Birkenstock (NYSE:BIRK) Stock Price Down 3.5%

Birkenstock Holding plc (NYSE:BIRK) shares fell 3.5% during mid-day trading on Wednesday . The stock traded as low as $47.71 and last traded at $48.09. 188,154 shares changed hands during mid-day trading, a decline of 80% from the average session volume of 936,504 shares. The stock had previously closed at $49.85.

Analyst Upgrades and Downgrades

A number of equities analysts have commented on BIRK shares. BMO Capital Markets restated an “outperform” rating and set a $60.00 price objective on shares of Birkenstock in a research report on Friday, August 30th. Robert W. Baird raised their price objective on shares of Birkenstock from $58.00 to $65.00 and gave the company an “outperform” rating in a research report on Friday, May 31st. Evercore ISI reiterated an “outperform” rating and set a $77.00 target price (up previously from $63.00) on shares of Birkenstock in a research report on Monday, August 26th. The Goldman Sachs Group downgraded Birkenstock from a “buy” rating to a “neutral” rating and increased their target price for the stock from $54.20 to $58.00 in a research note on Wednesday, June 12th. Finally, Telsey Advisory Group restated an “outperform” rating and issued a $70.00 price target on shares of Birkenstock in a research note on Thursday, August 29th. Four research analysts have rated the stock with a hold rating and fifteen have assigned a buy rating to the company. According to MarketBeat.com, Birkenstock presently has an average rating of “Moderate Buy” and an average target price of $62.23.

Birkenstock Stock Performance

The company has a current ratio of 2.87, a quick ratio of 1.13 and a debt-to-equity ratio of 0.56. The stock’s 50 day moving average is $56.67 and its 200 day moving average is $51.79. The stock has a market capitalization of $8.93 billion and a price-to-earnings ratio of 60.60.

Birkenstock (NYSE:BIRK) last announced its quarterly earnings results on Thursday, August 29th. The company reported $0.49 earnings per share (EPS) for the quarter, missing the consensus estimate of $0.56 by ($0.07). Birkenstock had a net margin of 6.26% and a return on equity of 5.92%. The business had revenue of $564.76 million during the quarter, compared to analysts’ expectations of $628.70 million. On average, analysts predict that Birkenstock Holding plc will post 1.41 earnings per share for the current year.

Hedge Funds Weigh In On Birkenstock

Hedge funds have recently bought and sold shares of the stock. BNP Paribas Financial Markets acquired a new stake in shares of Birkenstock during the first quarter valued at $702,000. Capital World Investors boosted its stake in shares of Birkenstock by 1.0% during the 1st quarter. Capital World Investors now owns 1,469,369 shares of the company’s stock worth $69,428,000 after purchasing an additional 14,089 shares during the last quarter. Blackstone Inc. purchased a new stake in shares of Birkenstock during the fourth quarter worth about $3,411,000. SG Americas Securities LLC acquired a new position in shares of Birkenstock in the first quarter valued at approximately $744,000. Finally, Ghisallo Capital Management LLC purchased a new position in shares of Birkenstock during the fourth quarter valued at approximately $4,873,000. Hedge funds and other institutional investors own 19.93% of the company’s stock.

About Birkenstock

Birkenstock Holding plc manufactures and sells footwear products. It also offers sandals, shoes, closed-toe silhouettes, skincare products, and accessories. The company sells its products through e-commerce sites and a network of owned retail stores, as well as business-to-business channels. It operates in the United States, Brazil, Canada, Mexico, Europe, APMA, and internationally.