On August 21, Birkenstock Holding plc rose 5.09% in regular trading, trading at $36.4/share, with turnover of $41.87 million. The stock is rebounding after a period of selling pressure following L Catterton's $1 billion secondary offering launched on August 14.

The rebound comes as the company's authorized repurchase of up to $500 million of offered shares from the underwriter, by way of redemption, provides price support. The selling shareholder also granted the underwriter a 30-day option to purchase additional shares equal to 15% of the shares sold. Meanwhile, UBS maintained a buy rating with a $76 price target, noting that Birkenstock's closed-toe silhouettes expanded 500 basis points year-over-year, with non-Boston franchises growing 50%, and US sports and youth channel sell-through rising 20%.

Within the Footwear sector, Nike rose 2.14%, Deckers Outdoor rose 2.18%, On Holding AG rose 1.3%, Crocs rose 0.65%, and Steven Madden rose 1.49%.

(The above content is based on publicly available market information, generated by a program or algorithm, and is intended solely as a stock movement alert. It does not constitute investment advice or a basis for trading decisions.)