Skechers USA Trading Down 4% After Insider Selling (SKX)
Skechers USA (NYSE:SKX) shares dropped 4% during trading on Friday after an insider sold shares in the company, Analyst Ratings News reports. The company traded as low as $40.02 and last traded at $40.31, with a volume of 845,614 shares trading hands. The stock had previously closed at $41.97.
Specifically, CEO Robert Greenberg sold 250,000 shares of Skechers USA stock in a transaction that occurred on Thursday, May 1st. The shares were sold at an average price of $41.06, for a total transaction of $10,265,000.00. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this link.
SKX has been the subject of a number of recent research reports. Analysts at TheStreet upgraded shares of Skechers USA from a “hold” rating to a “buy” rating in a research note on Thursday, April 24th. Separately, analysts at Sterne Agee raised their price target on shares of Skechers USA from $43.00 to $50.00 in a research note on Wednesday, April 23rd. They now have a “buy” rating on the stock. Finally, analysts at Susquehanna raised their price target on shares of Skechers USA from $40.00 to $48.00 in a research note on Wednesday, April 23rd. They now have a “positive” rating on the stock. One analyst has rated the stock with a sell rating, two have issued a hold rating and six have issued a buy rating to the company’s stock. Skechers USA has a consensus rating of “Buy” and an average target price of $39.00.
The stock has a 50-day moving average of $36.39 and a 200-day moving average of $32.90. The company has a market cap of $2.030 billion and a price-to-earnings ratio of 38.86.
Skechers USA (NYSE:SKX) last released its earnings data on Tuesday, April 22nd. The company reported $0.61 earnings per share (EPS) for the quarter, missing the consensus estimate of $0.95 by $0.34. The company had revenue of $546.50 million for the quarter, compared to the consensus estimate of $508.82 million. During the same quarter in the previous year, the company posted $0.93 earnings per share. The company’s revenue for the quarter was up 21.0% on a year-over-year basis. Analysts expect that Skechers USA will post $2.15 EPS for the current fiscal year.
Skechers U.SA, Inc (NYSE:SKX) designs and markets Skechers-branded lifestyle footwear for men, women and children, and performance footwear for men and women under several lines.
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