Under Armour (NYSE:UAA) Shares Gap Up Following Earnings Beat

Shares of Under Armour, Inc. (NYSE:UAA - Get Free Report) gapped up before the market opened on Tuesday following a better than expected earnings announcement. The stock had previously closed at $6.21, but opened at $6.44. Under Armour shares last traded at $6.24, with a volume of 1,929,594 shares traded.

The company reported ($0.08) EPS for the quarter, beating the consensus estimate of ($0.09) by $0.01. The firm had revenue of $1.18 billion during the quarter, compared to analysts' expectations of $1.16 billion. Under Armour had a positive return on equity of 11.03% and a negative net margin of 2.39%.

Analyst Upgrades and Downgrades

Several equities analysts have recently issued reports on UAA shares. Guggenheim reiterated a "neutral" rating on shares of Under Armour in a research report on Friday, February 7th. Barclays decreased their price objective on shares of Under Armour from $8.00 to $6.00 and set an "equal weight" rating on the stock in a research note on Monday. Evercore ISI dropped their price objective on shares of Under Armour from $7.00 to $6.00 and set an "underperform" rating on the stock in a report on Wednesday. BMO Capital Markets decreased their price target on shares of Under Armour from $12.00 to $9.00 and set an "outperform" rating on the stock in a research note on Wednesday. Finally, Truist Financial decreased their price objective on shares of Under Armour from $9.00 to $7.00 and set a "hold" rating for the company in a research report on Wednesday. Four equities research analysts have rated the stock with a sell rating, fourteen have given a hold rating and four have assigned a buy rating to the company. According to MarketBeat.com, Under Armour has an average rating of "Hold" and a consensus price target of $7.24.

Hedge Funds Weigh In On Under Armour

A number of institutional investors and hedge funds have recently added to or reduced their stakes in UAA. Empowered Funds LLC purchased a new stake in shares of Under Armour during the fourth quarter worth approximately $412,000. Teacher Retirement System of Texas purchased a new stake in shares of Under Armour during the fourth quarter worth approximately $313,000. Fox Run Management L.L.C. raised its stake in shares of Under Armour by 215.1% during the fourth quarter. Fox Run Management L.L.C. now owns 68,596 shares of the company's stock worth $568,000 after purchasing an additional 46,828 shares during the last quarter. Northern Trust Corp raised its stake in shares of Under Armour by 18.9% during the fourth quarter. Northern Trust Corp now owns 1,729,796 shares of the company's stock worth $14,323,000 after purchasing an additional 275,131 shares during the last quarter. Finally, Bank of New York Mellon Corp raised its stake in shares of Under Armour by 11.8% during the fourth quarter. Bank of New York Mellon Corp now owns 1,431,487 shares of the company's stock worth $11,853,000 after purchasing an additional 150,958 shares during the last quarter. 34.58% of the stock is owned by institutional investors and hedge funds.

Under Armour Price Performance

The company has a 50-day simple moving average of $6.02 and a 200-day simple moving average of $7.63. The stock has a market cap of $2.86 billion, a PE ratio of -22.90 and a beta of 1.54. The company has a debt-to-equity ratio of 0.30, a current ratio of 2.01 and a quick ratio of 1.19.

About Under Armour

Under Armour, Inc, together with its subsidiaries, engages developing, marketing, and distributing performance apparel, footwear, and accessories for men, women, and youth. The company provides its apparel in compression, fitted, and loose fit types. It also offers footwear products for running, training, basketball, cleated sports, recovery, and outdoor applications.