Foot Locker (NYSE:FL) Shares Gap Down After Analyst Downgrade

Shares of Foot Locker, Inc. (NYSE:FLGet Free Report) gapped down prior to trading on Friday after JPMorgan Chase & Co. lowered their price target on the stock from $23.00 to $20.00. The stock had previously closed at $21.18, but opened at $20.70. JPMorgan Chase & Co. currently has an underweight rating on the stock. Foot Locker shares last traded at $21.03, with a volume of 169,975 shares traded.

Other analysts have also issued reports about the company. Barclays decreased their price objective on Foot Locker from $34.00 to $29.00 and set an “overweight” rating on the stock in a research note on Friday, December 6th. Jefferies Financial Group decreased their target price on Foot Locker from $27.00 to $22.00 and set a “hold” rating on the stock in a research note on Wednesday, December 4th. Piper Sandler reduced their price objective on Foot Locker from $30.00 to $28.00 and set a “neutral” rating on the stock in a research report on Monday, December 2nd. Evercore ISI reduced their price objective on Foot Locker from $38.00 to $32.00 and set an “outperform” rating on the stock in a research report on Tuesday, November 26th. Finally, Gordon Haskett initiated coverage on Foot Locker in a report on Monday, October 7th. They set an “accumulate” rating and a $27.00 target price for the company. Four equities research analysts have rated the stock with a sell rating, nine have issued a hold rating and five have assigned a buy rating to the company’s stock. Based on data from MarketBeat, Foot Locker has a consensus rating of “Hold” and an average target price of $24.94.

Get Our Latest Report on Foot Locker

Institutional Inflows and Outflows

A number of institutional investors and hedge funds have recently added to or reduced their stakes in the stock. Quarry LP bought a new stake in shares of Foot Locker in the 2nd quarter worth $31,000. Northwestern Mutual Wealth Management Co. grew its holdings in Foot Locker by 156.1% during the second quarter. Northwestern Mutual Wealth Management Co. now owns 1,616 shares of the athletic footwear retailer’s stock valued at $40,000 after purchasing an additional 985 shares during the period. nVerses Capital LLC bought a new stake in Foot Locker during the third quarter valued at about $47,000. Wilmington Savings Fund Society FSB bought a new position in shares of Foot Locker in the third quarter worth about $58,000. Finally, R Squared Ltd bought a new position in shares of Foot Locker in the fourth quarter worth about $50,000.

Foot Locker Stock Performance

The business has a 50 day moving average price of $22.09 and a two-hundred day moving average price of $25.04. The stock has a market cap of $1.98 billion, a P/E ratio of -4.63, a price-to-earnings-growth ratio of 0.82 and a beta of 1.49. The company has a quick ratio of 0.45, a current ratio of 1.67 and a debt-to-equity ratio of 0.15.

Foot Locker (NYSE:FLGet Free Report) last issued its quarterly earnings data on Wednesday, December 4th. The athletic footwear retailer reported $0.33 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $0.40 by ($0.07). Foot Locker had a negative net margin of 5.24% and a positive return on equity of 2.91%. The company had revenue of $1.96 billion for the quarter, compared to analysts’ expectations of $2.01 billion. During the same quarter last year, the company earned $0.30 earnings per share. The company’s revenue for the quarter was down 1.4% on a year-over-year basis. On average, sell-side analysts forecast that Foot Locker, Inc. will post 1.23 earnings per share for the current fiscal year.

Foot Locker Company Profile

(Get Free Report)

Foot Locker, Inc, through its subsidiaries, operates as a footwear and apparel retailer in North America, Europe, Australia, New Zealand, Asia, and the Middle East. Its brand portfolio includes Foot Locker, a brand comprising sneakers and apparel; Kids Foot Locker, which offers athletic footwear, apparel, and accessories for children; and Champs Sports that operates as a mall-based specialty athletic footwear and apparel retailer.

Further Reading

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