G-III Apparel Group (NASDAQ:GIII) Shares Gap Down – What’s Next?

G-III Apparel Group, Ltd. (NASDAQ:GIII) shares gapped down before the market opened on Friday . The stock had previously closed at $33.67, but opened at $32.36. G-III Apparel Group shares last traded at $33.31, with a volume of 93,826 shares trading hands.

Analyst Upgrades and Downgrades

A number of brokerages recently issued reports on GIII. KeyCorp increased their price objective on G-III Apparel Group from $34.00 to $40.00 and gave the stock an “overweight” rating in a report on Wednesday, December 11th. Guggenheim increased their price target on G-III Apparel Group from $36.00 to $38.00 and gave the stock a “buy” rating in a research note on Wednesday, December 11th. StockNews.com upgraded shares of G-III Apparel Group from a “hold” rating to a “buy” rating in a research note on Monday, December 2nd. Telsey Advisory Group reiterated a “market perform” rating and issued a $38.00 target price on shares of G-III Apparel Group in a research report on Wednesday. Finally, Barclays boosted their price target on shares of G-III Apparel Group from $27.00 to $29.00 and gave the stock an “underweight” rating in a research report on Wednesday, December 11th. Two equities research analysts have rated the stock with a sell rating, two have given a hold rating and three have issued a buy rating to the company. According to data from MarketBeat.com, the stock presently has a consensus rating of “Hold” and an average price target of $33.17.

G-III Apparel Group Price Performance

The company has a quick ratio of 1.80, a current ratio of 2.63 and a debt-to-equity ratio of 0.13. The company has a 50 day moving average of $31.50 and a two-hundred day moving average of $28.97. The firm has a market cap of $1.44 billion, a P/E ratio of 8.62 and a beta of 2.14.

G-III Apparel Group (NASDAQ:GIII) last posted its quarterly earnings data on Tuesday, December 10th. The textile maker reported $2.59 earnings per share for the quarter, beating the consensus estimate of $2.26 by $0.33. G-III Apparel Group had a net margin of 5.59% and a return on equity of 11.66%. The company had revenue of $1.09 billion during the quarter, compared to analyst estimates of $1.10 billion. During the same quarter last year, the firm posted $2.78 EPS. The business’s revenue for the quarter was up 1.9% on a year-over-year basis. Sell-side analysts expect that G-III Apparel Group, Ltd. will post 4.15 EPS for the current year.

Insider Buying and Selling at G-III Apparel Group

In related news, CEO Morris Goldfarb sold 67,014 shares of G-III Apparel Group stock in a transaction dated Thursday, September 26th. The stock was sold at an average price of $30.30, for a total value of $2,030,524.20. Following the transaction, the chief executive officer now owns 3,923,071 shares of the company’s stock, valued at approximately $118,869,051.30. This trade represents a 1.68 % decrease in their position. The sale was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. 12.40% of the stock is owned by corporate insiders.

Institutional Inflows and Outflows

Hedge funds and other institutional investors have recently made changes to their positions in the company. Vestcor Inc raised its holdings in shares of G-III Apparel Group by 197.7% during the third quarter. Vestcor Inc now owns 31,323 shares of the textile maker’s stock valued at $956,000 after acquiring an additional 20,800 shares during the period. Foundry Partners LLC purchased a new position in G-III Apparel Group during the 2nd quarter worth approximately $518,000. Jane Street Group LLC raised its stake in G-III Apparel Group by 269.9% during the 3rd quarter. Jane Street Group LLC now owns 251,146 shares of the textile maker’s stock valued at $7,665,000 after purchasing an additional 183,246 shares during the period. Victory Capital Management Inc. lifted its holdings in shares of G-III Apparel Group by 4.9% in the third quarter. Victory Capital Management Inc. now owns 92,136 shares of the textile maker’s stock valued at $2,812,000 after purchasing an additional 4,294 shares in the last quarter. Finally, Point72 DIFC Ltd boosted its position in shares of G-III Apparel Group by 103.2% in the third quarter. Point72 DIFC Ltd now owns 5,821 shares of the textile maker’s stock worth $178,000 after buying an additional 2,957 shares during the period. 92.13% of the stock is currently owned by institutional investors and hedge funds.

G-III Apparel Group Company Profile

G-III Apparel Group, Ltd. designs, sources, and markets women's and men's apparel in the United States and internationally. The company operates through two segments, Wholesale Operations and Retail Operations. Its products include outerwear, dresses, sportswear, swimwear, women's suits, and women's performance wear; and women's handbags, footwear, small leather goods, cold weather accessories, and luggage.