Hibbett Sports (NASDAQ:HIBB) Downgraded to Hold at Zacks Investment Research

Zacks Investment Research downgraded shares of Hibbett Sports (NASDAQ:HIBB) from a strong-buy rating to a hold rating in a research report released on Wednesday morning, Zacks.com reports. The firm currently has $45.00 price objective on the stock.

According to Zacks, “Shares of Hibbett have increased and outpaced the industry in the past three months. The company reported impressive second-quarter fiscal 2021 results, wherein top and bottom line improved year over year. Results gained from robust comps and e-commerce growth during the quarter. Notably, pent-up consumer demand, payments from government programs and increasing preference for online shopping due to the pandemic, were primary drivers. This boosted store and online traffic trends, along with adding new customers. Management envisions the top line momentum to continue in the fiscal third quarter. Additionally, it issued a positive guidance for second half of fiscal 2021. However, higher cost related to increased investments act as a deterrent. Moroever, uncertainty related to the ongoing COVID-19 situation remains a concern.”

Several other research firms also recently weighed in on HIBB. Credit Suisse Group upped their price target on shares of Hibbett Sports from $19.00 to $23.00 and gave the stock an underperform rating in a research report on Monday, August 31st. BidaskClub downgraded shares of Hibbett Sports from a strong-buy rating to a buy rating in a research report on Monday. ValuEngine upgraded shares of Hibbett Sports from a sell rating to a hold rating in a research report on Friday, September 18th. TheStreet raised shares of Hibbett Sports from a c+ rating to a b rating in a research note on Friday, September 4th. Finally, 140166 upped their price objective on shares of Hibbett Sports from $40.00 to $50.00 in a research note on Friday, October 2nd. One investment analyst has rated the stock with a sell rating, three have assigned a hold rating and three have issued a buy rating to the company’s stock. The stock currently has an average rating of Hold and an average price target of $36.60.

Shares of Hibbett Sports stock opened at $40.37 on Wednesday. The firm has a 50-day simple moving average of $43.75 and a two-hundred day simple moving average of $26.62. The company has a market cap of $667.88 million, a P/E ratio of 20.92, a price-to-earnings-growth ratio of 0.83 and a beta of 1.66. Hibbett Sports has a fifty-two week low of $7.33 and a fifty-two week high of $55.96. The company has a debt-to-equity ratio of 0.01, a quick ratio of 0.96 and a current ratio of 1.70.

Hibbett Sports (NASDAQ:HIBB) last issued its quarterly earnings data on Friday, August 28th. The company reported $2.95 earnings per share for the quarter, topping analysts’ consensus estimates of $1.15 by $1.80. The business had revenue of $441.07 million during the quarter, compared to the consensus estimate of $408.43 million. Hibbett Sports had a net margin of 2.56% and a return on equity of 21.30%. The company’s revenue was up 74.8% compared to the same quarter last year. During the same quarter in the prior year, the firm posted ($0.13) earnings per share. Equities research analysts forecast that Hibbett Sports will post 4.34 EPS for the current year.

In related news, SVP William G. Quinn sold 1,691 shares of the stock in a transaction that occurred on Wednesday, September 2nd. The shares were sold at an average price of $34.18, for a total transaction of $57,798.38. Following the completion of the transaction, the senior vice president now owns 4,956 shares of the company’s stock, valued at approximately $169,396.08. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, Director Terrance G. Finley sold 5,000 shares of the stock in a transaction that occurred on Thursday, September 10th. The stock was sold at an average price of $37.32, for a total transaction of $186,600.00. Following the transaction, the director now directly owns 5,000 shares of the company’s stock, valued at approximately $186,600. The disclosure for this sale can be found here. In the last three months, insiders sold 41,927 shares of company stock valued at $1,549,387. Corporate insiders own 2.20% of the company’s stock.

Several large investors have recently bought and sold shares of HIBB. Intrinsic Edge Capital Management LLC purchased a new position in shares of Hibbett Sports during the 2nd quarter worth approximately $14,034,000. Balyasny Asset Management LLC boosted its position in shares of Hibbett Sports by 87.0% during the 2nd quarter. Balyasny Asset Management LLC now owns 327,494 shares of the company’s stock worth $6,858,000 after purchasing an additional 152,352 shares during the period. Marshall Wace LLP purchased a new position in shares of Hibbett Sports during the 2nd quarter worth approximately $2,593,000. WINTON GROUP Ltd boosted its position in shares of Hibbett Sports by 86.4% during the 2nd quarter. WINTON GROUP Ltd now owns 255,917 shares of the company’s stock worth $5,359,000 after purchasing an additional 118,605 shares during the period. Finally, Jacobs Levy Equity Management Inc. acquired a new stake in Hibbett Sports during the 2nd quarter worth approximately $2,333,000.

Hibbett Sports Company Profile

Hibbett Sports, Inc, together with its subsidiaries, operates athletic specialty stores. Its stores offer a range of merchandise, including athletic footwear, athletic and fashion apparel, sports equipment, and related accessories. The company also operates Hibbett.com, an e-commerce Website. It operates approximately 1,100 stores under the Hibbett Sports and City Gear names primarily in small and mid-sized communities in the United States.

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