Birkenstock (NYSE:BIRK) Shares Gap Up – What’s Next?

Birkenstock Holding plc (NYSE:BIRK) shares gapped up before the market opened on Wednesday . The stock had previously closed at $56.06, but opened at $60.94. Birkenstock shares last traded at $59.58, with a volume of 1,670,112 shares changing hands.

Analyst Ratings Changes

A number of analysts have weighed in on BIRK shares. BMO Capital Markets reiterated an “outperform” rating and issued a $60.00 target price on shares of Birkenstock in a research note on Friday, August 30th. Deutsche Bank Aktiengesellschaft decreased their price objective on shares of Birkenstock from $69.00 to $65.00 and set a “neutral” rating for the company in a report on Wednesday. Hsbc Global Res raised shares of Birkenstock to a “strong-buy” rating in a research report on Tuesday, December 3rd. UBS Group lowered their price target on Birkenstock from $85.00 to $83.00 and set a “buy” rating for the company in a report on Tuesday, December 10th. Finally, HSBC upgraded Birkenstock from a “hold” rating to a “buy” rating and raised their price objective for the stock from $58.00 to $60.00 in a report on Tuesday, December 3rd. Three analysts have rated the stock with a hold rating, thirteen have assigned a buy rating and one has assigned a strong buy rating to the company’s stock. According to MarketBeat, the company has an average rating of “Moderate Buy” and an average price target of $65.81.

Birkenstock Price Performance

The company has a market capitalization of $11.16 billion, a price-to-earnings ratio of 98.67, a P/E/G ratio of 1.19 and a beta of 2.22. The firm has a 50-day simple moving average of $49.65 and a two-hundred day simple moving average of $53.02. The company has a current ratio of 2.91, a quick ratio of 1.49 and a debt-to-equity ratio of 0.55.

Institutional Inflows and Outflows

A number of large investors have recently modified their holdings of the company. HighTower Advisors LLC grew its holdings in Birkenstock by 370.8% in the third quarter. HighTower Advisors LLC now owns 26,165 shares of the company’s stock valued at $1,289,000 after purchasing an additional 20,607 shares during the period. Federated Hermes Inc. increased its holdings in Birkenstock by 42.0% in the 2nd quarter. Federated Hermes Inc. now owns 1,071,235 shares of the company’s stock worth $58,286,000 after acquiring an additional 316,935 shares in the last quarter. Renaissance Technologies LLC raised its position in Birkenstock by 128.8% during the second quarter. Renaissance Technologies LLC now owns 124,000 shares of the company’s stock worth $6,747,000 after acquiring an additional 69,800 shares during the period. Element Capital Management LLC purchased a new position in Birkenstock during the second quarter valued at $6,325,000. Finally, UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC purchased a new stake in shares of Birkenstock during the third quarter worth about $1,323,000. Institutional investors and hedge funds own 19.93% of the company’s stock.

Birkenstock Company Profile

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.