Skechers USA was Downgraded to a Hold Rating at Standpoint Research

By Austin Angelo

Standpoint Research analyst Ronnie Moas downgraded Skechers USA (NYSE: SKX) to Hold today. The company’s shares opened today at $27.44.

According to TipRanks.com, Moas is a top 100 analyst with an average return of 5.7% and a 70.2% success rate. Moas covers the Technology sector, focusing on stocks such as Lexmark International, Nuance Communications, and Ultra Clean Holdings.

Skechers USA has an analyst consensus of Moderate Buy, with a price target consensus of $27.50.

Based on Skechers USA’s latest earnings report for the quarter ending December 31, the company posted quarterly revenue of $764 million and quarterly net profit of $6.66 million. In comparison, last year the company earned revenue of $723 million and had a net profit of $29.45 million.

Based on the recent corporate insider activity of 30 insiders, corporate insider sentiment is negative on the stock. Earlier this month, Mark Nason, the EVP of SKX sold 18,376 shares for a total of $500,011.

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SKECHERS USA, Inc. engages in design, development and marketing of lifestyle footwear that appeals to men, women and children of all ages. It operates its business through three segments: Domestic Wholesale Sales, International Wholesale Sales and Retail Sales. The Domestic Wholesale Sales segment distributes footwear through the domestic wholesale distribution channels: department stores, specialty stores, athletic specialty shoe stores and independent retailers, as well as catalog and internet retailers. The International Wholesale Sales segment products are sold throughout the world. Its product offering, diversified domestic and international distribution channels, and targeted multi-channel marketing. The company has two distinct footwear categories: a lifestyle division that includes the charity line BOBS from SKECHERS, and a fitness division that now includes SKECHERS GOrun, SKECHERS GOwalk, and SKECHERS GOplay performance footwear. The company was founded by Robert Greenberg in 1992 and is headquartered in Manhattan Beach, CA.