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

Skechers U.S.A., Inc. (NYSE:SKX)’s stock price gapped down prior to trading on Friday . The stock had previously closed at $78.24, but opened at $75.91. Skechers U.S.A. shares last traded at $76.89, with a volume of 120,282 shares trading hands.

Analysts Set New Price Targets

A number of equities analysts have recently issued reports on the stock. Morgan Stanley upped their target price on shares of Skechers U.S.A. from $81.00 to $84.00 and gave the stock an “overweight” rating in a research report on Friday, October 25th. Bank of America reduced their target price on shares of Skechers U.S.A. from $81.00 to $80.00 and set a “buy” rating on the stock in a research report on Friday, October 25th. Evercore ISI upped their target price on shares of Skechers U.S.A. from $72.00 to $85.00 and gave the stock an “outperform” rating in a research report on Tuesday. StockNews.com upgraded shares of Skechers U.S.A. from a “hold” rating to a “buy” rating in a research report on Thursday, January 23rd. Finally, Barclays increased their price objective on shares of Skechers U.S.A. from $79.00 to $80.00 and gave the company an “overweight” rating in a report on Friday, October 25th. Two research analysts have rated the stock with a hold rating and eleven have issued a buy rating to the company’s stock. According to MarketBeat.com, the company has a consensus rating of “Moderate Buy” and a consensus price target of $80.18.

Skechers U.S.A. Trading Down 1.4 %

The company has a market cap of $11.65 billion, a price-to-earnings ratio of 18.98, a PEG ratio of 0.94 and a beta of 1.19. The business’s 50 day moving average price is $69.38 and its 200-day moving average price is $66.14. The company has a current ratio of 1.96, a quick ratio of 1.25 and a debt-to-equity ratio of 0.01.

Insider Buying and Selling

In other Skechers U.S.A. news, President Michael Greenberg sold 10,274 shares of the firm’s 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 transaction, the president now directly 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 transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, COO David Weinberg sold 8,219 shares of Skechers U.S.A. stock in a transaction that occurred 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 sale, the chief operating officer now directly owns 122,211 shares in the company, valued at $8,246,798.28. This trade represents a 6.30 % decrease in their ownership of the stock. The disclosure for this sale can be found here. 24.75% of the stock is owned by insiders.

Institutional Trading of Skechers U.S.A.

A number of hedge funds and other institutional investors have recently bought and sold shares of SKX. Pacer Advisors Inc. increased its stake in Skechers U.S.A. by 5,780.6% during the 3rd quarter. Pacer Advisors Inc. now owns 2,639,390 shares of the textile maker’s stock valued at $176,628,000 after purchasing an additional 2,594,507 shares in the last quarter. Commerce Bank grew its stake in shares of Skechers U.S.A. by 949.5% in the 3rd quarter. Commerce Bank now owns 467,774 shares of the textile maker’s stock worth $31,303,000 after acquiring an additional 423,204 shares in the last quarter. Coronation Fund Managers Ltd. grew its stake in shares of Skechers U.S.A. by 378.6% in the 3rd quarter. Coronation Fund Managers Ltd. now owns 498,837 shares of the textile maker’s stock worth $33,382,000 after acquiring an additional 394,618 shares in the last quarter. Wellington Management Group LLP grew its stake in shares of Skechers U.S.A. by 39.0% in the 3rd quarter. Wellington Management Group LLP now owns 1,025,556 shares of the textile maker’s stock worth $68,630,000 after acquiring an additional 287,939 shares in the last quarter. Finally, Vaughan Nelson Investment Management L.P. grew its stake in shares of Skechers U.S.A. by 68.3% in the 4th quarter. Vaughan Nelson Investment Management L.P. now owns 623,745 shares of the textile maker’s stock worth $41,940,000 after acquiring an additional 253,045 shares in the last quarter. 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.