Wed Sep 25 09:16:29 UTC 2024: ## Renaissance Technologies Boosts Skechers Stake by 2,900%

**New York, NY – September 25, 2024** – Renaissance Technologies LLC, the renowned quantitative investment firm, significantly increased its stake in Skechers U.S.A., Inc. (NYSE:SKX) during the second quarter, acquiring 121,800 shares, representing a 2,900% increase. The firm now owns 126,000 shares, valuing its holdings at $8,709,000.

This substantial investment comes amidst a period of positive sentiment towards Skechers. Several other hedge funds have also modified their holdings in the company, including Wells Fargo & Company MN, Quantedge Capital Pte Ltd, Cim LLC, KBC Group NV, and Cetera Advisors LLC. These moves signal growing confidence in Skechers’ future prospects.

Analysts are also bullish on Skechers. Morgan Stanley upgraded the stock to “overweight” from “equal weight,” raising their price target to $80.00. TD Cowen also gave the company a “buy” rating and lifted their price target to $79.00. The consensus among analysts remains positive, with an average “Buy” rating and an average price target of $77.82.

Skechers recently reported its second quarter earnings, missing analyst estimates on earnings but exceeding expectations on revenue. The company’s quarterly revenue grew 7.3% compared to the same quarter last year. Furthermore, the company announced a $1.00 billion share buyback plan, signaling their confidence in the company’s value.

Overall, the recent investments by hedge funds, positive analyst ratings, and the company’s strong revenue performance suggest a positive outlook for Skechers. While the company missed earnings expectations, its strong revenue growth and commitment to share buybacks indicate continued confidence in its future.

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