Boot Barn (NYSE:BOOT) Releases Q1 2023 Earnings Guidance

Boot Barn (NYSE:BOOT – Get Rating) updated its first quarter 2023 earnings guidance on Tuesday. The company provided earnings per share (EPS) guidance of $1.14-$1.14 for the period, compared to the consensus estimate of $1.11. The company issued revenue guidance of $367.00 million-$367.00 million, compared to the consensus revenue estimate of $319.64 million.Boot Barn also updated its FY 2023 guidance to $6.41-$6.41 EPS.

A number of research analysts recently weighed in on the stock. Craig Hallum reduced their price objective on shares of Boot Barn from $162.00 to $145.00 in a research note on Wednesday, May 11th. Piper Sandler upgraded shares of Boot Barn from a neutral rating to an overweight rating and boosted their price target for the company from $109.00 to $121.00 in a research report on Friday, May 6th. Robert W. Baird dropped their price objective on shares of Boot Barn from $145.00 to $130.00 in a report on Friday, January 28th. Seaport Res Ptn reaffirmed a neutral rating on shares of Boot Barn in a report on Tuesday, January 18th. Finally, StockNews.com initiated coverage on shares of Boot Barn in a report on Thursday, March 31st. They set a hold rating for the company. Five analysts have rated the stock with a hold rating and nine have given a buy rating to the stock. According to data from MarketBeat, Boot Barn has a consensus rating of Buy and an average target price of $122.92.

Boot Barn stock opened at $92.77 on Tuesday. The company has a market capitalization of $2.76 billion, a PE ratio of 14.63, a P/E/G ratio of 0.70 and a beta of 2.78. The firm has a fifty day simple moving average of $93.95 and a two-hundred day simple moving average of $102.85. Boot Barn has a twelve month low of $69.44 and a twelve month high of $134.50.

Boot Barn (NYSE:BOOT – Get Rating) last issued its quarterly earnings data on Tuesday, May 10th. The company reported $1.47 EPS for the quarter, beating the consensus estimate of $1.32 by $0.15. The firm had revenue of $383.31 million during the quarter, compared to the consensus estimate of $354.02 million. Boot Barn had a net margin of 12.93% and a return on equity of 36.19%. The company’s quarterly revenue was up 48.1% compared to the same quarter last year. During the same period in the prior year, the firm posted $0.75 earnings per share. As a group, analysts predict that Boot Barn will post 6.43 earnings per share for the current year.

In related news, insider John Hazen sold 11,254 shares of the business’s stock in a transaction dated Monday, March 21st. The shares were sold at an average price of $100.44, for a total transaction of $1,130,351.76. The sale was disclosed in a legal filing with the SEC, which is accessible through this link. Also, CFO James M. Watkins purchased 2,500 shares of Boot Barn stock in a transaction that occurred on Thursday, February 24th. The shares were bought at an average price of $77.00 per share, for a total transaction of $192,500.00. The disclosure for this purchase can be found here. Corporate insiders own 0.86% of the company’s stock.

A number of institutional investors and hedge funds have recently made changes to their positions in the business. BlackRock Inc. lifted its position in Boot Barn by 5.4% during the fourth quarter. BlackRock Inc. now owns 4,655,016 shares of the company’s stock valued at $572,802,000 after purchasing an additional 238,170 shares during the period. Renaissance Technologies LLC raised its position in Boot Barn by 7,720.0% in the first quarter. Renaissance Technologies LLC now owns 156,400 shares of the company’s stock worth $14,825,000 after acquiring an additional 154,400 shares during the period. Vanguard Group Inc. raised its position in Boot Barn by 3.3% in the first quarter. Vanguard Group Inc. now owns 2,663,917 shares of the company’s stock worth $252,512,000 after acquiring an additional 84,077 shares during the period. Barclays PLC raised its position in Boot Barn by 80.9% in the fourth quarter. Barclays PLC now owns 137,179 shares of the company’s stock worth $16,880,000 after acquiring an additional 61,342 shares during the period. Finally, Morgan Stanley raised its position in Boot Barn by 25.7% in the second quarter. Morgan Stanley now owns 219,259 shares of the company’s stock worth $18,428,000 after acquiring an additional 44,800 shares during the period.

About Boot Barn (Get Rating)

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.

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