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Michael Greenberg, President of Skechers USA Inc . (NYSE:SKX), recently sold a significant portion of his holdings in the company. According to a filing with the Securities and Exchange Commission, Greenberg sold 33,656 shares of Class A Common Stock on March 3 at an average price of $60.76 per share. This transaction amounted to approximately $2.04 million. The sale comes as Skechers maintains strong financial health with a current ratio of 1.97, indicating solid liquidity. InvestingPro analysis suggests the stock is currently undervalued, with comprehensive metrics and insights available in the Pro Research Report.
Following the sale, Greenberg retains ownership of 137,530 shares. The transaction is part of a series of moves by Greenberg, who previously disposed of 34,727 shares at $60.99 per share in a separate transaction on March 1. The stock has experienced a 13% decline year-to-date, though InvestingPro data shows the company maintains healthy fundamentals with a P/E ratio of 14 and strong revenue growth of 12% over the last twelve months.
In other recent news, Skechers USA reported its fourth-quarter 2024 earnings, revealing a miss on earnings per share (EPS) expectations. The company posted an EPS of $0.65, falling short of the anticipated $0.74, and revenue slightly missed forecasts, coming in at $2.21 billion against a forecast of $2.22 billion. Despite these quarterly results, the company demonstrated strong year-over-year growth with full-year sales reaching $9.04 billion, a 13% increase, and a 26% rise in annual EPS to $4.40. Additionally, Skechers plans to open 180-200 new stores in 2025.
Barclays (LON:BARC) analyst Adrienne Yih revised the price target for Skechers shares, reducing it to $77 from $80, while maintaining an Overweight rating. The revision is based on anticipated adjustments to the company’s financial performance, including decreased sales forecasts and increased costs. UBS also adjusted Skechers’ price target slightly downward to $90 from $92, maintaining a Buy rating. UBS analysts highlighted Skechers’ global reach and product appeal, expressing confidence that sales and earnings will outpace market expectations.
These recent developments reflect the company’s ongoing challenges and opportunities, with analysts showing continued support for its growth potential.
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