Boot Barn (NYSE:BOOT) Trading Down 5% - Here's What Happened

Boot Barn Holdings, Inc. (NYSE:BOOT - Get Free Report)'s stock price fell 5% during trading on Tuesday . The stock traded as low as $92.55 and last traded at $92.94. 416,812 shares changed hands during trading, a decline of 48% from the average session volume of 803,079 shares. The stock had previously closed at $97.85.

Wall Street Analyst Weigh In

Several equities analysts have issued reports on the stock. StockNews.com downgraded shares of Boot Barn from a "hold" rating to a "sell" rating in a research note on Monday, February 17th. Bank of America increased their target price on shares of Boot Barn from $187.00 to $192.00 and gave the company a "buy" rating in a research report on Wednesday, January 15th. Stephens initiated coverage on shares of Boot Barn in a research note on Wednesday, April 9th. They issued an "overweight" rating and a $100.00 price objective on the stock. Piper Sandler reiterated an "overweight" rating and set a $181.00 price objective (up from $179.00) on shares of Boot Barn in a research report on Friday, January 31st. Finally, BTIG Research boosted their target price on shares of Boot Barn from $185.00 to $190.00 and gave the company a "buy" rating in a report on Monday, January 13th. One investment analyst has rated the stock with a sell rating, two have assigned a hold rating, eleven have given a buy rating and one has assigned a strong buy rating to the company. According to MarketBeat, the stock currently has an average rating of "Moderate Buy" and a consensus target price of $175.62.

Boot Barn Price Performance

The firm has a fifty day simple moving average of $110.31 and a 200-day simple moving average of $136.14. The firm has a market cap of $2.80 billion, a P/E ratio of 16.35, a price-to-earnings-growth ratio of 1.17 and a beta of 1.75.

Boot Barn (NYSE:BOOT - Get Free Report) last posted its quarterly earnings data on Thursday, January 30th. The company reported $2.43 EPS for the quarter, beating the consensus estimate of $2.05 by $0.38. Boot Barn had a return on equity of 17.11% and a net margin of 9.36%. On average, equities analysts predict that Boot Barn Holdings, Inc. will post 5.82 earnings per share for the current year.

Hedge Funds Weigh In On Boot Barn

A number of institutional investors have recently added to or reduced their stakes in the business. Dale Q Rice Investment Management Ltd bought a new position in shares of Boot Barn in the fourth quarter worth approximately $1,544,000. Stephens Investment Management Group LLC bought a new stake in shares of Boot Barn during the 4th quarter worth $46,699,000. Alberta Investment Management Corp purchased a new position in Boot Barn in the fourth quarter worth $2,842,000. Charles Schwab Investment Management Inc. increased its stake in Boot Barn by 1.7% in the fourth quarter. Charles Schwab Investment Management Inc. now owns 358,579 shares of the company's stock valued at $54,439,000 after acquiring an additional 5,881 shares during the last quarter. Finally, JPMorgan Chase & Co. raised its position in Boot Barn by 56.5% during the third quarter. JPMorgan Chase & Co. now owns 141,305 shares of the company's stock valued at $23,638,000 after purchasing an additional 51,032 shares in 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.