Dick’s Sporting Goods Inc. (NYSE: DKS) traded higher Wednesday morning after the company reported better-than-expected earnings results that dashed estimates.
What happened: On Monday, Telsey Advisory Group kept Dick’s sporting goods with an outperform rating and raised their target price from $ 80 to $ 98 in anticipation of a blowout quarter.
Dick’s Sporting Goods reported quarterly earnings of $ 3.79 per share, well above its estimate of $ 1.12 per share. The company posted revenue of $ 2.92 billion for the quarter, beating its estimate of $ 2.18 billion.
“We also saw a resurgence in our team sports business when the kids returned to the field after a year of delaying or canceling many teenage sports activities,” said Lauren Hobart, President and CEO of Dick’s Sporting Goods.
Looking ahead: Dick’s Sporting Goods plans to repurchase at least $ 200 million of its common stock in 2021. The company also expects to open six new Dick’s Sporting Goods stores and eight Concept specialty stores in 2021.
Price action: Dick’s sporting goods traded up to $ 91.80 and up to $ 30.43 over a 52 week period.
As of the last check on Wednesday, the stock rose 6.99% to $ 90.05 in premarket trading.
Photo by Mike Kalasnik from Flickr.
© 2021 Benzinga.com. Benzinga does not offer investment advice. All rights reserved.