CROX Stock Price Surge Made Crocs Wear High Heels On the Runway

Earnings and revenue scheduled for Feb 15.
Recent expansion benefitted the 3Q and 4Q.
CROX prices rose by 2.91%.

Crocs Inc. (NASDAQ: CROX) is a shoe making company operating in designing, developing, marketing and selling casual lifestyle footwear. With the fashion industry moving towards quirky fashion trends, Crocs as footwear is one of the best reflectors of trend. From top models stepping out in casual fashion wearing Crocs to it serving several benefits, the footwear brand aims to cater customers from all income groups.

By providing casual, comfortable and fashionable footwear, Crocs now defines casual footwears and is a trendsetter. The footwear manufacturer holds exclusive rights to Croslite, the foam resin from which Crocs are made. The special foam takes the shape of the wearer’s feet and provides claimed medical benefits.

Fame for Footwear

The Crocs as a brand gained spotlight after it was flashed by the fashion industry setters. When Ariana Grande wore her iconic ponytail and paired it with classy white crocs, the music industry appreciated the pop culture. Justine Beirber’s love for Crocs is impeccable, he wore them to the red carpet on Grammys.

Another singer, Post Malone, paired Crocs with several outfits, reflecting Crocs being his style. Various other celebrities like Nicki Minal, Bad Bunny and Kanye West, have also modeled the shoes on their social media. There have been limited edition themed Crocs designed in collaboration with KFC, Hidden Valley Ranch and Pixar.

The footwear company expanded by acquiring the Italian shoe company HEY DUDE for $2.3 billion in 2022. The acquisition has increased the capital for the company and is well reflected in the earnings and revenue for the past few quarters.

CROX Stock Price Analysis

The CROX stock has formed a falling regression channel with current prices witnessing buying pressure. The price of $118.65 is currently testing the support near $110.00, and if the test is successful, the prices can reach up to $136.50. The volume observed volatility and signaled parties participating in the market.

The RSI takes a turn from the half line to become buyer dominated. The MACD witnesses a negative cross and records ascending seller bars who react to the temporary downtrend. The indicators suggest the market will gain bullish pace once this testing is successful.

The reports of earnings and revenue are scheduled to roll out on Feb 15, 2023, for the period ending on Dec 2022. The estimates made for earnings are for $ 2.255 per share and for revenue is $939.086 millions. The reports are predicted to come with a surprise as for the last 10 reports the earnings and revenue has performed better than the estimates.

Conclusion

The CROX stock prices are temporarily down but can form an uptrend soon. The stock prices are testing the support near $110.00, and if successful, may reach near $136.50. The buyers can rely on the current support zone.

Technical levels

Support levels: $110.00 and $90.00

Resistance levels: $136.50 and $146.50

Disclaimer

The views and opinions stated by the author, or any people named in this article, are for informational purposes only, and they do not establish financial, investment, or other advice. Investing in or trading crypto assets comes with a risk of financial loss.