Skechers U.S.A. (NYSE:SKX) Hits New 1-Year Low - Here's Why

Skechers U.S.A., Inc. (NYSE:SKX - Get Free Report) reached a new 52-week low during mid-day trading on Tuesday . The stock traded as low as $53.79 and last traded at $54.88, with a volume of 4688003 shares. The stock had previously closed at $58.99.

Wall Street Analysts Forecast Growth

SKX has been the topic of several recent analyst reports. Piper Sandler initiated coverage on Skechers U.S.A. in a research note on Tuesday, December 10th. They issued a "neutral" rating and a $65.00 target price on the stock. Evercore ISI raised their target price on Skechers U.S.A. from $72.00 to $85.00 and gave the stock an "outperform" rating in a research note on Tuesday, January 28th. Raymond James cut their target price on Skechers U.S.A. from $80.00 to $75.00 and set an "outperform" rating on the stock in a research note on Friday, February 7th. Needham & Company LLC reaffirmed a "hold" rating on shares of Skechers U.S.A. in a research report on Friday, February 7th. Finally, TD Cowen lifted their price objective on Skechers U.S.A. from $88.00 to $93.00 and gave the company a "buy" rating in a research report on Wednesday, January 8th. Three research analysts have rated the stock with a hold rating and eleven have assigned a buy rating to the company's stock. According to MarketBeat.com, Skechers U.S.A. presently has an average rating of "Moderate Buy" and an average price target of $81.25.

Skechers U.S.A. Stock Up 1.1 %

The company's fifty day moving average price is $67.52 and its 200-day moving average price is $66.17. The stock has a market capitalization of $8.49 billion, a PE ratio of 13.56, a price-to-earnings-growth ratio of 1.11 and a beta of 1.21. The company has a quick ratio of 1.12, a current ratio of 1.97 and a debt-to-equity ratio of 0.01.

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Skechers U.S.A. (NYSE:SKX - Get Free Report) last released its earnings results on Thursday, February 6th. The textile maker reported $0.65 earnings per share (EPS) for the quarter, missing the consensus estimate of $0.73 by ($0.08). Skechers U.S.A. had a net margin of 7.13% and a return on equity of 13.73%. Analysts forecast that Skechers U.S.A., Inc. will post 4.47 earnings per share for the current year.

Insider Buying and Selling

In other Skechers U.S.A. news, CEO Robert Greenberg sold 52,600 shares of Skechers U.S.A. stock in a transaction that occurred on Wednesday, February 12th. The shares were sold at an average price of $62.72, for a total value of $3,299,072.00. Following the completion of the sale, the chief executive officer now owns 61,367 shares of the company's stock, valued at approximately $3,848,938.24. The trade was a 46.15 % decrease in their position. The transaction was disclosed in a document filed with the SEC, which is accessible through this hyperlink. Also, President Michael Greenberg sold 10,274 shares of Skechers U.S.A. stock in a transaction that occurred on Tuesday, December 31st. The stock was sold at an average price of $67.48, for a total transaction of $693,289.52. Following the completion of the sale, the president now directly owns 149,327 shares of the company's stock, valued at approximately $10,076,585.96. This trade represents a 6.44 % decrease in their position. The disclosure for this sale can be found here. Insiders sold a total of 236,738 shares of company stock worth $14,700,809 in the last three months. Insiders own 24.75% of the company's stock.

Institutional Investors Weigh In On Skechers U.S.A.

Large investors have recently added to or reduced their stakes in the stock. Covestor Ltd grew its position in shares of Skechers U.S.A. by 18.8% during the 3rd quarter. Covestor Ltd now owns 1,678 shares of the textile maker's stock valued at $112,000 after acquiring an additional 265 shares during the period. Los Angeles Capital Management LLC grew its position in shares of Skechers U.S.A. by 54.5% during the 3rd quarter. Los Angeles Capital Management LLC now owns 14,120 shares of the textile maker's stock valued at $945,000 after acquiring an additional 4,981 shares during the period. Venturi Wealth Management LLC grew its position in shares of Skechers U.S.A. by 52.9% during the 3rd quarter. Venturi Wealth Management LLC now owns 864 shares of the textile maker's stock valued at $58,000 after acquiring an additional 299 shares during the period. OVERSEA CHINESE BANKING Corp Ltd grew its position in shares of Skechers U.S.A. by 120.6% during the 3rd quarter. OVERSEA CHINESE BANKING Corp Ltd now owns 71,320 shares of the textile maker's stock valued at $4,773,000 after acquiring an additional 38,983 shares during the period. Finally, Victory Capital Management Inc. grew its position in shares of Skechers U.S.A. by 22.3% during the 3rd quarter. Victory Capital Management Inc. now owns 138,893 shares of the textile maker's stock valued at $9,295,000 after acquiring an additional 25,289 shares during the period. Institutional investors own 79.96% of the company's stock.

Skechers U.S.A. Company Profile

Skechers U.SA, Inc designs, develops, markets, and distributes footwear for men, women, and children worldwide. The company operates through Wholesale and Direct-to-Consumer segments. It offers footwear under Skechers Hands Free Slip-ins, Skechers Arch Fit, and Skechers Air-Cooled Memory Foam brands.