Skechers U.S.A. (NYSE:SKX) Reaches New 52-Week High on Analyst Upgrade

Skechers U.S.A., Inc. (NYSE:SKX) reached a new 52-week high during trading on Wednesday after Evercore ISI raised their price target on the stock from $72.00 to $85.00. Evercore ISI currently has an outperform rating on the stock. Skechers U.S.A. traded as high as $76.90 and last traded at $76.85, with a volume of 1643467 shares changing hands. The stock had previously closed at $75.04.

A number of other equities research analysts have also commented on SKX. Needham & Company LLC initiated coverage on shares of Skechers U.S.A. in a report on Friday, November 22nd. They set a “hold” rating on the stock. Piper Sandler started coverage on Skechers U.S.A. in a report on Tuesday, December 10th. They issued a “neutral” rating and a $65.00 price target on the stock. Barclays lifted their target price on Skechers U.S.A. from $79.00 to $80.00 and gave the company an “overweight” rating in a research report on Friday, October 25th. Bank of America reduced 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, TD Cowen raised 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 research note on Wednesday, January 8th. Two investment analysts have rated the stock with a hold rating and eleven have assigned a buy rating to the stock. Based on data from MarketBeat.com, the stock currently has a consensus rating of “Moderate Buy” and a consensus price target of $80.18.

Insider Activity at Skechers U.S.A.

In other Skechers U.S.A. news, COO David Weinberg sold 8,219 shares of the firm’s stock in a transaction on Tuesday, December 31st. The stock was 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 $8,246,798.28. This trade represents a 6.30 % decrease in their position. The sale was disclosed in a document filed with the SEC, which is available through this hyperlink. Also, 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 transaction of $693,289.52. Following the completion of the transaction, the president now directly owns 149,327 shares in the company, valued at $10,076,585.96. The trade was a 6.44 % decrease in their ownership of the stock. The disclosure for this sale can be found here. 24.75% of the stock is currently owned by company insiders.

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

A number of institutional investors have recently made changes to their positions in the company. UMB Bank n.a. lifted its holdings in Skechers U.S.A. by 423.3% during the 3rd quarter. UMB Bank n.a. now owns 450 shares of the textile maker’s stock worth $30,000 after purchasing an additional 364 shares during the last quarter. Venturi Wealth Management LLC lifted its holdings in shares of Skechers U.S.A. by 52.9% during the third quarter. Venturi Wealth Management LLC now owns 864 shares of the textile maker’s stock worth $58,000 after buying an additional 299 shares in the last quarter. Mirae Asset Global Investments Co. Ltd. bought a new stake in shares of Skechers U.S.A. in the fourth quarter valued at about $65,000. Blue Trust Inc. grew its stake in shares of Skechers U.S.A. by 778.1% in the third quarter. Blue Trust Inc. now owns 1,001 shares of the textile maker’s stock valued at $69,000 after acquiring an additional 887 shares in the last quarter. Finally, Brooklyn Investment Group acquired a new position in shares of Skechers U.S.A. in the third quarter valued at about $67,000. Institutional investors own 79.96% of the company’s stock.

Skechers U.S.A. Trading Up 1.9 %

The company has a debt-to-equity ratio of 0.01, a current ratio of 1.96 and a quick ratio of 1.25. The business’s 50-day moving average is $69.03 and its 200 day moving average is $66.06. The firm has a market capitalization of $11.81 billion, a P/E ratio of 19.27, a price-to-earnings-growth ratio of 0.90 and a beta of 1.19.

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.