Lululemon (LULU) Stock Jumps 4% as Institutional Buyers Move In Ahead of Earnings

TLDR

• LULU rose 4.4% to $120.07 on Friday, though volume was 25% below its daily average
• Institutional buyers including OMERS Administration Corp and Algert Global disclosed new positions, boosting sentiment
• Q1 earnings beat estimates with adjusted EPS of $1.69 and revenue of $2.47 billion, up 4.3% year over year
• Analyst consensus remains “Reduce” with an average price target of $148.38, following multiple downgrades and target cuts
• Director Charles V. Bergh bought roughly $500,000 worth of stock in June, increasing his position by 70%

Lululemon Athletica (LULU) climbed 4.4% on Friday, touching $120.07 intraday before settling near that level. The stock had closed at $115.00 the session prior. Volume came in at around 2.29 million, roughly 25% below the stock’s average daily volume.

Lululemon Athletica Inc., LULU

The move comes as fresh institutional buying disclosures hit the tape. OMERS Administration Corp and Algert Global were among the firms showing new positions in LULU, and that appears to have given traders a reason to step back in.

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