Birkenstock Holding plc (NYSE:BIRK) Sees Large Drop in Short Interest

Birkenstock Holding plc (NYSE:BIRK - Get Free Report) saw a large drop in short interest in the month of October. As of October 31st, there was short interest totalling 4,340,000 shares, a drop of 18.6% from the October 15th total of 5,330,000 shares. Currently, 7.5% of the company's shares are sold short. Based on an average trading volume of 1,350,000 shares, the days-to-cover ratio is currently 3.2 days.

Birkenstock Stock Performance

Shares of NYSE:BIRK traded up $0.79 during trading on Friday, reaching $45.58. The company had a trading volume of 1,299,021 shares, compared to its average volume of 940,037. The firm has a market capitalization of $8.56 billion and a price-to-earnings ratio of 74.72. The company has a debt-to-equity ratio of 0.55, a current ratio of 2.91 and a quick ratio of 1.49. The stock's fifty day moving average price is $47.99 and its 200 day moving average price is $52.43. Birkenstock has a fifty-two week low of $41.00 and a fifty-two week high of $64.78.

Birkenstock (NYSE:BIRK - Get Free Report) last posted its quarterly earnings results on Thursday, August 29th. The company reported $0.49 earnings per share for the quarter, missing analysts' consensus estimates of $0.56 by ($0.07). Birkenstock had a net margin of 6.26% and a return on equity of 5.79%. The business had revenue of $564.76 million during the quarter, compared to analysts' expectations of $628.70 million. As a group, equities research analysts predict that Birkenstock will post 1.37 EPS for the current year.

Institutional Trading of Birkenstock

A number of institutional investors have recently bought and sold shares of the company. Geode Capital Management LLC boosted its position in Birkenstock by 50.5% during the third quarter. Geode Capital Management LLC now owns 188,714 shares of the company's stock worth $9,302,000 after purchasing an additional 63,289 shares in the last quarter. Public Employees Retirement System of Ohio purchased a new stake in Birkenstock during the third quarter worth $1,536,000. Y Intercept Hong Kong Ltd boosted its position in Birkenstock by 313.9% during the third quarter. Y Intercept Hong Kong Ltd now owns 20,028 shares of the company's stock worth $987,000 after purchasing an additional 15,189 shares in the last quarter. State Street Corp boosted its position in Birkenstock by 49.4% during the third quarter. State Street Corp now owns 402,899 shares of the company's stock worth $19,859,000 after purchasing an additional 133,212 shares in the last quarter. Finally, Stifel Financial Corp purchased a new stake in Birkenstock during the third quarter worth $1,315,000. 19.93% of the stock is currently owned by hedge funds and other institutional investors.

Analyst Upgrades and Downgrades

Several brokerages have recently issued reports on BIRK. Evercore ISI reiterated an "outperform" rating and issued a $77.00 price objective (up previously from $63.00) on shares of Birkenstock in a research note on Monday, August 26th. BTIG Research set a $60.00 price objective on Birkenstock and gave the company a "buy" rating in a research note on Friday, October 18th. Telsey Advisory Group reiterated an "outperform" rating and issued a $70.00 price objective on shares of Birkenstock in a research note on Tuesday, September 24th. BMO Capital Markets reiterated an "outperform" rating and issued a $60.00 price objective on shares of Birkenstock in a research note on Friday, August 30th. Finally, Bank of America upgraded Birkenstock from a "neutral" rating to a "buy" rating and lifted their price objective for the company from $62.00 to $65.00 in a research note on Thursday, July 25th. Two investment analysts have rated the stock with a hold rating and thirteen have issued a buy rating to the stock. Based on data from MarketBeat, the company currently has an average rating of "Moderate Buy" and an average target price of $66.40.

Birkenstock Company Profile

Birkenstock Holding plc manufactures and sells footwear products. It also offers sandals, shoes, closed-toe silhouettes, skincare products, and accessories. The company sells its products through e-commerce sites and a network of owned retail stores, as well as business-to-business channels. It operates in the United States, Brazil, Canada, Mexico, Europe, APMA, and internationally.