Birkenstock (NYSE:BIRK) Stock Rating Upgraded by HSBC

Birkenstock (NYSE:BIRK) was upgraded by stock analysts at HSBC from a “hold” rating to a “buy” rating in a research note issued on Tuesday, MarketBeat.com reports. The firm currently has a $60.00 price target on the stock, up from their prior price target of $58.00. HSBC’s price objective points to a potential upside of 14.82% from the stock’s previous close.

Several other brokerages have also issued reports on BIRK. Stifel Nicolaus raised their target price on shares of Birkenstock from $63.00 to $70.00 and gave the company a “buy” rating in a research note on Friday, August 23rd. Telsey Advisory Group reissued an “outperform” rating and set a $70.00 price objective on shares of Birkenstock in a research note on Tuesday, September 24th. BTIG Research set a $60.00 price objective on shares of Birkenstock and gave the stock a “buy” rating in a research note on Friday, October 18th. Evercore ISI reissued an “outperform” rating and set a $77.00 price objective (up previously from $63.00) on shares of Birkenstock in a research note on Monday, August 26th. Finally, BMO Capital Markets reissued an “outperform” rating and set a $60.00 price objective on shares of Birkenstock in a research note on Friday, August 30th. Two research analysts have rated the stock with a hold rating and fourteen have given a buy rating to the company’s stock. According to MarketBeat, Birkenstock has an average rating of “Moderate Buy” and a consensus target price of $66.00.

Birkenstock Stock Down 0.2 %

Shares of NYSE BIRK opened at $52.26 on Tuesday. The firm has a market capitalization of $9.82 billion, a PE ratio of 85.66, a price-to-earnings-growth ratio of 1.11 and a beta of 2.22. The company has a current ratio of 2.91, a quick ratio of 1.49 and a debt-to-equity ratio of 0.55. Birkenstock has a 1 year low of $41.00 and a 1 year high of $64.78. The firm’s 50-day moving average is $48.51 and its 200-day moving average is $52.71.

Institutional Trading of Birkenstock

Hedge funds and other institutional investors have recently made changes to their positions in the business. Federated Hermes Inc. raised its holdings in shares of Birkenstock by 42.0% in the second quarter. Federated Hermes Inc. now owns 1,071,235 shares of the company’s stock valued at $58,286,000 after purchasing an additional 316,935 shares during the last quarter. Renaissance Technologies LLC grew its stake in shares of Birkenstock by 128.8% in the second quarter. Renaissance Technologies LLC now owns 124,000 shares of the company’s stock valued at $6,747,000 after buying an additional 69,800 shares in the last quarter. Element Capital Management LLC bought a new position in shares of Birkenstock in the second quarter valued at $6,325,000. Bradley Foster & Sargent Inc. CT bought a new position in shares of Birkenstock in the second quarter valued at $849,000. Finally, Dark Forest Capital Management LP bought a new position in shares of Birkenstock in the second quarter valued at $602,000. 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.