5 Best Sporting Goods Stocks To Invest In

2. Under Armour Inc (NYSE:UA)

Number Of Hedge Fund Holders: 53

Under Armour Inc (NYSE:UA) is a Maryland-based firm that operates as a leading inventor, marketer, and distributor of sports and performance apparel, as well as footwear and sports equipment. The company’s revenue for the fiscal first quarter of 2022 stood at $1.3 billion, a 3.48% increase from the previous quarter.

Despite a rocky Q1, Baird analyst Jonathan Komp is sticking with an Outperform rating and a $15 price target on the shares of the company. The analyst believes that sentiment could improve once Under Armour Inc (NYSE:UA) moves past its fiscal first quarter pressures and reinforces longer-term potential for the company to return to healthy growth rates.

Investors seemed to be piling in on Under Armour Inc (NYSE:UA) stock in the fourth quarter, where 53 hedge funds held $1.77 billion worth of positions in the company, compared to 48 hedge funds in the previous quarter. Adage Capital Management was the top shareholder of Under Armour Inc (NYSE:UA) in the fourth quarter, with a $355.95 million stake consisting of 19.73 million shares.