Short Interest in Skechers U.S.A., Inc. (NYSE:SKX) Increases By 73.7%

Skechers U.S.A., Inc. (NYSE:SKX) was the target of a significant increase in short interest in February. As of February 15th, there was short interest totalling 6,860,000 shares, an increase of 73.7% from the January 31st total of 3,950,000 shares. Approximately 5.3% of the shares of the company are sold short. Based on an average daily trading volume, of 2,220,000 shares, the days-to-cover ratio is currently 3.1 days.

Insiders Place Their Bets

In other Skechers U.S.A. news, COO David Weinberg sold 8,219 shares of the business’s stock in a transaction on Tuesday, December 31st. The shares were sold at an average price of $67.48, for a total transaction of $554,618.12. Following the transaction, the chief operating officer now owns 122,211 shares in the company, valued at $8,246,798.28. The trade was a 6.30 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is available at this link. Also, President Michael Greenberg sold 10,274 shares of the firm’s stock in a transaction dated Tuesday, December 31st. The stock was sold at an average price of $67.48, for a total transaction of $693,289.52. Following the completion of the sale, the president now owns 149,327 shares of the company’s stock, valued at $10,076,585.96. This trade represents a 6.44 % decrease in their position. The disclosure for this sale can be found here. Insiders sold a total of 225,744 shares of company stock worth $14,078,219 over the last quarter. 24.75% of the stock is currently owned by corporate insiders.

Institutional Inflows and Outflows

Several institutional investors and hedge funds have recently bought and sold shares of the stock. Spire Wealth Management increased its stake in shares of Skechers U.S.A. by 11.6% during the fourth quarter. Spire Wealth Management now owns 1,486 shares of the textile maker’s stock worth $100,000 after buying an additional 155 shares during the period. Calamos Wealth Management LLC boosted its position in shares of Skechers U.S.A. by 0.9% during the 4th quarter. Calamos Wealth Management LLC now owns 18,257 shares of the textile maker’s stock worth $1,228,000 after acquiring an additional 157 shares in the last quarter. Cerity Partners LLC increased its holdings in shares of Skechers U.S.A. by 1.2% in the 4th quarter. Cerity Partners LLC now owns 14,090 shares of the textile maker’s stock valued at $947,000 after acquiring an additional 172 shares during the last quarter. NewEdge Advisors LLC lifted its stake 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 purchasing an additional 190 shares during the last quarter. Finally, Lindenwold Advisors INC boosted its holdings in Skechers U.S.A. by 3.0% in the third quarter. Lindenwold Advisors INC now owns 6,663 shares of the textile maker’s stock valued at $446,000 after purchasing an additional 195 shares in the last quarter. 79.96% of the stock is owned by institutional investors and hedge funds.

Wall Street Analysts Forecast Growth

A number of brokerages recently issued reports on SKX. TD Cowen increased their price target on shares of Skechers U.S.A. from $88.00 to $93.00 and gave the stock a “buy” rating in a report on Wednesday, January 8th. Stifel Nicolaus dropped their target price on Skechers U.S.A. from $83.00 to $80.00 and set a “buy” rating on the stock in a research report on Friday, February 7th. Needham & Company LLC reaffirmed a “hold” rating on shares of Skechers U.S.A. in a report on Friday, February 7th. UBS Group lowered their price objective on Skechers U.S.A. from $92.00 to $90.00 and set a “buy” rating on the stock in a report on Friday, February 7th. Finally, Evercore ISI increased their price target on Skechers U.S.A. from $72.00 to $85.00 and gave the company an “outperform” rating in a report on Tuesday, January 28th. Three equities research analysts have rated the stock with a hold rating and eleven have given a buy rating to the stock. According to data from MarketBeat, the company currently has a consensus rating of “Moderate Buy” and a consensus target price of $81.25.

Skechers U.S.A. Trading Down 3.3 %

SKX traded down $1.95 during mid-day trading on Tuesday, hitting $56.54. 459,514 shares of the stock were exchanged, compared to its average volume of 1,956,317. 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 company has a market cap of $8.54 billion, a PE ratio of 13.63, a PEG ratio of 1.11 and a beta of 1.19. The firm’s fifty day moving average is $68.73 and its two-hundred day moving average is $66.57. Skechers U.S.A. has a 1-year low of $55.67 and a 1-year high of $78.85.

Skechers U.S.A. (NYSE:SKX) last announced its earnings results on Thursday, February 6th. The textile maker reported $0.65 earnings per share for the quarter, missing the consensus estimate of $0.73 by ($0.08). Skechers U.S.A. had a return on equity of 13.73% and a net margin of 7.13%. Equities analysts forecast that Skechers U.S.A. will post 4.47 earnings per share for the current fiscal year.

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.