5 Best Sporting Goods Stocks To Buy Now

4. Under Armour, Inc. (NYSE:UA)

Number of Hedge Fund Holders: 40

Under Armour, Inc. (NYSE:UA) specializes in developing, marketing, and distributing performance apparel, footwear, and accessories. The company offers a variety of apparel options, including compression, fitted, and loose fit styles. Under Armour, Inc. (NYSE:UA) also provides a diverse range of footwear products designed for activities such as running, training, basketball, cleated sports, recovery, and outdoor use. It is one of the best sporting goods stocks to watch. 

On May 9, Under Armour, Inc. (NYSE:UA) reported the financial results for its fourth quarter and fiscal year ended March 31, 2023. The company posted a Q4 non-GAAP EPS of $0.18 and a revenue of $1.4 billion, outperforming Wall Street estimates by $0.03 and $40 million, respectively. 

According to Insider Monkey’s data, 40 hedge funds were bullish on Under Armour, Inc. (NYSE:UA) at the end of Q1 2023, compared to 37 funds in the earlier quarter. Ken Griffin’s Citadel Investment Group is the largest stakeholder of the company, with 4.5 million shares worth $42.6 million. 

Rowan Street Capital made the following comment about Under Armour, Inc. (NYSE:UA) in its second quarter 2023 investor letter:

“Now, the bottom 3 performers from all the companies that we’d sold were Docusign (DOCU) -76%, TripAdvisor (TRIP) -59% and Under Armour, Inc. (NYSE:UA) -57%. These represent the losses we would have incurred had we held on to these positions until now. We must note that all 3 of these were sold for purely fundamental reasons and we ended up being correct on all of them.”