Boot Barn (NYSE:BOOT) Shares Gap Down After Analyst Downgrade

Boot Barn Holdings, Inc. (NYSE:BOOT) gapped down before the market opened on Tuesday after Citigroup lowered their price target on the stock from $194.00 to $178.00. The stock had previously closed at $161.22, but opened at $140.00. Citigroup currently has a buy rating on the stock. Boot Barn shares last traded at $131.93, with a volume of 443,056 shares trading hands.

BOOT has been the topic of several other reports. UBS Group lifted their target price on Boot Barn from $127.00 to $165.00 and gave the company a “neutral” rating in a research report on Wednesday, October 16th. Piper Sandler lifted their price objective on Boot Barn from $147.00 to $179.00 and gave the company an “overweight” rating in a research report on Monday, October 14th. BTIG Research increased their target price on shares of Boot Barn from $165.00 to $185.00 and gave the stock a “buy” rating in a report on Tuesday. Benchmark reaffirmed a “buy” rating and set a $192.00 price target on shares of Boot Barn in a report on Tuesday. Finally, Robert W. Baird increased their price objective on shares of Boot Barn from $140.00 to $167.00 and gave the stock a “neutral” rating in a research note on Tuesday, October 1st. One research analyst has rated the stock with a sell rating, four have issued a hold rating and eight have assigned a buy rating to the stock. According to data from MarketBeat.com, the stock presently has a consensus rating of “Moderate Buy” and an average price target of $164.55.

Institutional Inflows and Outflows

Several hedge funds and other institutional investors have recently made changes to their positions in the stock. Vanguard Group Inc. boosted its stake in Boot Barn by 1.3% during the fourth quarter. Vanguard Group Inc. now owns 2,744,105 shares of the company’s stock valued at $210,638,000 after buying an additional 35,925 shares during the last quarter. Park Avenue Securities LLC purchased a new stake in shares of Boot Barn during the 1st quarter worth approximately $222,000. Azzad Asset Management Inc. ADV boosted its position in shares of Boot Barn by 1.7% during the 1st quarter. Azzad Asset Management Inc. ADV now owns 9,342 shares of the company’s stock valued at $889,000 after acquiring an additional 154 shares during the last quarter. Norden Group LLC purchased a new position in shares of Boot Barn in the first quarter valued at $442,000. Finally, Oak Ridge Investments LLC increased its position in Boot Barn by 11.0% in the first quarter. Oak Ridge Investments LLC now owns 17,794 shares of the company’s stock worth $1,693,000 after purchasing an additional 1,767 shares during the last quarter.

Boot Barn Stock Down 19.7 %

The stock’s 50 day moving average is $154.55 and its 200-day moving average is $132.38. The company has a market cap of $3.93 billion, a PE ratio of 26.95 and a beta of 2.12.

Boot Barn (NYSE:BOOT) last posted its earnings results on Monday, October 28th. The company reported $0.95 earnings per share for the quarter, topping analysts’ consensus estimates of $0.93 by $0.02. Boot Barn had a net margin of 8.89% and a return on equity of 16.44%. The firm had revenue of $425.80 million for the quarter, compared to the consensus estimate of $424.42 million. During the same period in the previous year, the firm posted $0.91 EPS. The business’s quarterly revenue was up 13.7% on a year-over-year basis. On average, analysts anticipate that Boot Barn Holdings, Inc. will post 5.29 EPS for the current fiscal year.

Boot Barn Company Profile

Boot Barn Holdings, Inc, a lifestyle retail chain, operates specialty retail stores in the United States. The company's specialty retail stores offer western and work-related footwear, apparel, and accessories for men, women, and kids. It offers boots, shirts, jackets, hats, belts and belt buckles, handbags, western-style jewelry, rugged footwear, outerwear, overalls, denim, and flame-resistant and high-visibility clothing.