Skechers U.S.A. (NYSE:SKX) Trading Down 6.1% - Here's Why

Skechers U.S.A., Inc. (NYSE:SKX - Get Free Report) shares were down 6.1% during trading on Monday . The company traded as low as $55.60 and last traded at $55.39. Approximately 734,911 shares traded hands during trading, a decline of 63% from the average daily volume of 1,972,269 shares. The stock had previously closed at $58.99.

Analyst Upgrades and Downgrades

SKX has been the subject of several research analyst reports. Evercore ISI upped their price objective on shares of Skechers U.S.A. from $72.00 to $85.00 and gave the stock an "outperform" rating in a report on Tuesday, January 28th. Piper Sandler assumed coverage on shares of Skechers U.S.A. in a research note on Tuesday, December 10th. They issued a "neutral" rating and a $65.00 price objective on the stock. UBS Group cut their target price on Skechers U.S.A. from $92.00 to $90.00 and set a "buy" rating on the stock in a research report on Friday, February 7th. TD Cowen boosted their price target on shares of Skechers U.S.A. from $88.00 to $93.00 and gave the company a "buy" rating in a report on Wednesday, January 8th. Finally, Raymond James dropped their price target on Skechers U.S.A. from $80.00 to $75.00 and set an "outperform" rating on the stock in a research report on Friday, February 7th. Three investment analysts have rated the stock with a hold rating and eleven have issued a buy rating to the company. Based on data from MarketBeat, the company currently has a consensus rating of "Moderate Buy" and a consensus price target of $81.25.

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Skechers U.S.A. Price Performance

The company has a debt-to-equity ratio of 0.01, a current ratio of 1.97 and a quick ratio of 1.12. The stock's 50 day simple moving average is $67.31 and its 200-day simple moving average is $66.11. The stock has a market capitalization of $8.52 billion, a price-to-earnings ratio of 13.59, a PEG ratio of 1.11 and a beta of 1.21.

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

Insider Activity at Skechers U.S.A.

In other Skechers U.S.A. news, President Michael Greenberg sold 10,274 shares of the company's stock in a transaction dated Tuesday, December 31st. The shares were 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 in the company, valued at $10,076,585.96. This represents a 6.44 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. Also, CFO John M. Vandemore sold 5,112 shares of Skechers U.S.A. stock in a transaction dated Monday, March 3rd. The stock was sold at an average price of $60.76, for a total value of $310,605.12. Following the completion of the transaction, the chief financial officer now owns 83,328 shares in the company, valued at $5,063,009.28. The trade was a 5.78 % decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last three months, insiders have sold 236,738 shares of company stock worth $14,700,809. 24.75% of the stock is owned by insiders.

Institutional Inflows and Outflows

Several institutional investors and hedge funds have recently made changes to their positions in SKX. Spire Wealth Management grew its position in Skechers U.S.A. by 11.6% during the fourth quarter. Spire Wealth Management now owns 1,486 shares of the textile maker's stock worth $100,000 after buying an additional 155 shares in the last quarter. Calamos Wealth Management LLC lifted its position in shares of Skechers U.S.A. by 0.9% in the 4th quarter. Calamos Wealth Management LLC now owns 18,257 shares of the textile maker's stock worth $1,228,000 after acquiring an additional 157 shares during the period. Cerity Partners LLC grew its holdings in shares of Skechers U.S.A. by 1.2% during the 4th quarter. Cerity Partners LLC now owns 14,090 shares of the textile maker's stock worth $947,000 after purchasing an additional 172 shares in the last quarter. NewEdge Advisors LLC increased its position in shares of Skechers U.S.A. by 85.2% during the fourth quarter. NewEdge Advisors LLC now owns 413 shares of the textile maker's stock valued at $28,000 after purchasing an additional 190 shares during the period. Finally, Lindenwold Advisors INC raised its stake in shares of Skechers U.S.A. by 3.0% in the third quarter. Lindenwold Advisors INC now owns 6,663 shares of the textile maker's stock valued at $446,000 after purchasing an additional 195 shares in the last quarter. 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.