Why Crocs Stock Dropped Like a Rock Today
Shares of shoe company (NASDAQ: CROX) dropped on Tuesday after the company reported financial results for the third quarter of 2024. While most of the numbers looked good, investors don't like the ongoing weakness with its HeyDude brand. And that's a big reason why Crocs stock was down 17% as of 11 a.m. ET and down nearly 30% from its 52-week high.
Crocs' management had expected its Q3 revenue to be up by 0.5%, at most. But it did far better. The company generated Q3 revenue of $1.06 billion, which was up 2%.
That said, it owns two major shoe brands: Crocs and HeyDude. And its outperformance in Q3 was solely thanks to its strength with Crocs. By contrast, HeyDude continues to underperform investors' hopes.
Source Fool.com
Crocs Inc. Stock
€117.50
4.480%
Currently there is a rather positive sentiment for Crocs Inc. with 20 Buy predictions and 4 Sell predictions.
With a target price of 131 € there is a slightly positive potential of 11.49% for Crocs Inc. compared to the current price of 117.5 €.
