Birkenstock (NYSE:BIRK) Shares Gap Up - Here's What Happened

Shares of Birkenstock Holding plc (NYSE:BIRK - Get Free Report) gapped up prior to trading on Wednesday . The stock had previously closed at $56.06, but opened at $60.94. Birkenstock shares last traded at $59.58, with a volume of 1,670,112 shares changing hands.

Analysts Set New Price Targets

Several research firms recently commented on BIRK. Telsey Advisory Group restated an "outperform" rating and set a $70.00 target price on shares of Birkenstock in a research report on Friday, December 13th. Stifel Nicolaus upped their target price on shares of Birkenstock from $63.00 to $70.00 and gave the stock a "buy" rating in a report on Friday, August 23rd. Evercore ISI restated an "outperform" rating and issued a $77.00 price target (up from $63.00) on shares of Birkenstock in a research report on Monday, August 26th. Piper Sandler began coverage on shares of Birkenstock in a research note on Tuesday, December 10th. They issued an "overweight" rating and a $65.00 target price for the company. Finally, BTIG Research increased their price target on Birkenstock from $60.00 to $70.00 and gave the stock a "buy" rating in a research report on Wednesday. Three analysts have rated the stock with a hold rating, thirteen have assigned a buy rating and one has given a strong buy rating to the company. Based on data from MarketBeat, the stock has an average rating of "Moderate Buy" and an average target price of $66.44.

Birkenstock Trading Up 2.0 %

The company has a current ratio of 2.91, a quick ratio of 1.49 and a debt-to-equity ratio of 0.55. The firm has a market capitalization of $10.74 billion, a P/E ratio of 93.70, a PEG ratio of 1.19 and a beta of 2.22. The business has a 50 day moving average of $49.81 and a 200-day moving average of $53.05.

Institutional Trading of Birkenstock

Several hedge funds and other institutional investors have recently modified their holdings of BIRK. Quarry LP acquired a new stake in Birkenstock in the 3rd quarter valued at approximately $25,000. MetLife Investment Management LLC lifted its position in shares of Birkenstock by 52.2% in the third quarter. MetLife Investment Management LLC now owns 688 shares of the company's stock worth $34,000 after purchasing an additional 236 shares in the last quarter. GAMMA Investing LLC lifted its position in Birkenstock by 33.7% during the 3rd quarter. GAMMA Investing LLC now owns 893 shares of the company's stock worth $44,000 after buying an additional 225 shares in the last quarter. Amalgamated Bank boosted its stake in shares of Birkenstock by 51.8% during the 3rd quarter. Amalgamated Bank now owns 2,071 shares of the company's stock worth $102,000 after buying an additional 707 shares during the last quarter. Finally, Acadian Asset Management LLC bought a new position in shares of Birkenstock in the 2nd quarter valued at about $136,000. Institutional investors and hedge funds own 19.93% of the company's stock.

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.