Short Interest in Skechers U.S.A., Inc. (NYSE:SKX) Expands By 28.5%

Skechers U.S.A., Inc. (NYSE:SKX) was the recipient of a large increase in short interest in June. As of June 15th, there was short interest totalling 3,430,000 shares, an increase of 28.5% from the May 31st total of 2,670,000 shares. Based on an average daily volume of 1,740,000 shares, the short-interest ratio is presently 2.0 days. Currently, 2.6% of the shares of the company are short sold.

Analyst Ratings Changes

Several research firms recently issued reports on SKX. Deutsche Bank Aktiengesellschaft reiterated a “buy” rating and set a $82.00 price target on shares of Skechers U.S.A. in a research report on Thursday, June 13th. Evercore ISI reduced their price target on shares of Skechers U.S.A. from $73.00 to $68.00 and set an “outperform” rating on the stock in a research report on Wednesday, April 17th. Stifel Nicolaus increased their price target on shares of Skechers U.S.A. from $74.00 to $81.00 and gave the stock a “buy” rating in a research report on Tuesday, May 28th. Bank of America upgraded shares of Skechers U.S.A. from a “neutral” rating to a “buy” rating and increased their price target for the stock from $71.00 to $87.00 in a research report on Friday, June 7th. Finally, Wedbush reiterated an “outperform” rating and set a $76.00 price target on shares of Skechers U.S.A. in a research report on Friday, May 17th. One equities research analyst has rated the stock with a hold rating and thirteen have issued a buy rating to the company. Based on data from MarketBeat, the stock currently has a consensus rating of “Moderate Buy” and an average target price of $72.00.

Insiders Place Their Bets

In other Skechers U.S.A. news, General Counsel Phillip Paccione sold 423 shares of the stock in a transaction that occurred on Tuesday, June 4th. The shares were sold at an average price of $69.45, for a total transaction of $29,377.35. Following the transaction, the general counsel now owns 35,000 shares in the company, valued at approximately $2,430,750. The sale was disclosed in a document filed with the SEC, which is accessible through the SEC website. Company insiders own 24.75% of the company’s stock.

Hedge Funds Weigh In On Skechers U.S.A.

Large investors have recently modified their holdings of the business. Redmont Wealth Advisors LLC bought a new position in shares of Skechers U.S.A. during the first quarter valued at $25,000. Bessemer Group Inc. raised its stake in Skechers U.S.A. by 66.7% during the first quarter. Bessemer Group Inc. now owns 410 shares of the textile maker’s stock worth $25,000 after buying an additional 164 shares during the last quarter. GAMMA Investing LLC bought a new position in Skechers U.S.A. during the fourth quarter worth $36,000. Game Plan Financial Advisors LLC bought a new position in Skechers U.S.A. during the first quarter worth $43,000. Finally, Sunbelt Securities Inc. bought a new position in Skechers U.S.A. during the first quarter worth $45,000. Institutional investors own 79.96% of the company’s stock.

Skechers U.S.A. Price Performance

SKX stock opened at $67.52 on Tuesday. The company has a fifty day moving average price of $68.94 and a 200-day moving average price of $63.62. The company has a market capitalization of $10.30 billion, a P/E ratio of 17.77, a PEG ratio of 0.99 and a beta of 1.28. Skechers U.S.A. has a 52-week low of $45.58 and a 52-week high of $75.09. The company has a debt-to-equity ratio of 0.02, a quick ratio of 1.56 and a current ratio of 2.39.

Skechers U.S.A. (NYSE:SKX) last released its quarterly earnings results on Thursday, April 25th. The textile maker reported $1.33 earnings per share (EPS) for the quarter, beating the consensus estimate of $1.10 by $0.23. The firm had revenue of $2.25 billion during the quarter, compared to the consensus estimate of $2.20 billion. Skechers U.S.A. had a net margin of 7.17% and a return on equity of 13.56%. The company’s revenue for the quarter was up 12.5% on a year-over-year basis. During the same quarter last year, the firm earned $1.02 earnings per share. As a group, equities analysts expect that Skechers U.S.A. will post 4.08 EPS for the current year.

Skechers U.S.A. Company Profile

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.