BOOT stock is up after the company announced preliminary earnings
The shares of Boot Barn Holdings Inc (NYSE:BOOT) are up 11.7% at $21.65 in early trading, after the company's preliminary fiscal third-quarter earnings forecast exceeded analyst expectations. The retail name is already a top performer on the New York Stock Exchange today, and is set for its best session since August.
BOOT stock just bottomed out on Dec. 24 at $15.01, but has since rebounded roughly 44%. The shares are now on pace to top their 50-day moving average for the first time since October.
Of the eight analysts following BOOT, an overwhelming majority are betting on a rebound, with seven "strong buy" ratings and only one "hold." What's more, the consensus 12-month price target of $28.50 represents a 31% premium to current levels.
On the other hand, several short sellers could be feeling the heat. Currently, the 3.7 million shares sold short represent 13.9% of the stock's available float. At the security's average pace of trading, it would take almost a week to cover all of these bearish bets -- which could create additional tailwinds for Boot Barn stock.