Boot Barn (NYSE:BOOT) Reaches New 12-Month High – What’s Next?

Boot Barn Holdings, Inc. (NYSE:BOOT) shares reached a new 52-week high during trading on Thursday . The company traded as high as $176.64 and last traded at $173.94, with a volume of 755667 shares traded. The stock had previously closed at $173.97.

Analyst Upgrades and Downgrades

A number of brokerages have weighed in on BOOT. KeyCorp raised shares of Boot Barn from a “sector weight” rating to an “overweight” rating and set a $190.00 price target for the company in a report on Thursday, January 23rd. Benchmark reiterated a “buy” rating and set a $192.00 price target on shares of Boot Barn in a report on Tuesday, October 29th. JPMorgan Chase & Co. raised their price objective on Boot Barn from $181.00 to $188.00 and gave the stock an “overweight” rating in a research report on Wednesday, January 8th. Robert W. Baird raised Boot Barn from a “neutral” rating to an “outperform” rating and set a $167.00 target price on the stock in a research note on Wednesday, October 30th. Finally, Piper Sandler restated an “overweight” rating and issued a $179.00 price objective on shares of Boot Barn in a report on Tuesday, October 29th. One research analyst has rated the stock with a hold rating, twelve have issued a buy rating and one has assigned a strong buy rating to the stock. According to MarketBeat.com, the company has an average rating of “Buy” and a consensus target price of $173.00.

Boot Barn Price Performance

The firm has a market capitalization of $5.31 billion, a P/E ratio of 34.93, a price-to-earnings-growth ratio of 1.48 and a beta of 2.10. The business has a 50 day moving average price of $152.18 and a 200 day moving average price of $146.09.

Boot Barn (NYSE:BOOT) last announced its quarterly earnings data on Monday, October 28th. The company reported $0.95 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.93 by $0.02. The business had revenue of $425.80 million for the quarter, compared to the consensus estimate of $424.42 million. Boot Barn had a net margin of 8.73% and a return on equity of 15.89%. Boot Barn’s quarterly revenue was up 13.7% on a year-over-year basis. During the same quarter last year, the company posted $0.91 earnings per share. As a group, equities analysts expect that Boot Barn Holdings, Inc. will post 5.8 EPS for the current year.

Insiders Place Their Bets

In related news, CEO John Hazen sold 6,311 shares of the stock in a transaction dated Thursday, January 2nd. The shares were sold at an average price of $152.98, for a total value of $965,456.78. Following the completion of the sale, the chief executive officer now owns 3,937 shares in the company, valued at approximately $602,282.26. This trade represents a 61.58 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Company insiders own 1.00% of the company’s stock.

Institutional Trading of Boot Barn

A number of hedge funds have recently modified their holdings of the company. Xponance Inc. acquired a new position in shares of Boot Barn in the second quarter valued at $242,000. Mackenzie Financial Corp acquired a new stake in shares of Boot Barn during the 2nd quarter valued at about $238,000. Susquehanna Fundamental Investments LLC bought a new stake in Boot Barn in the second quarter valued at about $1,395,000. Creative Planning raised its position in Boot Barn by 97.2% in the second quarter. Creative Planning now owns 5,956 shares of the company’s stock worth $768,000 after purchasing an additional 2,935 shares in the last quarter. Finally, SG Americas Securities LLC boosted its holdings in Boot Barn by 58.4% during the third quarter. SG Americas Securities LLC now owns 6,967 shares of the company’s stock valued at $1,165,000 after purchasing an additional 2,568 shares in the last quarter.

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.