Skechers U.S.A. (NYSE:SKX) Releases FY 2022 Earnings Guidance

Skechers U.S.A. (NYSE:SKX – Get Rating) updated its FY 2022 earnings guidance on Thursday. The company provided earnings per share (EPS) guidance of $2.60-$2.70 for the period, compared to the consensus estimate of $2.89. The company issued revenue guidance of $7.20 billion-$7.40 billion, compared to the consensus revenue estimate of $7.34 billion. Skechers U.S.A. also updated its Q3 2022 guidance to $0.70-$0.75 EPS.

Analysts Set New Price Targets

Several equities analysts have recently commented on SKX shares. Monness Crespi & Hardt dropped their target price on shares of Skechers U.S.A. to $50.00 and set an outperform rating for the company in a research report on Wednesday, July 27th. Cowen dropped their target price on shares of Skechers U.S.A. to $39.00 and set an outperform rating for the company in a research report on Monday, July 25th. Deutsche Bank Aktiengesellschaft dropped their target price on shares of Skechers U.S.A. from $62.00 to $61.00 in a research report on Monday, April 25th. UBS Group dropped their target price on shares of Skechers U.S.A. from $67.00 to $56.00 in a research report on Friday, July 15th. Finally, Stifel Nicolaus dropped their target price on shares of Skechers U.S.A. from $61.00 to $45.00 in a research report on Wednesday, July 20th. One equities research analyst has rated the stock with a hold rating and ten have assigned a buy rating to the company. According to MarketBeat.com, the company has a consensus rating of Moderate Buy and a consensus target price of $51.89.

Skechers U.S.A. Trading Down 0.1 %

Shares of Skechers U.S.A. stock opened at $39.33 on Friday. The firm has a market capitalization of $6.14 billion, a PE ratio of 8.61 and a beta of 1.30. The company has a current ratio of 2.34, a quick ratio of 1.31 and a debt-to-equity ratio of 0.07. The firm’s 50 day moving average is $37.84 and its 200 day moving average is $39.71. Skechers U.S.A. has a 1 year low of $33.50 and a 1 year high of $54.45.

Institutional Investors Weigh In On Skechers U.S.A.

A number of institutional investors have recently added to or reduced their stakes in SKX. Covestor Ltd grew its holdings in Skechers U.S.A. by 88.9% during the 1st quarter. Covestor Ltd now owns 1,360 shares of the textile maker’s stock worth $55,000 after acquiring an additional 640 shares during the last quarter. US Bancorp DE grew its holdings in Skechers U.S.A. by 71.1% during the 1st quarter. US Bancorp DE now owns 2,416 shares of the textile maker’s stock worth $98,000 after acquiring an additional 1,004 shares during the last quarter. Point72 Hong Kong Ltd bought a new stake in Skechers U.S.A. during the 1st quarter worth approximately $152,000. Sawtooth Solutions LLC bought a new stake in Skechers U.S.A. during the 1st quarter worth approximately $234,000. Finally, PNC Financial Services Group Inc. grew its holdings in Skechers U.S.A. by 11.5% during the 1st quarter. PNC Financial Services Group Inc. now owns 6,413 shares of the textile maker’s stock worth $260,000 after acquiring an additional 663 shares during the last quarter. 79.71% of the stock is owned by institutional investors.

About Skechers U.S.A.

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Skechers U.SA, Inc designs, develops, markets, and distributes footwear for men, women, and children; and performance footwear for men and women worldwide. The company operates through three segments: Domestic Wholesale, International Wholesale, and Direct-to-Consumer. It offers casual, casual athletic, sport athletic, trail, sandals, boots, and retro fashion footwear for men and women under the Skechers USA, Skechers Sport, Skechers Active, Modern Comfort, Skechers Street, Mark Nason, and BOBS brands; sneakers, casuals, boots, and sandals for boys and girls under the Skechers Mega-Craft, S-Lights, SKECH-AIR, Foamies, Twinkle Toes, Z-Strap, Skechers Stretch Fit, and Skechers Street brands; and technical footwear under the Skechers GOrun, Skechers GOwalk, Skechers GOtrain, Skechers GOtrail, and Skechers GO Golf brands.