NEW YORK (TheStreet) -- Crocs (CROX) stock coverage was initiated today by analysts at B. Riley with a "neutral" rating and a price target set to $16. In Thursday's early morning trading, shares of Crocs fell 1.01% to $15.72.
The coverage initiation comes after Croc's first quarter results in early May. The company reported revenue of $262.2 million or 8 cents per share, compared to revenue of $312.4 million, or 6 cents per share in the same quarter last year. Overall, revenue declined by 8%.
"This is a dynamic time at Crocs, as we transform our brand and business," CEO Gregg Ribatt had said."During the quarter, we continued to work through the internal challenges of the transformation, while addressing the external challenges, including a strong dollar and the West Coast port delays."
The company also announced a series of senior level organizational changes including the elimination of the Chief Operating Officer and the SVP of Global Supply Chain roles as well as the addition of the SVP of Global Sourcing and the SVP of Global Distribution and Logistics roles.
Crocs designs, manufactures, and distributes casual lifestyle footwear, apparel, and accessories for men, women, and children worldwide.
TheStreet Ratings team rates CROCS INC as a Hold with a ratings score of C. TheStreet Ratings Team has this to say about their recommendation:
"We rate CROCS INC (CROX) a HOLD. The primary factors that have impacted our rating are mixed, some indicating strength, some showing weaknesses, with little evidence to justify the expectation of either a positive or negative performance for this stock relative to most other stocks. The company's strengths can be seen in multiple areas, such as its largely solid financial position with reasonable debt levels by most measures, expanding profit margins and increase in stock price during the past year. However, as a counter to these strengths, we also find weaknesses including deteriorating net income, disappointing return on equity and feeble growth in the company's earnings per share."