Crocs, Inc. (NASDAQ:CROX) shares were up 5.1% during mid-day trading on Wednesday after the company announced better than expected quarterly earnings. The stock traded as high as $8.90 and last traded at $8.50, with a volume of 3,459,882 shares trading hands. The stock had previously closed at $8.09.

The textile maker reported $0.27 EPS for the quarter, beating the Zacks’ consensus estimate of $0.15 by $0.12. The firm had revenue of $313.20 million for the quarter, compared to analyst estimates of $311.33 million. Crocs had a negative net margin of 0.91% and a negative return on equity of 3.36%. The company’s revenue for the quarter was down 3.3% compared to the same quarter last year. During the same period in the previous year, the business earned $0.16 earnings per share.

CROX has been the topic of a number of research reports. Zacks Investment Research lowered shares of Crocs from a “hold” rating to a “strong sell” rating in a research report on Tuesday, May 9th. Susquehanna Bancshares Inc reiterated a “neutral” rating and set a $7.00 target price (up from $6.00) on shares of Crocs in a research report on Friday, May 12th. TheStreet upgraded shares of Crocs from a “d” rating to a “c-” rating in a research report on Wednesday, June 21st. Stifel Nicolaus reiterated a “hold” rating and set a $8.00 target price (up from $7.00) on shares of Crocs in a research report on Saturday, July 22nd. Finally, Piper Jaffray Companies reiterated a “hold” rating and set a $7.00 target price on shares of Crocs in a research report on Friday, July 14th. Five investment analysts have rated the stock with a hold rating, two have assigned a buy rating and one has assigned a strong buy rating to the stock. The stock presently has an average rating of “Buy” and a consensus target price of $8.60.

Institutional investors have recently made changes to their positions in the stock. Tudor Investment Corp ET AL acquired a new position in shares of Crocs during the second quarter valued at $100,000. BlueCrest Capital Management Ltd acquired a new position in shares of Crocs during the second quarter valued at $110,000. Capital Fund Management S.A. acquired a new position in shares of Crocs during the first quarter valued at $111,000. State of Alaska Department of Revenue raised its position in shares of Crocs by 79.0% in the second quarter. State of Alaska Department of Revenue now owns 14,623 shares of the textile maker’s stock valued at $112,000 after buying an additional 6,453 shares in the last quarter. Finally, Jane Street Group LLC acquired a new position in shares of Crocs during the first quarter valued at $113,000. Institutional investors and hedge funds own 90.27% of the company’s stock.

The firm’s 50-day moving average is $8.06 and its 200 day moving average is $7.09. The firm’s market cap is $637.24 million.

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About Crocs

Crocs, Inc is engaged in the design, development, manufacturing, marketing, distribution and sale of casual lifestyle footwear and accessories for men, women, and children. The Company’s segments include Americas, Asia Pacific and Europe. Its products include footwear and accessories that utilize its closed-cell resin, called Croslite, as well as casual lifestyle footwear that use a range of materials.

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