Crocs (NASDAQ:CROX) stock is on the rise following a significant insider buy. The purchase came just after the company reported record second-quarter earnings.
On August 2, Director John Replogle acquired 1,996 shares of CROX stock at an average price of $123.95, totaling $247,420. This transaction increased Replogle’s ownership to 7,064 shares.
This insider buy is the first for Crocs since March 14, also by Replogle, ending a streak of insider sales. Over the past year, insiders have purchased $895,544 worth of CROX stock while selling $13.66 million.
CROX Stock: Director John Replogle Buys 1,996 Shares
Replogle’s purchase may be in response to a positive quarter, as it was not part of a prearranged trading plan. Crocs reported revenue growth of 3.6% to $1.11 billion, beating analyst estimates. International revenue also saw a significant increase.
Adjusted EPS rose by 12% to $4.01, surpassing expectations. Additionally, the company’s gross margin improved to 61.4% from 57.9% last year. CEO Andrew Rees highlighted exceptional growth internationally as a key driver of the strong quarter.
Looking ahead, Crocs provided guidance for third-quarter adjusted EPS slightly below expectations but raised its 2024 adjusted EPS outlook. The acquisition of the HEYDUDE brand has been a challenge for Crocs, with a decline in revenue.
Overall, Crocs’ strong performance and positive outlook have led to increased investor confidence, as seen in the recent insider buy by Director John Replogle.
Disclaimer: The opinions expressed in this article are those of the writer and do not reflect any positions held by Eddie Pan or the responsible editor.
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