Verition Fund Management LLC Increases Stock Position in Birkenstock Holding plc (NYSE:BIRK)

Verition Fund Management LLC boosted its position in shares of Birkenstock Holding plc (NYSE:BIRK) by 201.0% in the third quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The institutional investor owned 345,852 shares of the company’s stock after purchasing an additional 230,947 shares during the period. Verition Fund Management LLC’s holdings in Birkenstock were worth $17,047,000 at the end of the most recent reporting period.

Other hedge funds and other institutional investors have also recently added to or reduced their stakes in the company. Millennium Management LLC acquired a new stake in shares of Birkenstock during the second quarter valued at about $61,972,000. FMR LLC boosted its holdings in Birkenstock by 61.4% in the third quarter. FMR LLC now owns 2,128,689 shares of the company’s stock valued at $104,923,000 after purchasing an additional 809,784 shares during the last quarter. Ghisallo Capital Management LLC grew its stake in Birkenstock by 800.0% during the 2nd quarter. Ghisallo Capital Management LLC now owns 900,000 shares of the company’s stock valued at $48,969,000 after purchasing an additional 800,000 shares in the last quarter. Healthcare of Ontario Pension Plan Trust Fund increased its holdings in Birkenstock by 30.4% during the 2nd quarter. Healthcare of Ontario Pension Plan Trust Fund now owns 3,000,000 shares of the company’s stock worth $163,230,000 after purchasing an additional 700,000 shares during the last quarter. Finally, D. E. Shaw & Co. Inc. acquired a new position in shares of Birkenstock in the 2nd quarter valued at approximately $25,098,000. Hedge funds and other institutional investors own 19.93% of the company’s stock.

Analyst Upgrades and Downgrades

BIRK has been the subject of a number of recent analyst reports. Stifel Nicolaus raised their price target on shares of Birkenstock from $63.00 to $70.00 and gave the stock a “buy” rating in a research report on Friday, August 23rd. BTIG Research set a $60.00 price objective on shares of Birkenstock and gave the stock a “buy” rating in a report on Friday, October 18th. BMO Capital Markets restated an “outperform” rating and issued a $60.00 target price on shares of Birkenstock in a research note on Friday, August 30th. Telsey Advisory Group reiterated an “outperform” rating and issued a $70.00 price target on shares of Birkenstock in a research note on Tuesday, September 24th. Finally, Evercore ISI restated an “outperform” rating and set a $77.00 price objective (up previously from $63.00) on shares of Birkenstock in a research note on Monday, August 26th. Two analysts have rated the stock with a hold rating and thirteen have assigned a buy rating to the stock. According to data from MarketBeat, the company currently has an average rating of “Moderate Buy” and an average price target of $66.40.

Birkenstock Price Performance

Shares of NYSE BIRK opened at $51.63 on Friday. The company has a debt-to-equity ratio of 0.55, a current ratio of 2.91 and a quick ratio of 1.49. The firm has a market capitalization of $9.70 billion and a PE ratio of 82.80. Birkenstock Holding plc has a 1-year low of $41.00 and a 1-year high of $64.78. The business’s fifty day moving average price is $48.34 and its two-hundred day moving average price is $52.53.

Birkenstock (NYSE:BIRK) last released its quarterly earnings data on Thursday, August 29th. The company reported $0.49 earnings per share for the quarter, missing analysts’ consensus estimates of $0.56 by ($0.07). Birkenstock had a return on equity of 5.79% and a net margin of 6.26%. The firm had revenue of $564.76 million during the quarter, compared to analyst estimates of $628.70 million. On average, research analysts expect that Birkenstock Holding plc will post 1.37 EPS for the current year.

Birkenstock Company Profile

Birkenstock Holding plc manufactures and sells footwear products. It also offers sandals, shoes, closed-toe silhouettes, skincare products, and accessories. The company sells its products through e-commerce sites and a network of owned retail stores, as well as business-to-business channels. It operates in the United States, Brazil, Canada, Mexico, Europe, APMA, and internationally.