Why Crocs (CROX) Stock Is Up 12% in Pre-Open

Crocs (NASDAQ: CROX) stock is up by over 12% in pre-open Thursday after the company reported better-than-expected Q3 earnings.

The company reported Q3 EPS of $2.47 to smash the analyst estimate of $1.85. Revenue for the quarter came in at $626 million versus the consensus estimate of $608.04 million.

"Our third quarter was exceptional, underscored by 73% revenue growth over 2020 and industry-leading operating margin of 32%," said Andrew Rees, Chief Executive Officer. "Globally, our teams are managing through the supply chain disruptions to mitigate the impact on our business. Despite the temporary disruptions, we expect 2022 revenues to grow over 20% from 2021 fueled by the strength of our brand and consumer demand globally."

For full 2021, the company is calling for revenue growth of between 62% and 65%. For 2022, the revenue growth is expected to rise by 20% compared to a year earlier.

Shares of the company are already up 120% YTD. CROX stock closed at $135.93 yesterday and is indicated to open at $152.49 today.

The stock outperformance doesn’t come as a surprise as Piper Sandler analyst Craig Johnson picked the CROX stock to excel. Piper has a Street high price target of $212.00 per share.

“Crocs right now is rechecking the lower end of an upper trending channel, putting up decent relative strength. … The chart again looks very constructive and should be bought,” Johnson told CNBC.

You May Also Be Interested In

• Biogen (BIIB) tops earnings expectations but revenue falls short
• Teledyne Technologies (TDY) stock falls after cutting full-year earnings guidance
• Blue Foundry Bancorp (BLFY) Tops Q1 EPS by 9c