Birkenstock (NYSE:BIRK) Shares Gap Down to $59.78

Birkenstock Holding plc (NYSE:BIRK)’s share price gapped down prior to trading on Tuesday . The stock had previously closed at $59.78, but opened at $56.15. Birkenstock shares last traded at $56.88, with a volume of 179,408 shares changing hands.

Wall Street Analyst Weigh In

A number of research analysts recently issued reports on the company. Telsey Advisory Group reaffirmed an “outperform” rating and issued a $56.00 price target on shares of Birkenstock in a report on Thursday, May 30th. Bank of America lifted their price target on Birkenstock from $54.00 to $62.00 and gave the company a “neutral” rating in a report on Friday, May 31st. JPMorgan Chase & Co. lifted their price target on Birkenstock from $56.00 to $64.00 and gave the company an “overweight” rating in a report on Monday, June 3rd. Morgan Stanley lifted their price target on Birkenstock from $44.00 to $58.00 and gave the company an “equal weight” rating in a report on Tuesday. Finally, Deutsche Bank Aktiengesellschaft reaffirmed a “buy” rating and issued a $70.00 price target on shares of Birkenstock in a report on Thursday, June 13th. Six equities research analysts have rated the stock with a hold rating and thirteen have assigned a buy rating to the company. According to MarketBeat, the stock has an average rating of “Moderate Buy” and a consensus price target of $57.56.

Birkenstock Price Performance

The company has a 50-day moving average price of $51.08 and a 200-day moving average price of $48.63. The company has a current ratio of 2.87, a quick ratio of 1.13 and a debt-to-equity ratio of 0.56.

Birkenstock (NYSE:BIRK) last posted its earnings results on Thursday, May 30th. The company reported $0.44 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.35 by $0.09. The company had revenue of $522.51 million for the quarter, compared to analyst estimates of $499.98 million. Equities analysts forecast that Birkenstock Holding plc will post 1.36 EPS for the current year.

Hedge Funds Weigh In On Birkenstock

Several institutional investors and hedge funds have recently modified their holdings of BIRK. Venturi Wealth Management LLC acquired a new position in shares of Birkenstock in the 4th quarter valued at approximately $83,000. Zurcher Kantonalbank Zurich Cantonalbank acquired a new position in shares of Birkenstock in the 4th quarter valued at approximately $1,886,000. Federated Hermes Inc. acquired a new position in shares of Birkenstock in the 4th quarter valued at approximately $27,152,000. New York State Common Retirement Fund bought a new stake in Birkenstock in the 4th quarter valued at approximately $1,067,000. Finally, Amalgamated Bank bought a new stake in Birkenstock in the 4th quarter valued at approximately $233,000. 19.93% of the stock is currently owned by institutional investors and hedge funds.

Birkenstock Company Profile

Birkenstock Holding plc manufactures and sells footwear products. It also offers sandals, shoes, closed-toe silhouettes, skincare products, and accessories. The company sells its products through e-commerce sites and a network of owned retail stores, as well as business-to-business channels. It operates in the United States, Brazil, Canada, Mexico, Europe, APMA, and internationally.