Birkenstock (NYSE:BIRK) Lifted to “Buy” at Bank of America

Bank of America upgraded shares of Birkenstock (NYSE:BIRK) from a neutral rating to a buy rating in a research report report published on Thursday, Marketbeat reports. Bank of America currently has $65.00 price objective on the stock, up from their prior price objective of $62.00.

Several other research firms also recently commented on BIRK. BMO Capital Markets raised their target price on Birkenstock from $54.00 to $60.00 and gave the stock an outperform rating in a research report on Friday, May 31st. Morgan Stanley boosted their target price on shares of Birkenstock from $44.00 to $58.00 and gave the company an equal weight rating in a research note on Tuesday, June 25th. Stifel Nicolaus increased their target price on shares of Birkenstock from $54.00 to $63.00 and gave the stock a buy rating in a research report on Friday, May 31st. Robert W. Baird boosted their price target on shares of Birkenstock from $58.00 to $65.00 and gave the company an outperform rating in a research report on Friday, May 31st. Finally, Citigroup started coverage on shares of Birkenstock in a report on Monday, July 1st. They set a buy rating and a $65.00 price objective for the company. Four investment analysts have rated the stock with a hold rating and fifteen have given a buy rating to the stock. Based on data from MarketBeat.com, the company presently has a consensus rating of Moderate Buy and an average price target of $60.29.

Birkenstock Price Performance

BIRK stock opened at $57.21 on Thursday. Birkenstock has a twelve month low of $35.83 and a twelve month high of $61.83. The business’s 50-day simple moving average is $55.57 and its 200 day simple moving average is $49.78. The company has a debt-to-equity ratio of 0.56, a current ratio of 2.87 and a quick ratio of 1.13.

Birkenstock (NYSE:BIRK) last released its earnings results on Thursday, May 30th. The company reported $0.44 earnings per share for the quarter, topping analysts’ consensus estimates of $0.35 by $0.09. The firm had revenue of $522.51 million for the quarter, compared to analyst estimates of $499.98 million. Sell-side analysts predict that Birkenstock will post 1.37 EPS for the current fiscal year.

Institutional Trading of Birkenstock

A number of hedge funds and other institutional investors have recently modified their holdings of BIRK. Venturi Wealth Management LLC acquired a new stake in shares of Birkenstock in the fourth quarter valued at approximately $83,000. Zurcher Kantonalbank Zurich Cantonalbank acquired a new stake in Birkenstock during the 4th quarter worth $1,886,000. Federated Hermes Inc. acquired a new stake in Birkenstock during the 4th quarter worth $27,152,000. New York State Common Retirement Fund acquired a new stake in Birkenstock during the 4th quarter worth $1,067,000. Finally, Amalgamated Bank acquired a new stake in Birkenstock during the 4th quarter worth $233,000. Institutional investors and hedge funds 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.