Urban Outfitters Inc. (URBN) Sees Significant Growth in Short Interest
Urban Outfitters Inc. (NASDAQ:URBN) was the recipient of a large increase in short interest during the month of August. As of August 31st, there was short interest totalling 11,525,597 shares, an increase of 20.8% from the August 15th total of 9,544,533 shares. Based on an average daily volume of 3,674,592 shares, the days-to-cover ratio is presently 3.1 days. Currently, 13.9% of the shares of the company are sold short.
In related news, CFO Frank Conforti sold 4,000 shares of the company’s stock in a transaction on Friday, August 19th. The shares were sold at an average price of $37.42, for a total transaction of $149,680.00. Following the completion of the transaction, the chief financial officer now directly owns 4,000 shares in the company, valued at approximately $149,680. The transaction was disclosed in a filing with the SEC, which is available through the SEC website. Corporate insiders own 24.30% of the company’s stock.
A number of hedge funds and other institutional investors have recently bought and sold shares of the stock. Nuveen Asset Management LLC bought a new position in Urban Outfitters during the first quarter worth approximately $1,162,000. Meeder Asset Management Inc. increased its position in Urban Outfitters by 25.5% in the second quarter. Meeder Asset Management Inc. now owns 32,918 shares of the apparel retailer’s stock worth $906,000 after buying an additional 6,685 shares during the period. Credit Agricole S A increased its position in Urban Outfitters by 44.4% in the first quarter. Credit Agricole S A now owns 16,264 shares of the apparel retailer’s stock worth $538,000 after buying an additional 5,000 shares during the period. GW&K Investment Management LLC increased its position in Urban Outfitters by 18.1% in the second quarter. GW&K Investment Management LLC now owns 404,123 shares of the apparel retailer’s stock worth $11,113,000 after buying an additional 62,027 shares during the period. Finally, Prudential Financial Inc. increased its position in Urban Outfitters by 0.6% in the first quarter. Prudential Financial Inc. now owns 119,304 shares of the apparel retailer’s stock worth $3,948,000 after buying an additional 750 shares during the period. 72.56% of the stock is owned by institutional investors and hedge funds.
Several research firms recently commented on URBN. BMO Capital Markets reiterated an “average” rating and set a $28.00 target price on shares of Urban Outfitters in a research note on Thursday, July 7th. Deutsche Bank AG upped their target price on shares of Urban Outfitters from $28.00 to $32.00 and gave the company a “hold” rating in a research note on Monday, July 25th. Jefferies Group reiterated a “buy” rating and set a $45.00 target price (up from $40.00) on shares of Urban Outfitters in a research note on Friday, September 2nd. Stifel Nicolaus upped their target price on shares of Urban Outfitters from $35.00 to $40.00 and gave the company a “buy” rating in a research note on Wednesday, August 17th. Finally, Nomura upped their target price on shares of Urban Outfitters from $30.00 to $33.00 and gave the company a “neutral” rating in a research note on Wednesday, August 17th. Twenty-two investment analysts have rated the stock with a hold rating, fourteen have issued a buy rating and one has given a strong buy rating to the stock. The stock currently has an average rating of “Hold” and an average price target of $35.40.
Shares of Urban Outfitters (NASDAQ:URBN) opened at 35.62 on Wednesday. The company has a 50 day moving average of $34.34 and a 200-day moving average of $30.72. Urban Outfitters has a 12 month low of $19.26 and a 12 month high of $37.82. The firm has a market capitalization of $4.18 billion, a P/E ratio of 18.34 and a beta of 1.00.
Urban Outfitters (NASDAQ:URBN) last posted its quarterly earnings results on Tuesday, August 16th. The apparel retailer reported $0.66 EPS for the quarter, beating the Zacks’ consensus estimate of $0.56 by $0.10. The business earned $890.57 million during the quarter, compared to the consensus estimate of $886.39 million. Urban Outfitters had a return on equity of 19.57% and a net margin of 6.63%. Urban Outfitters’s revenue for the quarter was up 2.7% compared to the same quarter last year. During the same quarter in the previous year, the firm earned $0.52 earnings per share. Analysts predict that Urban Outfitters will post $2.06 EPS for the current year.
About Urban Outfitters
Urban Outfitters, Inc (Urban Outfitters) is a lifestyle retail company. The Company operates through two business segments: Retail and Wholesale. The Retail segment consists of the Company’s Urban Outfitters, Anthropologie Group, Free People and Terrain brands, whose merchandise is sold directly to the Company’s customers through retail stores, Websites, mobile applications, catalogs and customer contact centers.
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