Why Boot Barn (BOOT) Shares Are Getting Obliterated Today
What Happened?
Shares of clothing and footwear retailer Boot Barn (NYSE:BOOT) fell 20.9% in the morning session after the company reported third-quarter earnings and provided EPS forecast for the next quarter, which missed Wall Street's estimates. The company also reported that CEO Jim Conroy will step down to become CEO of Ross Stores (NASDAQ:ROST). Chief Digital Officer John Hazen is slated to replace him as Interim CEO. Overall, this was a softer quarter, and the management shake-up is spooking investors.
The stock market overreacts to news, and big price drops can present good opportunities to buy high-quality stocks. Is now the time to buy Boot Barn? Access our full analysis report here, it’s free.
What The Market Is Telling Us
Boot Barn’s shares are somewhat volatile and have had 13 moves greater than 5% over the last year. But moves this big are rare even for Boot Barn and indicate this news significantly impacted the market’s perception of the business.
Boot Barn is up 71.5% since the beginning of the year, but at $129.35 per share, it is still trading 22.9% below its 52-week high of $167.81 from September 2024. Investors who bought $1,000 worth of Boot Barn’s shares 5 years ago would now be looking at an investment worth $3,502.
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