UBS Group Issues Pessimistic Forecast for Skechers U.S.A. (NYSE:SKX) Stock Price

Skechers U.S.A. (NYSE:SKX) had its price target cut by UBS Group from $92.00 to $90.00 in a report released on Friday,Benzinga reports. The firm presently has a “buy” rating on the textile maker’s stock. UBS Group’s price target would indicate a potential upside of 32.01% from the company’s current price.

Several other equities analysts have also recently weighed in on the stock. Morgan Stanley increased their price objective on shares of Skechers U.S.A. from $81.00 to $84.00 and gave the stock an “overweight” rating in a research note on Friday, October 25th. Piper Sandler initiated coverage on shares of Skechers U.S.A. in a report on Tuesday, December 10th. They set a “neutral” rating and a $65.00 price objective for the company. TD Cowen raised their target price on shares of Skechers U.S.A. from $88.00 to $93.00 and gave the company a “buy” rating in a report on Wednesday, January 8th. Bank of America lowered their price target on Skechers U.S.A. from $81.00 to $80.00 and set a “buy” rating for the company in a research report on Friday, October 25th. Finally, Needham & Company LLC reiterated a “hold” rating on shares of Skechers U.S.A. in a research report on Friday. Two research analysts have rated the stock with a hold rating and eleven have given a buy rating to the company’s stock. According to data from MarketBeat, the company currently has an average rating of “Moderate Buy” and a consensus price target of $82.36.

Skechers U.S.A. Stock Down 9.8 %

SKX stock traded down $7.44 during trading on Friday, hitting $68.18. 3,162,687 shares of the stock traded hands, compared to its average volume of 1,983,931. Skechers U.S.A. has a 1 year low of $55.67 and a 1 year high of $78.85. The firm’s 50 day moving average is $70.51 and its two-hundred day moving average is $66.46. The stock has a market cap of $10.29 billion, a price-to-earnings ratio of 16.77, a price-to-earnings-growth ratio of 0.92 and a beta of 1.19. The company has a debt-to-equity ratio of 0.01, a current ratio of 1.96 and a quick ratio of 1.25.

Skechers U.S.A. (NYSE:SKX) last posted its 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 7.19% and a return on equity of 13.71%. On average, sell-side analysts anticipate that Skechers U.S.A. will post 4.24 EPS for the current year.

Insider Buying and Selling

In other Skechers U.S.A. news, President Michael Greenberg sold 10,274 shares of the stock in a transaction dated Tuesday, December 31st. The shares were sold at an average price of $67.48, for a total value of $693,289.52. Following the completion of the sale, the president now owns 149,327 shares in the company, valued at approximately $10,076,585.96. This represents a 6.44 % decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, COO David Weinberg sold 8,219 shares of the stock in a transaction dated Tuesday, December 31st. The shares were sold at an average price of $67.48, for a total transaction of $554,618.12. Following the completion of the sale, the chief operating officer now owns 122,211 shares of the company’s stock, valued at approximately $8,246,798.28. The trade was a 6.30 % decrease in their position. The disclosure for this sale can be found here. Insiders own 24.75% of the company’s stock.

Institutional Trading of Skechers U.S.A.

Several hedge funds have recently made changes to their positions in SKX. HM Payson & Co. purchased a new position in shares of Skechers U.S.A. during the 4th quarter worth approximately $417,000. Edgestream Partners L.P. boosted its position in shares of Skechers U.S.A. by 816.1% during the 4th quarter. Edgestream Partners L.P. now owns 80,273 shares of the textile maker’s stock worth $5,398,000 after purchasing an additional 71,511 shares during the period. Jackson Creek Investment Advisors LLC boosted its position in shares of Skechers U.S.A. by 11.0% during the 4th quarter. Jackson Creek Investment Advisors LLC now owns 5,536 shares of the textile maker’s stock worth $372,000 after purchasing an additional 548 shares during the period. Inceptionr LLC purchased a new position in shares of Skechers U.S.A. during the 4th quarter worth approximately $705,000. Finally, Raymond James Financial Inc. purchased a new position in shares of Skechers U.S.A. during the 4th quarter worth approximately $12,852,000. 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.