Crocs, Inc. (CROX) Sees Significant Drop in Short Interest

Crocs, Inc. (NASDAQ:CROX) was the target of a significant drop in short interest in the month of September. As of September 28th, there was short interest totalling 8,540,278 shares, a drop of 13.8% from the September 14th total of 9,906,470 shares. Based on an average daily volume of 1,051,910 shares, the days-to-cover ratio is currently 8.1 days. Approximately 13.0% of the company’s stock are short sold.

A number of research analysts have recently issued reports on CROX shares. TheStreet upgraded shares of Crocs from a “c+” rating to a “b” rating in a report on Thursday, August 9th. Pivotal Research reiterated a “buy” rating and set a $21.00 price objective on shares of Crocs in a report on Tuesday, August 7th. BidaskClub upgraded shares of Crocs from a “hold” rating to a “buy” rating in a report on Saturday, September 15th. Finally, Zacks Investment Research upgraded shares of Crocs from a “hold” rating to a “buy” rating and set a $22.00 price objective for the company in a report on Tuesday. Two equities research analysts have rated the stock with a sell rating, four have assigned a hold rating, three have given a buy rating and one has assigned a strong buy rating to the company. The stock has a consensus rating of “Hold” and a consensus price target of $16.14.

In other news, Director Thomas J. Smach sold 74,400 shares of Crocs stock in a transaction dated Wednesday, August 22nd. The shares were sold at an average price of $20.14, for a total transaction of $1,498,416.00. Following the completion of the transaction, the director now directly owns 125,262 shares in the company, valued at $2,522,776.68. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this link. Also, insider Daniel P. Hart sold 20,831 shares of Crocs stock in a transaction dated Tuesday, August 21st. The shares were sold at an average price of $20.00, for a total transaction of $416,620.00. Following the transaction, the insider now owns 347,706 shares of the company’s stock, valued at $6,954,120. The disclosure for this sale can be found here. Company insiders own 2.10% of the company’s stock.

A number of institutional investors have recently added to or reduced their stakes in the stock. Hennessy Advisors Inc. boosted its holdings in Crocs by 480.9% during the third quarter. Hennessy Advisors Inc. now owns 1,608,500 shares of the textile maker’s stock worth $34,245,000 after purchasing an additional 1,331,600 shares during the last quarter. Fox Run Management L.L.C. purchased a new position in Crocs during the third quarter worth about $477,000. United Services Automobile Association boosted its holdings in Crocs by 29.3% during the second quarter. United Services Automobile Association now owns 14,756 shares of the textile maker’s stock worth $260,000 after purchasing an additional 3,347 shares during the last quarter. Northern Trust Corp boosted its holdings in Crocs by 1.7% during the second quarter. Northern Trust Corp now owns 912,333 shares of the textile maker’s stock worth $16,066,000 after purchasing an additional 15,443 shares during the last quarter. Finally, Nomura Holdings Inc. purchased a new position in Crocs during the second quarter worth about $204,000. Institutional investors and hedge funds own 97.24% of the company’s stock.

Crocs stock opened at $19.94 on Friday. Crocs has a fifty-two week low of $8.64 and a fifty-two week high of $22.07. The stock has a market cap of $1.45 billion, a P/E ratio of -967.00, a PEG ratio of 5.26 and a beta of 0.50.

Crocs (NASDAQ:CROX) last released its quarterly earnings results on Tuesday, August 7th. The textile maker reported $0.53 earnings per share for the quarter, topping the consensus estimate of $0.27 by $0.26. Crocs had a net margin of 2.29% and a return on equity of 13.84%. The business had revenue of $328.00 million for the quarter, compared to analysts’ expectations of $321.47 million. As a group, analysts predict that Crocs will post 0.27 EPS for the current year.

About Crocs

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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