CROX - Is Crocs Stock Still a Buy?
2024-04-08 09:45:00 ET
As I postulated in November , Crocs (NASDAQ: CROX) stock ended up being dirt cheap. Shares of the love-'em-or-hate-'em foam clogs company have rallied by more than 60% in the past six months. Management is trying to keep the business on track after experiencing some issues with HeyDude, the casual shoe brand that it acquired in early 2022.
By certain metrics, Crocs stock is still cheap -- assuming that the company can get its growth back on track this year. Let's find out the latest and what it means for investors.
Crocs acquired the HeyDude brand in early 2022 for $2.05 billion in cash (funded with debt) and the issuance of new stock to the HeyDude founder. It was meant to be a transformational move, adding a high-growth emerging shoe business that was expected to bring in no less than $700 million in sales in 2022 -- complementing Crocs' own iconic status among many loyal fans.
For further details see:
Is Crocs Stock Still a Buy?