Boot Barn Stock Makes Big Moves on Q3 Boost

The retail stock is pacing for its best session in months

Digital Content Manager
Jan 14, 2019 at 9:57 AM
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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. 




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