Amer Sports (NYSE:AS) Shares Gap Up on Earnings Beat

Amer Sports, Inc. (NYSE:AS) gapped up prior to trading on Tuesday following a stronger than expected earnings report. The stock had previously closed at $12.35, but opened at $13.64. Amer Sports shares last traded at $13.78, with a volume of 1,421,975 shares traded.

The company reported $0.05 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of ($0.06) by $0.11. The firm had revenue of $993.80 million during the quarter, compared to the consensus estimate of $947.59 million. Amer Sports’s revenue was up 16.0% on a year-over-year basis.

Wall Street Analysts Forecast Growth

AS has been the subject of several research analyst reports. Wells Fargo & Company dropped their price objective on Amer Sports from $19.00 to $17.00 and set an “overweight” rating for the company in a report on Thursday, April 25th. Evercore ISI reiterated an “outperform” rating and issued a $21.00 price target on shares of Amer Sports in a report on Wednesday. UBS Group lifted their price target on Amer Sports from $17.00 to $19.00 and gave the company a “buy” rating in a research report on Wednesday. Finally, Morgan Stanley decreased their price objective on Amer Sports from $16.00 to $15.00 and set an “equal weight” rating for the company in a report on Thursday, May 23rd. Three analysts have rated the stock with a hold rating and eleven have assigned a buy rating to the company’s stock. According to data from MarketBeat.com, the stock has a consensus rating of “Moderate Buy” and an average price target of $18.50.

Institutional Investors Weigh In On Amer Sports

A number of hedge funds have recently added to or reduced their stakes in AS. Hood River Capital Management LLC grew its holdings in shares of Amer Sports by 32.9% in the second quarter. Hood River Capital Management LLC now owns 3,896,784 shares of the company’s stock worth $48,983,000 after acquiring an additional 965,625 shares during the period. Point72 Hong Kong Ltd grew its stake in shares of Amer Sports by 557.7% during the 2nd quarter. Point72 Hong Kong Ltd now owns 3,274,519 shares of the company’s stock valued at $41,161,000 after purchasing an additional 2,776,619 shares during the period. Point72 Asset Management L.P. increased its position in shares of Amer Sports by 308.3% during the 2nd quarter. Point72 Asset Management L.P. now owns 3,106,202 shares of the company’s stock valued at $39,045,000 after purchasing an additional 2,345,420 shares during the last quarter. Shellback Capital LP increased its position in shares of Amer Sports by 5.0% during the 2nd quarter. Shellback Capital LP now owns 525,000 shares of the company’s stock valued at $6,599,000 after purchasing an additional 25,000 shares during the last quarter. Finally, Capstone Investment Advisors LLC bought a new position in shares of Amer Sports in the 1st quarter worth approximately $7,301,000. 40.25% of the stock is currently owned by hedge funds and other institutional investors.

Amer Sports Trading Up 3.8 %

The business’s fifty day moving average is $12.18 and its 200-day moving average is $14.13. The company has a quick ratio of 0.97, a current ratio of 1.96 and a debt-to-equity ratio of 0.07.

Amer Sports Company Profile

Amer Sports, Inc designs, manufactures, markets, distributes, and sells sports equipment, apparel, footwear, and accessories in Europe, the Middle East, Africa, the Americas, China, and the Asia Pacific. It operates through three segments: Technical Apparel, Outdoor Performance, and Ball & Racquet Sports.