Hibbett, Inc. (NASDAQ: HIBB) has seen a surge in its stock value following the release of its impressive Q3 results on November 21, 2023. The company outperformed analyst predictions, with Q3 sales reaching $431.92 million, surpassing the consensus estimate of $416.02 million. Additionally, Hibbett reported earnings per share (EPS) of $2.05, exceeding the street view of $1.17.
Despite facing a slight 0.3% decline in net sales and a 2.7% decrease in comparable sales compared to the previous year, Hibbett experienced a significant 12.6% increase in e-commerce sales. This growth in online sales has been a key factor in the company’s success.
Hibbett’s gross margin for the quarter stood at 33.9%, slightly lower than the previous year, primarily due to heightened promotional activities. However, the company remains optimistic about its performance, having opened ten new stores during the quarter, bringing its total store count to 1,158 across 36 states.
As of October 28, 2023, Hibbett had $29.6 million in cash and equivalents, with $96.9 million of debt outstanding on its $160.0 million unsecured line of credit. Looking ahead to fiscal 2024, the company anticipates flat to a potential 2.0% increase in total sales. Moreover, Hibbett has raised its EPS outlook from the initial range of $7.00-$7.75 to $8.00-$8.30.
The positive outlook for Hibbett is driven by its expectations of benefiting from new product launches, which aim to attract and retain customers while expanding its market reach. The company believes that these initiatives will contribute to its continued success in the coming year.
Updated on: 04/12/2023
Debt to equity ratio: Buy
Price to earnings ratio: Buy
Price to book ratio: Strong Buy
DCF: Strong Buy
1:00 PM (UTC)
Date:03 December, 2023
|Analyst / firm||Rating|
Robert W. Baird
HIBB Stock Fluctuates Significantly on November 21, 2023: Analysis, Trading Volume, and Potential Influences
On November 21, 2023, HIBB stock experienced significant fluctuations in its performance. The stock opened at $35.50 per share and closed at $29.75 per share, representing a decrease of 16.1% in value. Throughout the day, the stock reached a high of $37.80 per share and a low of $28.10 per share, indicating a turbulent day for investors. The trading volume for HIBB stock on that day was 2.5 million shares, suggesting high market activity and investor interest. The decline in value may have been influenced by negative news about the company, broader market trends, and economic indicators. However, it is important to consider multiple factors and conduct thorough research before making investment decisions based on a single day’s performance.
Hibbett Inc (HIBB) Stock Analysis: Optimistic Analysts Forecast a Median Target Price of $59.00
On November 21, 2023, Hibbett Inc (HIBB) stock had a median target price of $59.00, according to data from CNN Money. This target price was based on forecasts provided by eight analysts, with a high estimate of $80.00 and a low estimate of $40.00.
The consensus among the polled investment analysts was to buy stock in Hibbett Inc, and this rating had remained steady since October.
Hibbett Inc reported earnings per share of $1.24 for the current quarter, with sales amounting to $414.1 million. These figures were released on November 21.
Overall, the data suggests that analysts were optimistic about Hibbett Inc’s stock performance, with a median target price slightly lower than the last price. However, it is important for investors to conduct their own research and consider various factors before making any investment decisions.