Boot Barn (NYSE:BOOT) Downgraded to Sell at ValuEngine

ValuEngine downgraded shares of Boot Barn (NYSE:BOOT) from a hold rating to a sell rating in a research note released on Wednesday morning, ValuEngine reports.

BOOT has been the subject of several other research reports. Piper Sandler raised their target price on Boot Barn from to and gave the stock an overweight rating in a research note on Tuesday. DA Davidson restated a buy rating and issued a $52.00 target price on shares of Boot Barn in a research report on Tuesday. Cowen upped their price target on Boot Barn from $47.00 to $50.00 and gave the company an outperform rating in a research note on Tuesday. Pivotal Research reissued a hold rating and set a $46.00 price objective (up from $40.00) on shares of Boot Barn in a research report on Tuesday. Finally, Stephens started coverage on Boot Barn in a research report on Tuesday, October 8th. They set an overweight rating and a $46.00 price objective for the company. One equities research analyst has rated the stock with a sell rating, five have issued a hold rating and eight have given a buy rating to the stock. Boot Barn presently has a consensus rating of Buy and an average target price of $44.00.

BOOT stock traded down $0.04 during trading on Wednesday, reaching $44.23. 16,466 shares of the stock were exchanged, compared to its average volume of 665,695. The company has a current ratio of 1.14, a quick ratio of 0.12 and a debt-to-equity ratio of 0.91. The firm has a market capitalization of $1.28 billion, a price-to-earnings ratio of 35.69, a P/E/G ratio of 1.47 and a beta of 2.27. The business has a 50 day moving average price of $43.33 and a 200-day moving average price of $37.09. Boot Barn has a 1 year low of $20.94 and a 1 year high of $48.11.

Boot Barn (NYSE:BOOT) last posted its quarterly earnings results on Wednesday, October 30th. The company reported $0.24 earnings per share for the quarter, beating the consensus estimate of $0.20 by $0.04. The business had revenue of $187.20 million during the quarter, compared to analysts’ expectations of $184.13 million. Boot Barn had a net margin of 5.51% and a return on equity of 16.61%. The business’s revenue for the quarter was up 11.4% on a year-over-year basis. During the same quarter in the prior year, the company posted $0.12 EPS. On average, research analysts anticipate that Boot Barn will post 1.79 EPS for the current year.

In other news, insider Laurie Marie Grijalva sold 19,625 shares of the firm’s stock in a transaction that occurred on Friday, November 29th. The shares were sold at an average price of $39.91, for a total value of $783,233.75. Following the completion of the transaction, the insider now owns 21,747 shares of the company’s stock, valued at $867,922.77. The transaction was disclosed in a legal filing with the SEC, which is available at the SEC website. Also, Director Brenda I. Morris sold 2,500 shares of Boot Barn stock in a transaction that occurred on Tuesday, November 12th. The shares were sold at an average price of $42.21, for a total transaction of $105,525.00. The disclosure for this sale can be found here. In the last three months, insiders sold 145,111 shares of company stock worth $6,084,607. 1.70% of the stock is owned by corporate insiders.

A number of institutional investors and hedge funds have recently made changes to their positions in the stock. BlackRock Inc. raised its position in Boot Barn by 114.1% in the 2nd quarter. BlackRock Inc. now owns 4,132,782 shares of the company’s stock valued at $147,293,000 after purchasing an additional 2,202,171 shares in the last quarter. Invesco Ltd. raised its holdings in Boot Barn by 130.9% in the second quarter. Invesco Ltd. now owns 1,914,562 shares of the company’s stock valued at $68,234,000 after acquiring an additional 1,085,550 shares in the last quarter. Vanguard Group Inc. raised its holdings in Boot Barn by 21.2% in the second quarter. Vanguard Group Inc. now owns 2,587,530 shares of the company’s stock valued at $92,220,000 after acquiring an additional 452,793 shares in the last quarter. Renaissance Technologies LLC lifted its stake in Boot Barn by 1,460.8% in the second quarter. Renaissance Technologies LLC now owns 454,200 shares of the company’s stock worth $16,188,000 after acquiring an additional 425,100 shares during the last quarter. Finally, Penserra Capital Management LLC purchased a new position in Boot Barn in the third quarter worth approximately $10,743,000.

Boot Barn Company Profile

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.

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Analyst Recommendations for Boot Barn (NYSE:BOOT)

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