Bank of America Initiates Coverage on Boot Barn (NYSE:BOOT)

Bank of America started coverage on shares of Boot Barn (NYSE:BOOT) in a report issued on Tuesday. The brokerage set a “buy” rating and a $187.00 price target on the stock. Bank of America‘s price objective suggests a potential upside of 18.55% from the company’s previous close.

A number of other equities analysts have also commented on BOOT. Baird R W raised shares of Boot Barn from a “hold” rating to a “strong-buy” rating in a report on Wednesday, October 30th. Craig Hallum downgraded Boot Barn from a “buy” rating to a “hold” rating and raised their price target for the company from $154.00 to $162.00 in a research report on Friday, October 25th. Piper Sandler reiterated an “overweight” rating and issued a $179.00 price objective on shares of Boot Barn in a report on Tuesday, October 29th. UBS Group boosted their target price on Boot Barn from $127.00 to $165.00 and gave the stock a “neutral” rating in a research report on Wednesday, October 16th. Finally, Citigroup reduced their price target on shares of Boot Barn from $194.00 to $178.00 and set a “buy” rating on the stock in a research report on Tuesday, October 29th. One analyst has rated the stock with a sell rating, three have given a hold rating, ten have issued a buy rating and one has assigned a strong buy rating to the company’s stock. According to data from MarketBeat.com, the stock has a consensus rating of “Moderate Buy” and a consensus price target of $166.42.

Boot Barn Price Performance

BOOT opened at $157.74 on Tuesday. Boot Barn has a one year low of $69.35 and a one year high of $169.83. The firm has a market capitalization of $4.82 billion, a P/E ratio of 31.67 and a beta of 2.10. The company has a fifty day moving average price of $141.94 and a 200-day moving average price of $142.20.

Boot Barn (NYSE:BOOT) last announced its earnings results on Monday, October 28th. The company reported $0.95 earnings per share for the quarter, topping analysts’ consensus estimates of $0.93 by $0.02. The business had revenue of $425.80 million for the quarter, compared to analyst estimates of $424.42 million. Boot Barn had a return on equity of 15.89% and a net margin of 8.73%. The company’s quarterly revenue was up 13.7% compared to the same quarter last year. During the same period in the prior year, the company earned $0.91 EPS. On average, analysts expect that Boot Barn will post 5.48 earnings per share for the current year.

Insider Buying and Selling at Boot Barn

In other Boot Barn news, CEO John Hazen sold 6,311 shares of the business’s stock in a transaction on Thursday, January 2nd. The shares were sold at an average price of $152.98, for a total transaction of $965,456.78. Following the transaction, the chief executive officer now directly owns 3,937 shares of the company’s stock, valued at approximately $602,282.26. The trade was a 61.58 % decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. 1.00% of the stock is currently owned by corporate insiders.

Institutional Investors Weigh In On Boot Barn

Hedge funds and other institutional investors have recently added to or reduced their stakes in the company. Geode Capital Management LLC grew its stake in shares of Boot Barn by 1.0% in the third quarter. Geode Capital Management LLC now owns 676,277 shares of the company’s stock worth $113,150,000 after acquiring an additional 6,369 shares during the last quarter. Algert Global LLC boosted its stake in Boot Barn by 653.9% in the 3rd quarter. Algert Global LLC now owns 23,001 shares of the company’s stock worth $3,848,000 after purchasing an additional 19,950 shares in the last quarter. Blueshift Asset Management LLC purchased a new stake in Boot Barn during the 3rd quarter valued at about $3,343,000. Public Sector Pension Investment Board increased its stake in Boot Barn by 7.7% during the 2nd quarter. Public Sector Pension Investment Board now owns 66,902 shares of the company’s stock valued at $8,626,000 after purchasing an additional 4,785 shares in the last quarter. Finally, Victory Capital Management Inc. raised its holdings in Boot Barn by 51.1% in the third quarter. Victory Capital Management Inc. now owns 14,362 shares of the company’s stock worth $2,402,000 after buying an additional 4,856 shares during 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.