Crocs (CROX) Sees Large Volume Increase Following Earnings Beat
Crocs, Inc. (NASDAQ:CROX) shares saw unusually-high trading volume on Friday after the company announced better than expected quarterly earnings. Approximately 94,753 shares traded hands during trading, a decline of 89% from the previous session’s volume of 877,651 shares.The stock last traded at $25.78 and had previously closed at $27.35.
The textile maker reported $0.07 EPS for the quarter, beating the consensus estimate of ($0.02) by $0.09. Crocs had a net margin of 2.29% and a return on equity of 13.84%. The company had revenue of $261.10 million for the quarter, compared to analyst estimates of $246.47 million. During the same quarter last year, the business earned ($0.03) earnings per share. Crocs’s revenue was up 7.3% compared to the same quarter last year.
A number of research firms recently commented on CROX. Pivotal Research set a $25.00 price objective on shares of Crocs and gave the company a “buy” rating in a research note on Tuesday, November 6th. BidaskClub upgraded shares of Crocs from a “hold” rating to a “buy” rating in a research note on Wednesday, October 31st. Zacks Investment Research lowered shares of Crocs from a “strong-buy” rating to a “hold” rating in a research note on Friday, August 10th. TheStreet upgraded shares of Crocs from a “c+” rating to a “b” rating in a research note on Thursday, August 9th. Finally, Piper Jaffray Companies set a $23.00 price objective on shares of Crocs and gave the company a “buy” rating in a research note on Monday, October 22nd. Two analysts have rated the stock with a sell rating, three have assigned a hold rating, four have given a buy rating and one has given a strong buy rating to the stock. Crocs presently has an average rating of “Hold” and an average price target of $17.14.
Hedge funds and other institutional investors have recently bought and sold shares of the stock. Wells Fargo & Company MN grew its position in Crocs by 3.3% in the first quarter. Wells Fargo & Company MN now owns 108,290 shares of the textile maker’s stock worth $1,760,000 after buying an additional 3,487 shares during the last quarter. LPL Financial LLC acquired a new position in Crocs in the first quarter worth approximately $232,000. Guggenheim Capital LLC acquired a new position in Crocs in the first quarter worth approximately $229,000. Legal & General Group Plc grew its position in Crocs by 8.4% in the first quarter. Legal & General Group Plc now owns 143,873 shares of the textile maker’s stock worth $2,328,000 after buying an additional 11,188 shares during the last quarter. Finally, Brown Advisory Inc. acquired a new position in Crocs in the first quarter worth approximately $171,000. Institutional investors and hedge funds own 97.24% of the company’s stock.
The stock has a market capitalization of $1.46 billion, a PE ratio of -1,268.50, a P/E/G ratio of 5.29 and a beta of 0.61.
About Crocs (NASDAQ:CROX)
Crocs, Inc, together with its subsidiaries, designs, develops, manufactures, markets, and distributes casual lifestyle footwear and accessories for men, women, and children worldwide. It offers various footwear products, including clogs, sandals, flips and slides, shoes, and boots under the Crocs brand name.
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