Steven Madden Ltd. (SHOO) receives a Buy rating from Citigroup

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Steven Madden Ltd.’s recently made public that its Director MIGLIORINI PETER unloaded Company’s shares for reported $0.14 million on Aug 14. In the deal valued at $34.54 per share,3,989 shares were sold. As a result of this transaction, MIGLIORINI PETER now holds 16,100 shares worth roughly $ 0.54 million.

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Then, Frieders Karla sold 5,000 shares, generating $170,731 in total proceeds. Upon selling the shares at $34.15, the Chief Merchandising Officer now owns 120,542 shares.

Before that, Rosenfeld Edward R. sold 58,000 shares. Steven Madden Ltd. shares valued at $1,992,010 were divested by the Chief Executive Officer at a price of $34.34 per share. As a result of the transaction, Rosenfeld Edward R. now holds 741,041 shares, worth roughly $25.08 million.

Citigroup upgraded its Steven Madden Ltd. [SHOO] rating to a Buy from a a Neutral in a research note published on Tuesday, April 13, 2023; the price target was increased to $42 from $40. PT values the company’s stock at a premium of 19.4 to its Tuesday closing price.

Price Performance Review of SHOO

On Tuesday, Steven Madden Ltd. [NASDAQ:SHOO] saw its stock fall -3.53% to $33.85. On the same session, the stock had its day’s lowest price of $33.85, but rose to a high of $34.88. Over the last five days, the stock has lost -0.59%. Steven Madden Ltd. shares have risen nearly 5.91% since the year began. Nevertheless, the stocks have risen 16.64% over the past one year. While a 52-week high of $37.85 was reached on 02/02/23, a 52-week low of $26.36 was recorded on 05/25/23. SMA at 50 days reached $33.65, while 200 days put it at $33.84. A total of 0.93 million shares were traded, compared to the trading of 0.49 million shares in the previous session.

Levels Of Support And Resistance For SHOO Stock

The 24-hour chart illustrates a support level at 33.51, which if violated will result in even more drops to 33.16. On the upside, there is a resistance level at 34.54. A further resistance level may holdings at 35.22. The Relative Strength Index (RSI) on the 14-day chart is 46.75, which indicates neutral technical sentiment, while the Moving Average Convergence Divergence (MACD) stands at 0.21, which suggests price will go down in the next trading period. Percent R suggests that price movement has been bearish at 73.61%. Stochastics %K at 58.00% indicates the stock is a holding.

How much short interest is there in Steven Madden Ltd.?

A steep rise in short interest was recorded in Steven Madden Ltd. stocks on Aug 14, 2023, growing by 0.55 million shares to a total of 6.75 million shares. Yahoo Finance data shows the prior-month short interest on Jul 13, 2023 was 6.2 million shares. There was a rise of 8.15%, which implies that there is a positive sentiment for the stock. In spite of short shares comprising just 12.69% of the overall stock float, the days-to-cover ratio (short ratio) rose to 9.06.

Steven Madden Ltd. [SHOO] – Who Are The Largest Shareholders?

In filings from BlackRock Fund Advisors, it is revealed that the company now owns 10,712,737 shares, or roughly 14.09% of the outstanding SHOO shares. In other words, the investor’s shares have fallen by -406,759 from its previous 13-F filing of 11119496.0. Additionally, The Vanguard Group, Inc. decreased -6.52% of its stake after which the total value it holdings stand at $268,269,753, while Wellington Management Co. LLP reduced -4.17% of its stake to hold $198.55 million in the firm. Over the last quarter, Macquarie Investment Management B sold -20,621 shares of Steven Madden Ltd., while SSgA Funds Management, Inc. sold -41,940 shares. At present, T. Rowe Price Investment Manageme is holding 2,689,490 shares valued at $89.78 million. Dimensional Fund Advisors LP owned 2,308,873 shares of the company at the time of its most recent 13F filing, worth $77.07 million.

According to FactSet, Steven Madden Ltd.’s share price will average $39.13 in the next year, based on opinions of analysts polled by the firm. This is up nearly 12.57 percent from its previous closing price of $35.09. Analysts expect Steven Madden Ltd. stock to reach the higher price of $44.00, while the lowest price estimate is $35.00. However, 8 analysts have rated SHOO stock as an Overweight in their predictions for 2023.

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