UBS Group Has Lowered Expectations for Birkenstock (NYSE:BIRK) Stock Price

Birkenstock (NYSE:BIRK) had its target price lowered by investment analysts at UBS Group from $85.00 to $83.00 in a research report issued on Tuesday,Benzinga reports. The brokerage presently has a “buy” rating on the stock. UBS Group’s price target indicates a potential upside of 53.28% from the company’s current price.

Other research analysts also recently issued reports about the company. BMO Capital Markets reaffirmed an “outperform” rating and set a $60.00 target price on shares of Birkenstock in a research note on Friday, August 30th. Piper Sandler initiated coverage on shares of Birkenstock in a research report on Tuesday. They set an “overweight” rating and a $65.00 price objective for the company. Telsey Advisory Group reaffirmed an “outperform” rating and set a $70.00 price objective on shares of Birkenstock in a report on Tuesday, September 24th. Evercore ISI reissued an “outperform” rating and set a $77.00 target price (up previously from $63.00) on shares of Birkenstock in a research note on Monday, August 26th. Finally, BTIG Research set a $60.00 price target on shares of Birkenstock and gave the company a “buy” rating in a research note on Friday, October 18th. 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, the company presently has an average rating of “Moderate Buy” and a consensus price target of $66.13.

Birkenstock Price Performance

NYSE:BIRK opened at $54.15 on Tuesday. 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 has a 52 week low of $41.00 and a 52 week high of $64.78. The stock’s 50-day moving average price is $49.06 and its 200-day moving average price is $52.93. The stock has a market capitalization of $10.17 billion, a PE ratio of 88.77, a price-to-earnings-growth ratio of 1.16 and a beta of 2.22.

Institutional Investors Weigh In On Birkenstock

A number of hedge funds have recently modified their holdings of BIRK. Federated Hermes Inc. lifted its stake in shares of Birkenstock by 42.0% in the 2nd quarter. Federated Hermes Inc. now owns 1,071,235 shares of the company’s stock valued at $58,286,000 after purchasing an additional 316,935 shares during the last quarter. Renaissance Technologies LLC raised its holdings in shares of Birkenstock by 128.8% in the 2nd quarter. Renaissance Technologies LLC now owns 124,000 shares of the company’s stock valued at $6,747,000 after buying an additional 69,800 shares during the period. Element Capital Management LLC acquired a new position in Birkenstock during the 2nd quarter worth about $6,325,000. Bradley Foster & Sargent Inc. CT purchased a new position in Birkenstock during the 2nd quarter valued at about $849,000. Finally, Dark Forest Capital Management LP acquired a new position in Birkenstock in the 2nd quarter valued at about $602,000. Hedge funds and other institutional investors own 19.93% of the company’s stock.

About Birkenstock

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.