Skechers U.S.A. (NYSE:SKX) Shares Gap Down – What’s Next?

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.

Analysts Set New Price Targets

Several equities research analysts have commented on the stock. Needham & Company LLC restated a “hold” rating on shares of Skechers U.S.A. in a research report on Wednesday. Piper Sandler began coverage on shares of Skechers U.S.A. in a research report on Tuesday, December 10th. They set a “neutral” rating and a $65.00 target price on the stock. Barclays boosted their price target on Skechers U.S.A. from $79.00 to $80.00 and gave the stock an “overweight” rating in a research note on Friday, October 25th. Deutsche Bank Aktiengesellschaft lifted their price objective on Skechers U.S.A. from $83.00 to $84.00 and gave the stock a “buy” rating in a report on Friday, October 25th. Finally, TD Cowen upped their target price on Skechers U.S.A. from $88.00 to $93.00 and gave the company a “buy” rating in a report on Wednesday, January 8th. Two equities research analysts have rated the stock with a hold rating and eleven have issued a buy rating to the stock. According to data from MarketBeat.com, Skechers U.S.A. presently has a consensus rating of “Moderate Buy” and an average price target of $80.18.

Skechers U.S.A. Trading Down 3.8 %

The business has a 50-day moving average of $69.65 and a 200 day moving average of $66.21. The stock has a market cap of $11.36 billion, a PE ratio of 18.54, a PEG ratio of 0.94 and a beta of 1.19. The company has a debt-to-equity ratio of 0.01, a quick ratio of 1.25 and a current ratio of 1.96.

Insider Transactions at Skechers U.S.A.

In other news, President Michael Greenberg sold 10,274 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 $693,289.52. Following the sale, the president now owns 149,327 shares in the company, valued at $10,076,585.96. This trade represents a 6.44 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. Also, COO David Weinberg sold 8,219 shares of Skechers U.S.A. stock in a transaction on Tuesday, December 31st. The shares were sold at an average price of $67.48, for a total value of $554,618.12. Following the completion of the sale, the chief operating officer now directly owns 122,211 shares of the company’s stock, valued at approximately $8,246,798.28. This represents 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 and other institutional investors have recently added to or reduced their stakes in the business. Sanctuary Advisors LLC lifted its holdings in shares of Skechers U.S.A. by 88.1% during the 3rd quarter. Sanctuary Advisors LLC now owns 29,538 shares of the textile maker’s stock worth $1,822,000 after acquiring an additional 13,836 shares during the period. Victory Capital Management Inc. raised its stake in Skechers U.S.A. by 22.3% during the third quarter. Victory Capital Management Inc. now owns 138,893 shares of the textile maker’s stock worth $9,295,000 after purchasing an additional 25,289 shares during the period. Transform Wealth LLC purchased a new position in Skechers U.S.A. during the third quarter worth approximately $7,186,000. National Bank of Canada FI boosted its holdings in shares of Skechers U.S.A. by 2,340.0% in the 3rd quarter. National Bank of Canada FI now owns 70,710 shares of the textile maker’s stock valued at $4,732,000 after purchasing an additional 67,812 shares during the last quarter. Finally, Charles Schwab Investment Management Inc. grew its stake in shares of Skechers U.S.A. by 1.3% during the 3rd quarter. Charles Schwab Investment Management Inc. now owns 1,316,882 shares of the textile maker’s stock valued at $88,126,000 after buying an additional 17,429 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.