Michael Burry, the investor known for predicting the U.S. housing collapse, has increased his stake in Birkenstock Holding to 5.2%, betting on a brand he has worn since 1987. Birkenstock reported €720 million in fiscal third-quarter revenue, up 13% year-over-year, and raised its full-year growth forecast, with direct-to-consumer sales rising 14% and business-to-business revenue up 13%. The company completed a €230 million accelerated share buyback in the quarter, reducing its share count by nearly 6 million shares, despite a gross margin decline to 59.1% from 60.5% and a 15% drop in net profit to €110 million. Burry added to his position when shares dipped below $35, and the stock is down about 17% this year, even as analysts like Telsey Advisory Group and Bernstein have raised their price targets to $50 and $55, respectively.
Birkenstock Holding plcMichael Burry increased stake to 5.2%, and analysts raised price targets, indicating positive sentiment despite mixed earnings.
