Boot Barn (NYSE:BOOT) Trading Down 5% – Here’s Why

Boot Barn Holdings, Inc. (NYSE:BOOT)’s share price fell 5% during mid-day trading on Tuesday . The company traded as low as $92.55 and last traded at $92.94. 416,812 shares traded hands during trading, a decline of 48% from the average session volume of 803,079 shares. The stock had previously closed at $97.85.

Analyst Ratings Changes

BOOT has been the subject of several research reports. StockNews.com cut shares of Boot Barn from a “hold” rating to a “sell” rating in a research note on Monday, February 17th. KeyCorp raised Boot Barn from a “sector weight” rating to an “overweight” rating and set a $190.00 price objective on the stock in a research note on Thursday, January 23rd. Stephens started coverage on Boot Barn in a report on Wednesday, April 9th. They set an “overweight” rating and a $100.00 price target on the stock. Bank of America upped their price objective on shares of Boot Barn from $187.00 to $192.00 and gave the company a “buy” rating in a report on Wednesday, January 15th. Finally, Piper Sandler restated an “overweight” rating and set a $181.00 price target (up previously from $179.00) on shares of Boot Barn in a report on Friday, January 31st. One investment analyst has rated the stock with a sell rating, two have assigned a hold rating, eleven have given a buy rating and one has assigned a strong buy rating to the stock. According to MarketBeat.com, the company presently has a consensus rating of “Moderate Buy” and a consensus price target of $175.62.

Boot Barn Stock Up 2.0 %

The business’s fifty day moving average is $112.02 and its two-hundred day moving average is $137.39. The stock has a market cap of $2.80 billion, a price-to-earnings ratio of 16.35, a PEG ratio of 1.17 and a beta of 1.75.

Boot Barn (NYSE:BOOT) last released its quarterly earnings data on Thursday, January 30th. The company reported $2.43 EPS for the quarter, beating analysts’ consensus estimates of $2.05 by $0.38. Boot Barn had a return on equity of 17.11% and a net margin of 9.36%. As a group, sell-side analysts expect that Boot Barn Holdings, Inc. will post 5.82 earnings per share for the current year.

Hedge Funds Weigh In On Boot Barn

Hedge funds have recently modified their holdings of the business. Opal Wealth Advisors LLC purchased a new position in shares of Boot Barn in the 1st quarter valued at approximately $29,000. Azzad Asset Management Inc. ADV increased its position in Boot Barn by 39.6% during the first quarter. Azzad Asset Management Inc. ADV now owns 21,668 shares of the company’s stock worth $2,328,000 after buying an additional 6,148 shares in the last quarter. Elevation Point Wealth Partners LLC raised its position in shares of Boot Barn by 35.3% in the first quarter. Elevation Point Wealth Partners LLC now owns 3,163 shares of the company’s stock valued at $340,000 after buying an additional 825 shares during the last quarter. SG Americas Securities LLC acquired a new stake in Boot Barn in the 1st quarter worth about $916,000. Finally, Harbor Capital Advisors Inc. grew its stake in shares of Boot Barn by 32.6% during the 1st quarter. Harbor Capital Advisors Inc. now owns 19,802 shares of the company’s stock valued at $2,127,000 after buying an additional 4,863 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.