Boot Barn (NYSE:BOOT) Shares Up 3.6% Following Analyst Upgrade

Boot Barn Holdings, Inc. (NYSE:BOOT)’s stock price was up 3.6% during mid-day trading on Tuesday after Piper Sandler raised their price target on the stock from $94.00 to $110.00. Piper Sandler currently has an overweight rating on the stock. Boot Barn traded as high as $101.72 and last traded at $101.65. Approximately 150,101 shares changed hands during mid-day trading, a decline of 82% from the average daily volume of 824,698 shares. The stock had previously closed at $98.15.

A number of other research firms have also recently issued reports on BOOT. BTIG Research dropped their price target on shares of Boot Barn from $102.00 to $100.00 and set a “buy” rating on the stock in a research note on Thursday, February 1st. B. Riley cut their target price on shares of Boot Barn from $92.00 to $83.00 and set a “buy” rating for the company in a research note on Thursday, February 1st. Williams Trading reaffirmed a “hold” rating on shares of Boot Barn in a research note on Tuesday, January 16th. Robert W. Baird lifted their price objective on Boot Barn from $70.00 to $90.00 and gave the stock a “neutral” rating in a report on Thursday, March 21st. Finally, StockNews.com cut Boot Barn from a “hold” rating to a “sell” rating in a report on Friday, January 19th. One investment analyst has rated the stock with a sell rating, three have issued a hold rating and eight have issued a buy rating to the stock. According to MarketBeat.com, the stock presently has an average rating of “Moderate Buy” and an average target price of $105.56.

Insider Activity

In other news, insider Laurie Marie Grijalva sold 5,861 shares of Boot Barn stock in a transaction on Thursday, February 15th. The stock was sold at an average price of $90.31, for a total transaction of $529,306.91. Following the transaction, the insider now owns 5,861 shares in the company, valued at approximately $529,306.91. The transaction was disclosed in a legal filing with the SEC, which can be accessed through this hyperlink. In other Boot Barn news, CEO James Grant Conroy sold 19,478 shares of the company’s stock in a transaction dated Thursday, February 29th. The shares were sold at an average price of $92.38, for a total value of $1,799,377.64. Following the transaction, the chief executive officer now owns 46,273 shares of the company’s stock, valued at $4,274,699.74. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at this link. Also, insider Laurie Marie Grijalva sold 5,861 shares of Boot Barn stock in a transaction dated Thursday, February 15th. The shares were sold at an average price of $90.31, for a total transaction of $529,306.91. Following the sale, the insider now owns 5,861 shares of the company’s stock, valued at $529,306.91. The disclosure for this sale can be found here. Insiders sold 26,339 shares of company stock worth $2,413,715 over the last ninety days. Corporate insiders own 2.20% of the company’s stock.

Institutional Trading of Boot Barn

Institutional investors and hedge funds have recently added to or reduced their stakes in the company. State of Wyoming increased its stake in shares of Boot Barn by 57.3% during the second quarter. State of Wyoming now owns 552 shares of the company’s stock worth $47,000 after buying an additional 201 shares during the period. Headlands Technologies LLC raised its holdings in shares of Boot Barn by 1,037.7% in the 4th quarter. Headlands Technologies LLC now owns 785 shares of the company’s stock valued at $60,000 after purchasing an additional 716 shares in the last quarter. Dark Forest Capital Management LP purchased a new stake in shares of Boot Barn during the 1st quarter worth $68,000. Principal Securities Inc. acquired a new position in shares of Boot Barn during the fourth quarter worth $102,000. Finally, Quest Partners LLC purchased a new position in Boot Barn in the fourth quarter valued at $112,000.

Boot Barn Stock Performance

The company has a 50-day moving average price of $91.66 and a 200-day moving average price of $80.81. The firm has a market capitalization of $3.06 billion, a price-to-earnings ratio of 18.81 and a beta of 2.19.

Boot Barn (NYSE:BOOT) last issued its quarterly earnings data on Wednesday, January 31st. The company reported $1.81 earnings per share (EPS) for the quarter, topping the consensus estimate of $1.80 by $0.01. Boot Barn had a return on equity of 19.52% and a net margin of 9.62%. The company had revenue of $520.40 million for the quarter, compared to analyst estimates of $520.34 million. On average, research analysts expect that Boot Barn Holdings, Inc. will post 4.72 earnings per share for the current fiscal year.

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.