Skechers U.S.A. Inc. (NYSE: SKX) stock jumped 1.63% on Thursday to $51.67 against a previous-day closing price of $50.84. With 1.38 million shares changed hands, the volume of the stock remained lighter than its average volume of 1.78 million shares. During the session, the Footwear & Accessories company that operates in wider Consumer Cyclical sector, reached to the highest price of $51.92 whereas the lowest price it dropped to was $50.74. The 52-week range on SKX shows that it touched its highest point at $54.77 and its lowest point at $31.28 during that stretch. It currently has a 1-year price target of $58.01. Beta for the stock currently stands at 1.31.
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Price Performance and Earnings:
Stock performance is one of the indicators that investors use to determine whether they will profit from a stock. The price performance of SKX was down-trending over the past week, with a drop of -4.35%, but this was up by 3.30% over a month. Three-month performance surged to 17.75% while six-month performance rose 28.72%. The stock gained 48.99% in the past year, while it has gained 23.17% so far this year. A look at the trailing 12-month EPS for SKX yields 2.63 with Next year EPS estimates of 3.94. For the next quarter, that number is 0.52. This implies an EPS growth rate of -49.60% for this year and 23.86% for next year. EPS is expected to grow by 27.28% annually over the next five years; however, over the past five years, the company experienced an annual growth rate of 6.00%.
Float and Shares Shorts:
At present, 155.14 million SKX shares are outstanding with a float of 132.77 million shares on hand for trading. On Apr 27, 2023, short shares totaled 2.37 million, which was 1.53% higher than short shares on Mar 30, 2023. In addition to Mr. Robert Y. Greenberg as the firm’s Co-Founder, Chairman & CEO, Mr. Michael Greenberg serves as its Co-Founder, Pres & Director.
Through their ownership of 93.80% of SKX’s outstanding shares, institutional investors have majority control over the company. Other institutions hold 52.52% of SKX, in contrast to 41.92% held by mutual funds. Shares owned by individuals account for 2.22%. As the largest shareholder in SKX with 14.83% of the stake, Fidelity Management & Research Co holds 19,939,996 shares worth 19,939,996. A second-largest stockholder of SKX, The Vanguard Group, Inc., holds 12,426,005 shares, controlling over 9.24% of the firm’s shares. BlackRock Fund Advisors is the third largest shareholder in SKX, holding 10,649,501 shares or 7.92% stake. With a 5.12% stake in SKX, the Fidelity Growth Company Fund is the largest stakeholder. A total of 6,880,715 shares are owned by the mutual fund manager. The Vanguard Total Stock Market ETF, which owns about 3.12% of SKX stock, is the second-largest Mutual Fund holder. It holds 4,188,386 shares valued at 222.78 million. iShares Core S&P Mid Cap ETF holds 3.11% of the stake in SKX, owning 4,188,117 shares worth 222.77 million.
An Overview of Recent Financials:
Understanding a company as a customer does not mean you will understand it as an investor. The wise investor uses quantitative research to analyze metrics such as revenue, net income, and earnings. In its fiscal quarter reported on Mar 30, 2023, SKX reported revenue of $1.87B and operating income of $154.16M. The EBITDA in the recently reported quarter was $154.16M and diluted EPS was $0.58.
Reading analyst opinions is an effective way to decide where to invest, and there are several opinions available for SKX since 0 analysts follow the stock currently. In the same way, a target price assigned to a stock can also reveal much about its potential. With SKX analysts setting a high price target of $65.00 and a low target of $48.00, the average target price over the next 12 months is $59.00. Based on these targets, SKX could surge 25.8% to reach the target high and fall by -7.1% to reach the target low. Reaching the average price target will result in a growth of 14.19% from current levels.
EPS: Estimates vs Actual
It is also common to use earnings estimates to evaluate a firm’s growth potential and to determine trading strategy.
Summary of Insider Activity:
Insiders traded SKX stock several times over the past three months with 6 Buys and 15 Sells. In these transactions, 255,640 shares were bought while 188,047 shares were sold. The number of buy transactions has increased to 11 while that of sell transactions has risen to 25 over the past year. The total number of shares bought during that period was 273,140 while 257,202 shares were sold.