Skechers U.S.A. (NYSE:SKX) Shares Gap Down – Here’s Why

Skechers U.S.A., Inc. (NYSE:SKX) shares gapped down before the market opened on Thursday . The stock had previously closed at $59.03, but opened at $52.39. Skechers U.S.A. shares last traded at $46.64, with a volume of 1,816,612 shares.

Analyst Ratings Changes

A number of research analysts have weighed in on SKX shares. Evercore ISI lifted their target price 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. StockNews.com cut shares of Skechers U.S.A. from a “buy” rating to a “hold” rating in a research note on Monday, February 10th. UBS Group cut their price target on shares of Skechers U.S.A. from $92.00 to $90.00 and set a “buy” rating for the company in a report on Friday, February 7th. TD Cowen upped 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. Finally, Bank of America dropped their price objective on 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. Three analysts have rated the stock with a hold rating and eleven have issued a buy rating to the company. According to MarketBeat.com, Skechers U.S.A. presently has a consensus rating of “Moderate Buy” and a consensus price target of $80.42.

Skechers U.S.A. Price Performance

The stock has a market capitalization of $7.28 billion, a PE ratio of 11.75, a P/E/G ratio of 1.11 and a beta of 1.21. The firm’s 50 day simple moving average is $63.40 and its 200 day simple moving average is $65.03. The company has a debt-to-equity ratio of 0.01, a current ratio of 1.97 and a quick ratio of 1.12.

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

Insider Activity

In related news, CEO Robert Greenberg sold 52,600 shares of the company’s stock in a transaction 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 directly owns 61,367 shares in the company, valued at $3,848,938.24. This represents a 46.15 % decrease in their position. The transaction 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 transaction of $2,257,920.00. Following the completion of the transaction, the chief operating officer now owns 54,499 shares in the company, valued at $3,418,177.28. The trade was a 39.78 % decrease in their position. The disclosure for this sale can be found here. Over the last 90 days, insiders sold 218,245 shares of company stock valued at $13,452,902. 24.75% of the stock is currently owned by company insiders.

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

Several institutional investors and hedge funds have recently bought and sold shares of SKX. NewEdge Advisors LLC lifted its stake in Skechers U.S.A. by 85.2% in the fourth quarter. NewEdge Advisors LLC now owns 413 shares of the textile maker’s stock worth $28,000 after acquiring an additional 190 shares during the period. TD Private Client Wealth LLC lifted its position in shares of 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 bought a new stake in shares of Skechers U.S.A. during the 4th quarter valued at about $32,000. UMB Bank n.a. raised its stake in Skechers U.S.A. by 53.1% in the fourth quarter. UMB Bank n.a. now owns 689 shares of the textile maker’s stock worth $46,000 after buying an additional 239 shares in the last quarter. Finally, IFP Advisors Inc lifted its stake in shares of Skechers U.S.A. by 62.4% in the 4th quarter. IFP Advisors Inc now owns 825 shares of the textile maker’s stock valued at $55,000 after purchasing an additional 317 shares during the period. Hedge funds and other 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.