomaly Capital Management LP now owns 2,989,015 shares of the textile maker's stock worth $200,981,000 after acquiring an additional 1,011,815 shares during the period. Institutional investors own 79.96% of the company's stock.

About Skechers U.S.A.

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.