Shares of Birkenstock Holding PLC (NYSE:BIRK) have garnered an average rating of “Buy” from analysts, according to a recent report by MarketBeat. This assessment comes from a survey of sixteen research firms that currently cover the company. Among these analysts, fourteen have issued buy recommendations, one has suggested holding the stock, and another has designated it a strong buy.
The average target price for Birkenstock’s stock over the next twelve months is approximately $68.38. This figure reflects the confidence analysts have in the company’s potential to deliver growth. Notably, Telsey Advisory Group reaffirmed an “outperform” rating, setting a target price of $70.00 in a report dated September 26, 2023. Similarly, UBS Group has set a target price of $77.00 while maintaining a buy rating in a research note published on August 5, 2023.
On the other hand, JPMorgan Chase & Co. adjusted its price target from $81.00 to $66.00 while giving the stock an “overweight” rating in a report released on September 19, 2023. Weiss Ratings has taken a more cautious stance, reaffirming a “hold (c-)” rating on November 19, 2023.
Stock Performance and Market Position
As of Tuesday, Birkenstock shares opened at $40.75. The company maintains a debt-to-equity ratio of 0.50, a quick ratio of 1.29, and a current ratio of 2.78. Over the past year, the stock has experienced a low of $38.16 and a high of $62.66. The firm’s 50-day and 200-day simple moving averages are $42.55 and $48.18, respectively. Birkenstock’s market capitalization stands at $7.65 billion, with a price-to-earnings ratio of 22.64 and a price-to-earnings-growth ratio of 0.78. The stock has a beta of 1.22, indicating some volatility compared to the market.
Institutional Investor Activity
Recent developments indicate a shift among institutional investors regarding their stakes in Birkenstock. Armistice Capital LLC entered a new position during the third quarter, valued at approximately $679,000. Meanwhile, PharVision Advisers LLC also acquired a new position valued at $268,000 during the same period.
In a noteworthy move, Unisphere Establishment increased its holdings by 86.8%, bringing its total ownership to 238,200 shares, valued at about $10.78 million. Scientech Research LLC and Quarry LP made smaller adjustments as well, with Quarry LP increasing its position by 99.2%, now holding 988 shares valued at $45,000. Currently, institutional investors and hedge funds own 19.93% of Birkenstock’s stock.
Birkenstock operates globally, manufacturing and selling footwear products, including sandals and shoes. The company markets its products through e-commerce platforms and a network of owned retail stores, as well as business-to-business channels, thereby establishing a strong presence in regions such as the United States, Brazil, Canada, Mexico, and various European markets.
Investors and analysts will be closely monitoring Birkenstock’s performance as it navigates the competitive landscape of the footwear industry.
