Skechers U.S.A. Inc. (NYSE:SKX) began a bullish rally this morning on pre-market trading hours as the CEO Robert Greenberg purchase stock in the company as it received an analyst upgrade. Insider buying is always a green light for investors as it signals confidence. Greenberg has purchased 500,000 shares or almost $11 million worth of stock. The average price that the shares were purchased at was $21.96.
Skechers was upgraded by Buckingham Research, the firm provides equity research based on thorough and unique analysis. Buckingham Research had a price target on Skechers set to $31.
The footwear market has grown more competitive and has reflected in the past on Skechers as the stock is still down 13 percent year to date. Nike, Inc. (NYSE:NKE) and Under Armour, Inc. (NYSE:UA) are down year to date as well. Although Greenberg has reiterated his confidence in the company, we will see if the shoe retailer can push out good numbers on the next earnings release (est.) on January 26th, 2017.