Piper Sandler Issues Pessimistic Forecast for Foot Locker (NYSE:FL) Stock Price

Foot Locker (NYSE:FL) had its price objective cut by equities research analysts at Piper Sandler from $30.00 to $28.00 in a note issued to investors on Monday,Benzinga reports. The brokerage currently has a “neutral” rating on the athletic footwear retailer’s stock. Piper Sandler’s price target indicates a potential upside of 10.76% from the stock’s current price.

A number of other brokerages have also weighed in on FL. Barclays upgraded shares of Foot Locker from an “equal weight” rating to an “overweight” rating and increased their target price for the stock from $27.00 to $34.00 in a research report on Thursday, August 29th. StockNews.com cut shares of Foot Locker from a “hold” rating to a “sell” rating in a report on Friday, September 20th. Evercore ISI dropped their price objective on Foot Locker from $38.00 to $32.00 and set an “outperform” rating for the company in a research note on Tuesday, November 26th. Gordon Haskett started coverage on Foot Locker in a research note on Monday, October 7th. They issued an “accumulate” rating and a $27.00 target price on the stock. Finally, Citigroup boosted their price objective on Foot Locker from $27.00 to $33.00 and gave the stock a “neutral” rating in a report on Tuesday, August 20th. Two analysts have rated the stock with a sell rating, nine have assigned a hold rating and five have assigned a buy rating to the stock. According to data from MarketBeat, Foot Locker presently has a consensus rating of “Hold” and an average target price of $26.87.

Foot Locker Price Performance

Foot Locker stock opened at $25.28 on Monday. Foot Locker has a 52 week low of $20.47 and a 52 week high of $35.60. The company’s 50 day moving average price is $24.26 and its two-hundred day moving average price is $25.80. The stock has a market cap of $2.40 billion, a P/E ratio of -6.53, a P/E/G ratio of 0.74 and a beta of 1.46. The company has a quick ratio of 0.49, a current ratio of 1.66 and a debt-to-equity ratio of 0.15.

Hedge Funds Weigh In On Foot Locker

Several institutional investors and hedge funds have recently bought and sold shares of the stock. Quarry LP purchased a new position in shares of Foot Locker in the second quarter valued at about $31,000. Fifth Third Bancorp raised its position in Foot Locker by 116.0% during the 2nd quarter. Fifth Third Bancorp now owns 1,365 shares of the athletic footwear retailer’s stock valued at $34,000 after purchasing an additional 733 shares during the last quarter. Northwestern Mutual Wealth Management Co. lifted its holdings in Foot Locker by 156.1% in the 2nd quarter. Northwestern Mutual Wealth Management Co. now owns 1,616 shares of the athletic footwear retailer’s stock worth $40,000 after buying an additional 985 shares during the period. Headlands Technologies LLC bought a new stake in shares of Foot Locker in the 2nd quarter worth approximately $43,000. Finally, nVerses Capital LLC purchased a new position in shares of Foot Locker during the third quarter valued at approximately $47,000.

Foot Locker Company Profile

Foot Locker, Inc, through its subsidiaries, operates as a footwear and apparel retailer in North America, Europe, Australia, New Zealand, Asia, and the Middle East. Its brand portfolio includes Foot Locker, a brand comprising sneakers and apparel; Kids Foot Locker, which offers athletic footwear, apparel, and accessories for children; and Champs Sports that operates as a mall-based specialty athletic footwear and apparel retailer.