Boot Barn (NYSE:BOOT) Stock Price Down 5.6% – Should You Sell?

Boot Barn Holdings, Inc. (NYSE:BOOT) shares traded down 5.6% on Tuesday . The company traded as low as $137.12 and last traded at $137.35. 337,977 shares changed hands during trading, a decline of 56% from the average session volume of 769,422 shares. The stock had previously closed at $145.45.

Analyst Upgrades and Downgrades

Several brokerages recently issued reports on BOOT. Williams Trading reaffirmed a “buy” rating and set a $173.00 price objective on shares of Boot Barn in a research note on Tuesday, October 29th. UBS Group increased their price target on Boot Barn from $127.00 to $165.00 and gave the company a “neutral” rating in a report on Wednesday, October 16th. Citigroup lowered their price objective on Boot Barn from $194.00 to $178.00 and set a “buy” rating on the stock in a research note on Tuesday, October 29th. JPMorgan Chase & Co. upped their target price on Boot Barn from $160.00 to $181.00 and gave the company an “overweight” rating in a report on Tuesday, October 29th. Finally, Benchmark reiterated a “buy” rating and set a $192.00 price target on shares of Boot Barn in a report on Tuesday, October 29th. One investment analyst has rated the stock with a sell rating, three have issued a hold rating, nine have given a buy rating and one has given a strong buy rating to the company’s stock. According to data from MarketBeat, the stock currently has an average rating of “Moderate Buy” and an average price target of $164.55.

Boot Barn Price Performance

The company has a market cap of $4.16 billion, a PE ratio of 27.36 and a beta of 2.16. The company’s 50 day simple moving average is $150.87 and its two-hundred day simple moving average is $136.47.

Boot Barn (NYSE:BOOT) last posted its earnings results on Monday, October 28th. The company reported $0.95 earnings per share for the quarter, beating the consensus estimate of $0.93 by $0.02. Boot Barn had a net margin of 8.73% and a return on equity of 15.89%. The firm had revenue of $425.80 million during the quarter, compared to the consensus estimate of $424.42 million. During the same quarter last year, the firm earned $0.91 EPS. The firm’s revenue for the quarter was up 13.7% on a year-over-year basis. Sell-side analysts expect that Boot Barn Holdings, Inc. will post 5.48 EPS for the current fiscal year.

Hedge Funds Weigh In On Boot Barn

Hedge funds and other institutional investors have recently bought and sold shares of the company. Janus Henderson Group PLC boosted its stake in shares of Boot Barn by 1,212.4% in the first quarter. Janus Henderson Group PLC now owns 285,174 shares of the company’s stock valued at $27,134,000 after purchasing an additional 263,444 shares during the period. Marshall Wace LLP acquired a new stake in shares of Boot Barn in the second quarter valued at $19,532,000. Westwood Holdings Group Inc. boosted its holdings in Boot Barn by 29.4% in the first quarter. Westwood Holdings Group Inc. now owns 545,644 shares of the company’s stock valued at $51,918,000 after purchasing an additional 124,060 shares during the period. F M Investments LLC acquired a new position in Boot Barn during the 2nd quarter worth $14,888,000. Finally, State Street Corp increased its holdings in Boot Barn by 4.4% during the 3rd quarter. State Street Corp now owns 1,208,345 shares of the company’s stock worth $202,132,000 after purchasing an additional 51,356 shares during the period.

About Boot Barn

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.