Birkenstock (NYSE:BIRK) Shares Gap Up Following Analyst Upgrade

Birkenstock Holding plc (NYSE:BIRK)’s share price gapped up prior to trading on Wednesday after UBS Group raised their price target on the stock from $83.00 to $95.00. The stock had previously closed at $56.06, but opened at $60.94. UBS Group currently has a buy rating on the stock. Birkenstock shares last traded at $59.58, with a volume of 1,670,112 shares trading hands.

Other equities analysts have also recently issued reports about the company. Piper Sandler initiated coverage on Birkenstock in a research note on Tuesday, December 10th. They set an “overweight” rating and a $65.00 price objective on the stock. Robert W. Baird boosted their price objective on Birkenstock from $65.00 to $72.00 and gave the company an “outperform” rating in a research note on Thursday. Stifel Nicolaus upped their target price on Birkenstock from $63.00 to $70.00 and gave the stock a “buy” rating in a research note on Friday, August 23rd. BMO Capital Markets lifted their price objective on Birkenstock from $60.00 to $70.00 and gave the stock an “outperform” rating in a report on Thursday. Finally, Deutsche Bank Aktiengesellschaft upped their target price on shares of Birkenstock from $65.00 to $66.00 and gave the stock a “buy” rating in a research report on Thursday. Two equities research analysts have rated the stock with a hold rating, fourteen have issued a buy rating and one has assigned a strong buy rating to the company. According to data from MarketBeat.com, Birkenstock presently has an average rating of “Moderate Buy” and an average price target of $68.31.

Institutional Investors Weigh In On Birkenstock

Hedge funds have recently bought and sold shares of the company. Bank of New York Mellon Corp grew its holdings in Birkenstock by 19.3% during the second quarter. Bank of New York Mellon Corp now owns 62,776 shares of the company’s stock valued at $3,416,000 after purchasing an additional 10,157 shares during the period. Principal Financial Group Inc. bought a new stake in shares of Birkenstock during the 2nd quarter worth $4,323,000. TD Asset Management Inc increased its holdings in Birkenstock by 22.6% in the 2nd quarter. TD Asset Management Inc now owns 244,372 shares of the company’s stock worth $13,296,000 after purchasing an additional 45,000 shares in the last quarter. Victory Capital Management Inc. acquired a new position in shares of Birkenstock in the second quarter worth approximately $18,755,000. Finally, Acadian Asset Management LLC acquired a new position in shares of Birkenstock in the 2nd quarter valued at about $136,000. 19.93% of the stock is currently owned by institutional investors.

Birkenstock Price Performance

The business’s 50 day simple moving average is $49.97 and its two-hundred day simple moving average is $53.08. The stock has a market capitalization of $10.82 billion, a P/E ratio of 94.41, a price-to-earnings-growth ratio of 1.19 and a beta of 2.22. The company has a quick ratio of 1.49, a current ratio of 2.91 and a debt-to-equity ratio of 0.55.

Birkenstock Company Profile

Birkenstock Holding plc manufactures and sells footwear products. It also offers sandals, shoes, closed-toe silhouettes, skincare products, and accessories. The company sells its products through e-commerce sites and a network of owned retail stores, as well as business-to-business channels. It operates in the United States, Brazil, Canada, Mexico, Europe, APMA, and internationally.