Skechers U.S.A. (NYSE:SKX) Shares Gap Down - Time to Sell?

Skechers U.S.A., Inc. (NYSE:SKX - Get Free Report) shares gapped down before the market opened on Thursday . The stock had previously closed at $59.03, but opened at $52.39. Skechers U.S.A. shares last traded at $46.64, with a volume of 1,816,612 shares changing hands.

Analysts Set New Price Targets

SKX has been the topic of several analyst reports. Barclays cut their price target on Skechers U.S.A. from $80.00 to $77.00 and set an "overweight" rating on the stock in a research report on Monday, February 10th. 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 note on Wednesday, January 8th. StockNews.com lowered shares of Skechers U.S.A. from a "buy" rating to a "hold" rating in a research note on Monday, February 10th. Evercore ISI raised their price objective on shares of Skechers U.S.A. from $72.00 to $85.00 and gave the company an "outperform" rating in a research report on Tuesday, January 28th. Finally, UBS Group reduced their price target on shares of Skechers U.S.A. from $92.00 to $90.00 and set a "buy" rating on the stock in a report on Friday, February 7th. Three analysts have rated the stock with a hold rating and eleven have assigned a buy rating to the company's stock. According to MarketBeat, Skechers U.S.A. currently has an average rating of "Moderate Buy" and a consensus target price of $80.42.

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Skechers U.S.A. Stock Performance

The company has a market capitalization of $7.51 billion, a price-to-earnings ratio of 12.12, a price-to-earnings-growth ratio of 1.11 and a beta of 1.08. The company has a debt-to-equity ratio of 0.01, a quick ratio of 1.12 and a current ratio of 1.97. The company's fifty day simple moving average is $62.35 and its two-hundred day simple moving average is $64.77.

Skechers U.S.A. (NYSE:SKX - Get Free Report) last posted its quarterly earnings data 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 return on equity of 13.73% and a net margin of 7.13%. Equities research analysts predict that Skechers U.S.A., Inc. will post 4.47 earnings per share for the current fiscal year.

Insider Buying and Selling

In related news, CEO Robert Greenberg sold 52,600 shares of the firm's stock in a transaction dated Wednesday, February 12th. The stock was sold at an average price of $62.72, for a total transaction of $3,299,072.00. Following the transaction, the chief executive officer now directly owns 61,367 shares of the company's stock, valued at approximately $3,848,938.24. This trade represents a 46.15 % decrease in their position. The sale was disclosed in a filing with the SEC, which is accessible through this link. Also, CFO John M. Vandemore sold 5,112 shares of the company's stock in a transaction that occurred on 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 sale, 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 position. The disclosure for this sale can be found here. In the last ninety days, insiders sold 218,245 shares of company stock valued at $13,452,902. Insiders own 24.75% of the company's stock.

Hedge Funds Weigh In On Skechers U.S.A.

Several institutional investors have recently made changes to their positions in SKX. Norges Bank acquired a new position in shares of Skechers U.S.A. during the fourth quarter worth $105,741,000. Duquesne Family Office LLC acquired a new stake in Skechers U.S.A. in the fourth quarter worth about $72,272,000. Two Sigma Investments LP increased its holdings in shares of Skechers U.S.A. by 772.7% during the fourth quarter. Two Sigma Investments LP now owns 1,176,488 shares of the textile maker's stock valued at $79,107,000 after acquiring an additional 1,041,677 shares in the last quarter. Anomaly Capital Management LP increased its holdings in shares of Skechers U.S.A. by 51.2% during the fourth quarter. Anomaly Capital Management LP now owns 2,989,015 shares of the textile maker's stock valued at $200,981,000 after acquiring an additional 1,011,815 shares in the last quarter. Finally, Bank of New York Mellon Corp boosted its stake in Skechers U.S.A. by 70.4% in the 4th quarter. Bank of New York Mellon Corp now owns 2,308,283 shares of the textile maker's stock worth $155,209,000 after purchasing an additional 953,528 shares in the last quarter. Hedge funds and other 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.