Crocs (NASDAQ:CROX) stock is moving higher following an insider buy. The buy came just one day after the foam clogs company reported its second-quarter earnings.
On Aug. 2, Director John Replogle purchased 1,996 shares of CROX stock. Replogle bought the shares at an average price of $123.95. In total, the transaction was worth $247,420 and brought Replogle’s ownership to 7,064 shares.
This marks the first Crocs insider purchase since March 14, which is also attributed to Replogle. The buy also ends a streak of insider sales. On March 14, he picked up 1,972 shares at an average per share price of $126.75.
During the past year, insiders have purchased $895,544 worth of CROX stock while selling $13.66 million. That nets up to a total of $12.77 million worth of shares sold.
CROX Stock: Director John Replogle Buys 1,996 Shares
Replogle could very well be reacting to a positive quarter, as his recent purchase was not made via a prearranged 10b5-1 trading plan.
During the quarter, Crocs’ revenue grew by 3.6% to $1.11 billion and slightly beat the analyst estimate for $1.1 billion. International revenue continues to make up a larger portion of total revenue, as it grew by 18.7% to $425 million.
Crocs’ adjusted EPS increased by 12% to $4.01 and also beat the estimate for $3.55 per share. Another positive was the company’s gross margin, which tallied in at 61.4% compared to 57.9% a year ago.
“We reported record second quarter results on both the top and bottom line which exceeded our guidance on all Enterprise metrics,” said CEO Andrew Rees. “Strength in the quarter was led by our Crocs Brand with exceptional growth internationally.”
At the same time, Crocs guided for third-quarter adjusted EPS between $2.95 and $3.10 while analysts were expecting $3.33. Despite the miss, Crocs actually raised its 2024 adjusted EPS guidance to between $12.45 and $12.90 from between $12.25 and $12.73. Its revenue guidance for growth between 3% and 5% was left unchanged.
The HEYDUDE brand has been a drag for Crocs since its acquisition, as its revenue declined by 17.5% to $198 million.
On the date of publication, Eddie Pan did not hold (either directly or indirectly) any positions in the securities mentioned in this article. The opinions expressed in this article are those of the writer, subject to the InvestorPlace.com Publishing Guidelines.
On the date of publication, the responsible editor did not have (either directly or indirectly) any positions in the securities mentioned in this article.
