What going on with Crocs (CROX)?

By:
on Mar 15, 2024
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  • Crocs has recently got considerable attention as one of the most searched stocks on Zacks.
  • Crocs is anticipated to post earnings of $2.25 per share for the current quarter.
  • For Crocs, the sales forecast for the current quarter is pegged at $879.86 million.

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Crocs, the renowned footwear company, has recently got considerable attention as one of the most searched stocks on Zacks.

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The surge in interest is primarily due to its impressive performance over the past month, showcasing a 19.3% return compared to the S&P 500’s 4.4% and the Textile – Apparel industry’s 2.9% gain.

Crocs’ journey in the stock market has been noteworthy, especially when juxtaposed with broader market indices and its industry peers.

The company’s stock has outpaced the S&P 500 index and its industry’s average performance, sparking a keen interest among investors and analysts alike.

What’s driving Crocs’ performance?

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Crocs is anticipated to post earnings of $2.25 per share for the current quarter, marking a year-over-year decline of 13.8%.

Ritesh A, Invezz’s Financial Analyst, says,

CROX’s stock went into an extended downturn after the company acquired Hey Dude in 2021. Since the acquisition, the company has executed well and reported strong results, but the stock price doesn’t reflect that. On the longer-term weekly charts, the stock is still trading inside a descending triangle pattern. It is on the verge of breaking the upper horizontal trendline of this pattern, which is good news for the bulls, but it can face significant resistance near the $150 level mark. If it closes above $150 for a week that will validate a new bull run.

Earnings estimate revisions

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The dynamic adjustments in sell-side analysts’ earnings estimates for Crocs offer insights into the company’s stock valuation.

A positive revision trend is a bullish signal, suggesting a prospective uptick in the stock price.

Projected revenue growth

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For Crocs, the sales forecast for the current quarter is pegged at $879.86 million, with a slight year-over-year dip of 0.5%.

The projections for the current and next fiscal years are optimistic, signaling a robust pathway for revenue expansion.

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