Hibbett Sports (NASDAQ:HIBB) was upgraded by Zacks Investment Research from a “strong sell” rating to a “hold” rating in a report released on Friday.

According to Zacks, “Hibbett lagged the industry in the past three months due to unimpressive results in the first half of fiscal 2019. In the second quarter, the company reported loss per share and lower-than-expected sales. Higher SG&A expenses primarily impacted the bottom line. Further, softness in the license, equipment and accessory businesses hurt results. Additionally, the company’s soft margins trend in the last few quarters has been a concern. Though the company’s gross margin expanded after softness in seven quarters, it reported operating loss owing to higher SG&A expenses. Driven by the dismal first-half results, management trimmed its guidance for fiscal 2019.  However, Hibbett remains focused on enhancing its omni-channel capabilities, renewing loyalty program and inventory management initiatives. Also, the company is witnessing significant improvement in its branded apparel and footwear categories, which is encouraging.”

Other equities analysts also recently issued reports about the stock. Canaccord Genuity reissued a “buy” rating and set a $31.00 price target on shares of Hibbett Sports in a report on Friday, August 17th. Stifel Nicolaus lifted their price target on shares of Hibbett Sports from $22.00 to $26.00 and gave the company a “hold” rating in a report on Thursday, August 16th. BidaskClub downgraded shares of Hibbett Sports from a “buy” rating to a “hold” rating in a report on Thursday, May 10th. MKM Partners cut their price target on shares of Hibbett Sports to $20.00 and set a “neutral” rating for the company in a report on Monday, August 27th. Finally, ValuEngine raised shares of Hibbett Sports from a “sell” rating to a “hold” rating in a report on Tuesday, July 10th. Three investment analysts have rated the stock with a sell rating, eleven have given a hold rating, four have assigned a buy rating and one has assigned a strong buy rating to the stock. The stock presently has a consensus rating of “Hold” and a consensus price target of $21.64.

HIBB stock traded down $0.30 during trading on Friday, hitting $20.25. 4,805 shares of the stock traded hands, compared to its average volume of 1,173,872. Hibbett Sports has a one year low of $12.05 and a one year high of $29.60. The company has a market capitalization of $388.39 million, a P/E ratio of 12.45, a P/E/G ratio of 1.49 and a beta of 0.67.

Hibbett Sports (NASDAQ:HIBB) last announced its quarterly earnings results on Friday, August 24th. The company reported ($0.06) earnings per share (EPS) for the quarter, missing the consensus estimate of $0.08 by ($0.14). Hibbett Sports had a net margin of 3.79% and a return on equity of 11.04%. The firm had revenue of $211.10 million for the quarter, compared to the consensus estimate of $215.55 million. During the same period in the prior year, the business earned ($0.15) earnings per share. The company’s revenue for the quarter was up 12.3% on a year-over-year basis. equities research analysts predict that Hibbett Sports will post 1.71 earnings per share for the current year.

Several hedge funds and other institutional investors have recently made changes to their positions in the business. Millennium Management LLC raised its stake in shares of Hibbett Sports by 2,591.2% in the second quarter. Millennium Management LLC now owns 415,043 shares of the company’s stock worth $9,504,000 after acquiring an additional 399,621 shares during the last quarter. Waddell & Reed Financial Inc. raised its stake in shares of Hibbett Sports by 14.4% in the second quarter. Waddell & Reed Financial Inc. now owns 64,500 shares of the company’s stock worth $1,477,000 after acquiring an additional 8,100 shares during the last quarter. Bank of America Corp DE raised its stake in shares of Hibbett Sports by 23.3% in the second quarter. Bank of America Corp DE now owns 76,462 shares of the company’s stock worth $1,750,000 after acquiring an additional 14,450 shares during the last quarter. Laurion Capital Management LP raised its stake in shares of Hibbett Sports by 136.8% in the second quarter. Laurion Capital Management LP now owns 28,417 shares of the company’s stock worth $651,000 after acquiring an additional 16,417 shares during the last quarter. Finally, Renaissance Technologies LLC bought a new position in shares of Hibbett Sports in the second quarter worth about $6,272,000.

Hibbett Sports Company Profile

Hibbett Sports, Inc, together with its subsidiaries, operates athletic specialty stores. Its stores offer a range of merchandise, including athletic footwear, athletic and fashion apparel, sports equipment, and related accessories. The company also operates Hibbett.com, an e-commerce Website. As of March 28, 2018, it operated approximately 1,000 stores primarily in small and mid-sized communities in the United States.

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