Hibbett, Inc. (NASDAQ:HIBB – Get Free Report) shares gapped up before the market opened on Friday following a better than expected earnings announcement. The stock had previously closed at $36.86, but opened at $43.57. Hibbett shares last traded at $44.48, with a volume of 225,730 shares traded.
The company reported $0.85 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.76 by $0.09. Hibbett had a return on equity of 34.71% and a net margin of 7.16%. The business had revenue of $374.90 million for the quarter, compared to analyst estimates of $375.96 million. During the same quarter in the prior year, the company earned $1.86 earnings per share. The company’s quarterly revenue was down 4.6% on a year-over-year basis.
Wall Street Analyst Weigh In
HIBB has been the subject of a number of research analyst reports. VNET Group reaffirmed an “initiates” rating on shares of Hibbett in a research report on Thursday, June 29th. Williams Trading upgraded Hibbett from a “hold” rating to a “buy” rating in a research report on Friday. B. Riley reissued a “neutral” rating and set a $37.00 price objective on shares of Hibbett in a research note on Thursday, June 29th. Telsey Advisory Group reissued an “outperform” rating and set a $60.00 price objective on shares of Hibbett in a research note on Tuesday. Finally, Bank of America lowered Hibbett from a “buy” rating to an “underperform” rating in a research note on Friday, May 26th. One analyst has rated the stock with a sell rating, three have issued a hold rating and five have given a buy rating to the company. According to MarketBeat.com, the stock currently has an average rating of “Hold” and a consensus target price of $64.50.
Insider Transactions at Hibbett
In other Hibbett news, CEO Michael E. Longo purchased 7,500 shares of the business’s stock in a transaction on Wednesday, May 31st. The stock was acquired at an average price of $36.17 per share, for a total transaction of $271,275.00. Following the purchase, the chief executive officer now owns 77,985 shares of the company’s stock, valued at approximately $2,820,717.45. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. In related news, CEO Michael E. Longo acquired 7,500 shares of the company’s stock in a transaction on Wednesday, May 31st. The stock was acquired at an average price of $36.17 per share, with a total value of $271,275.00. Following the acquisition, the chief executive officer now directly owns 77,985 shares of the company’s stock, valued at $2,820,717.45. The purchase was disclosed in a legal filing with the SEC, which is accessible through this link. Also, SVP David Mitchell Benck acquired 2,000 shares of the company’s stock in a transaction on Friday, June 2nd. The shares were bought at an average cost of $36.09 per share, with a total value of $72,180.00. Following the acquisition, the senior vice president now directly owns 24,048 shares in the company, valued at $867,892.32. The disclosure for this purchase can be found here. 2.98% of the stock is currently owned by company insiders.
Institutional Trading of Hibbett
Several institutional investors have recently added to or reduced their stakes in HIBB. DekaBank Deutsche Girozentrale purchased a new position in shares of Hibbett during the first quarter worth approximately $32,000. Quarry LP grew its holdings in Hibbett by 138.7% in the first quarter. Quarry LP now owns 678 shares of the company’s stock worth $40,000 after purchasing an additional 394 shares during the last quarter. Coppell Advisory Solutions Corp. purchased a new position in Hibbett in the fourth quarter worth $47,000. Belpointe Asset Management LLC purchased a new position in Hibbett in the fourth quarter worth $50,000. Finally, Acadian Asset Management LLC acquired a new stake in shares of Hibbett during the first quarter worth $50,000. Institutional investors own 96.08% of the company’s stock.
Hibbett Stock Up 22.2 %
The company’s 50 day moving average price is $40.57 and its 200 day moving average price is $50.99. The firm has a market capitalization of $574.00 million, a price-to-earnings ratio of 4.77, a P/E/G ratio of 0.64 and a beta of 1.60.
Hibbett Company Profile
Hibbett, Inc engages in the provision of sporting goods business. Its stores are operating under the Hibbett Sporting Goods and City Gear banners and an omni-channel platform. The firm features a core selection of brand name merchandise emphasizing athletic footwear, athletic and fashion apparel, team sports equipment and related accessories.
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