Lululemon Athletica (LULU) Trading Down 13.4% Following Analyst Downgrade
Lululemon Athletica inc. (NASDAQ:LULU) shares were down 13.4% during trading on Friday after Royal Bank of Canada lowered their price target on the stock to $165.00. Royal Bank of Canada currently has an outperform rating on the stock. Lululemon Athletica traded as low as $113.61 and last traded at $113.87. Approximately 8,046,866 shares changed hands during trading, an increase of 295% from the average daily volume of 2,038,866 shares. The stock had previously closed at $131.44.
Several other research analysts also recently commented on the company. Wells Fargo & Co raised Lululemon Athletica from a “market perform” rating to an “outperform” rating and boosted their target price for the stock from $144.00 to $200.00 in a research note on Monday, September 17th. Morgan Stanley boosted their target price on Lululemon Athletica from $108.00 to $133.00 and gave the stock an “equal weight” rating in a research note on Tuesday, September 4th. Zacks Investment Research raised Lululemon Athletica from a “hold” rating to a “strong-buy” rating and set a $181.00 target price for the company in a research note on Wednesday, September 5th. B. Riley boosted their target price on Lululemon Athletica from $112.00 to $141.00 and gave the stock a “neutral” rating in a research note on Friday, August 31st. Finally, Canaccord Genuity raised Lululemon Athletica from a “hold” rating to a “buy” rating and boosted their target price for the stock from $152.00 to $160.00 in a research note on Wednesday, October 24th. Fourteen equities research analysts have rated the stock with a hold rating, twenty-three have issued a buy rating and one has issued a strong buy rating to the stock. Lululemon Athletica currently has an average rating of “Buy” and a consensus target price of $157.67.
Institutional investors have recently bought and sold shares of the business. Banco de Sabadell S.A bought a new position in shares of Lululemon Athletica during the 3rd quarter worth approximately $113,000. Meag Munich Ergo Kapitalanlagegesellschaft MBH bought a new position in shares of Lululemon Athletica during the 3rd quarter worth approximately $130,000. Parallel Advisors LLC boosted its holdings in shares of Lululemon Athletica by 230.4% during the 3rd quarter. Parallel Advisors LLC now owns 955 shares of the apparel retailer’s stock worth $155,000 after buying an additional 666 shares in the last quarter. TRUE Private Wealth Advisors bought a new position in shares of Lululemon Athletica during the 3rd quarter worth approximately $161,000. Finally, Global Trust Asset Management LLC bought a new position in shares of Lululemon Athletica during the 3rd quarter worth approximately $179,000. Hedge funds and other institutional investors own 79.24% of the company’s stock.
Lululemon Athletica (NASDAQ:LULU) last posted its quarterly earnings results on Thursday, December 6th. The apparel retailer reported $0.75 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $0.69 by $0.06. The firm had revenue of $747.70 million for the quarter, compared to analysts’ expectations of $736.10 million. Lululemon Athletica had a return on equity of 28.67% and a net margin of 11.97%. The company’s revenue for the quarter was up 20.8% compared to the same quarter last year. During the same period in the prior year, the business earned $0.56 EPS. Research analysts expect that Lululemon Athletica inc. will post 3.59 earnings per share for the current fiscal year.
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About Lululemon Athletica (NASDAQ:LULU)
lululemon athletica inc., an athletic apparel company, together with its subsidiaries, designs, distributes, and retails athletic apparel and accessories for women, men, and female youth. It operates through two segments, Company-Operated Stores and Direct to Consumer. The company offers pants, shorts, tops, and jackets for healthy lifestyle and athletic activities, such as yoga, running, and training, as well as other sweaty pursuits; and athletic wear for female youth.
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