Zacks Investment Research Downgrades Cherokee (CHKE) to Strong Sell

Cherokee (NASDAQ:CHKE) was downgraded by Zacks Investment Research from a “hold” rating to a “strong sell” rating in a research note issued on Monday.

According to Zacks, “Cherokee Inc. is a marketer and licensor of Cherokee and Sideout brand products, is continuing its negotiations for domestic and international licensing contracts covering multiple categories of merchandise. Cherokee currently has licensing agreements in many categories, including family apparel and fashion accessories, as well as luggage, cosmetics and footwear. (PRESS RELEASE) “

Several other brokerages have also recently issued reports on CHKE. ValuEngine raised Cherokee from a “hold” rating to a “buy” rating in a research report on Wednesday, December 6th. FBR & Co reaffirmed a “buy” rating and set a $8.00 target price on shares of Cherokee in a research report on Wednesday, September 6th. Roth Capital dropped their target price on Cherokee from $18.00 to $10.00 and set a “buy” rating on the stock in a research report on Monday, August 21st. Finally, B. Riley reaffirmed a “buy” rating on shares of Cherokee in a research report on Wednesday, November 1st. One investment analyst has rated the stock with a sell rating and four have assigned a buy rating to the company’s stock. The stock presently has a consensus rating of “Buy” and an average target price of $7.19.

Shares of Cherokee (NASDAQ CHKE) traded down $0.10 during midday trading on Monday, reaching $2.00. The company’s stock had a trading volume of 243,186 shares, compared to its average volume of 107,537. Cherokee has a 1-year low of $1.66 and a 1-year high of $11.40.

Cherokee (NASDAQ:CHKE) last announced its earnings results on Wednesday, December 6th. The company reported ($0.05) earnings per share (EPS) for the quarter, missing the consensus estimate of $0.07 by ($0.12). The company had revenue of $11.04 million for the quarter, compared to the consensus estimate of $9.90 million. Cherokee had a negative net margin of 42.20% and a negative return on equity of 0.68%. The firm’s revenue was up 69.9% compared to the same quarter last year. During the same period last year, the business posted ($0.10) EPS. equities research analysts forecast that Cherokee will post -0.1 earnings per share for the current fiscal year.

Several institutional investors have recently bought and sold shares of CHKE. Dimensional Fund Advisors LP boosted its position in shares of Cherokee by 3.8% in the 1st quarter. Dimensional Fund Advisors LP now owns 285,040 shares of the company’s stock worth $2,451,000 after purchasing an additional 10,531 shares in the last quarter. Northpointe Capital LLC boosted its position in shares of Cherokee by 35.5% in the 2nd quarter. Northpointe Capital LLC now owns 948,873 shares of the company’s stock worth $6,595,000 after purchasing an additional 248,514 shares in the last quarter. Oppenheimer Asset Management Inc. boosted its position in shares of Cherokee by 3.6% in the 2nd quarter. Oppenheimer Asset Management Inc. now owns 64,827 shares of the company’s stock worth $451,000 after purchasing an additional 2,258 shares in the last quarter. Marathon Capital Management acquired a new stake in shares of Cherokee in the 2nd quarter worth $287,000. Finally, Penn Capital Management Co. Inc. boosted its position in shares of Cherokee by 65.3% in the 2nd quarter. Penn Capital Management Co. Inc. now owns 516,718 shares of the company’s stock worth $3,591,000 after purchasing an additional 204,146 shares in the last quarter. 61.46% of the stock is owned by hedge funds and other institutional investors.

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About Cherokee

Cherokee Inc is a marketer and manager of a portfolio of fashion and lifestyle brands it owns or represents, licensing the Cherokee, Liz Lange, Completely Me by Liz Lange, Hawk, Tony Hawk, Sideout, Carole Little, Everyday California , Flip Flop Shops and ale by alessandra brands and related brands in various consumer product categories and sectors.

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