Bank of America Initiates Coverage on Boot Barn (NYSE:BOOT)

Stock analysts at Bank of America started coverage on shares of Boot Barn (NYSE:BOOT) in a research report issued to clients and investors on Tuesday. The brokerage set a “buy” rating and a $187.00 price target on the stock. Bank of America‘s price target would indicate a potential upside of 16.88% from the stock’s previous close.

A number of other brokerages have also recently weighed in on BOOT. BTIG Research lifted their price target on shares of Boot Barn from $165.00 to $185.00 and gave the company a “buy” rating in a research report on Tuesday, October 29th. UBS Group lifted their target price on shares of Boot Barn from $127.00 to $165.00 and gave the company a “neutral” rating in a report on Wednesday, October 16th. Citigroup decreased their price target on Boot Barn from $194.00 to $178.00 and set a “buy” rating on the stock in a research note on Tuesday, October 29th. Piper Sandler reaffirmed an “overweight” rating and issued a $179.00 price objective on shares of Boot Barn in a research note on Tuesday, October 29th. Finally, Williams Trading reissued a “buy” rating and set a $173.00 target price on shares of Boot Barn in a research note on Tuesday, October 29th. One investment analyst has rated the stock with a sell rating, three have assigned a hold rating, ten have given a buy rating and one has given a strong buy rating to the company. According to data from MarketBeat, Boot Barn presently has a consensus rating of “Moderate Buy” and an average target price of $167.00.

Boot Barn Price Performance

Shares of NYSE BOOT opened at $159.99 on Tuesday. The company has a market capitalization of $4.88 billion, a P/E ratio of 32.13 and a beta of 2.10. The company has a 50 day simple moving average of $143.21 and a 200-day simple moving average of $142.55. Boot Barn has a 1 year low of $69.35 and a 1 year high of $169.83.

Boot Barn (NYSE:BOOT) last posted its earnings results on Monday, October 28th. The company reported $0.95 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.93 by $0.02. The company had revenue of $425.80 million during the quarter, compared to analysts’ expectations of $424.42 million. Boot Barn had a return on equity of 15.89% and a net margin of 8.73%. The firm’s quarterly revenue was up 13.7% compared to the same quarter last year. During the same quarter last year, the firm earned $0.91 earnings per share. As a group, research analysts expect that Boot Barn will post 5.48 EPS for the current year.

Insider Buying and Selling at Boot Barn

In other news, CEO John Hazen sold 6,311 shares of the firm’s stock in a transaction dated Thursday, January 2nd. The stock was sold at an average price of $152.98, for a total transaction of $965,456.78. Following the sale, the chief executive officer now owns 3,937 shares of the company’s stock, valued at approximately $602,282.26. This trade represents a 61.58 % decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. Insiders own 1.00% of the company’s stock.

Institutional Trading of Boot Barn

A number of hedge funds and other institutional investors have recently added to or reduced their stakes in BOOT. GHP Investment Advisors Inc. purchased a new position in shares of Boot Barn in the 3rd quarter valued at $25,000. Canada Pension Plan Investment Board acquired a new position in Boot Barn in the second quarter valued at $64,000. GAMMA Investing LLC grew its holdings in shares of Boot Barn by 100.8% during the third quarter. GAMMA Investing LLC now owns 534 shares of the company’s stock worth $89,000 after purchasing an additional 268 shares during the last quarter. USA Financial Formulas acquired a new stake in shares of Boot Barn during the third quarter worth about $92,000. Finally, KBC Group NV lifted its holdings in shares of Boot Barn by 23.3% in the 3rd quarter. KBC Group NV now owns 951 shares of the company’s stock valued at $159,000 after purchasing an additional 180 shares during the last quarter.

About Boot Barn

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.