Hibbett Sports (HIBB) with three notable insider buys in the last month including two last week from the GC and CIO for more than $375K combined. The transactions were around $88-$90. HIBB has traded well in 2021, up around 86.5%, and not far from recent highs. The $1.32B company trades 9.72X earnings, 0.80X sales, and 5X FCF with a 1.16% yield. HIBB has made some significant changes over the last two years including shifting much of their fashion inventory away from sporting goods and more towards athleisure, establishing a stronger ecommerce platform and options like BOPIS, and recently expanding their in-store experiences. Going forward, they expect to focus more on investments in their infrastructure which will make them more capital-efficient. Analysts have an average target for shares of $80 with a Street High $110. Benchmark starting coverage last week with a Buy. The firm thinks Hibbett has a unique position in the marketplace with an opportunity to leverage a growing base of GEN-Z customers. The firm sees an improving product mix and stronger sell-through to drive sales and margin expansion. Telsey starting at Outperform in July noting that Hibbett has benefited from strong demand for athletic apparel and footwear during the pandemic, and its sales growth can continue over the next several years given the company’s unique geographic footprint in small and rural markets, a higher pace of store openings and expanded omnichannel capabilities. Short interest is 13.9% but down from around 40% in early 2020. Hedge fund ownership fell 25% in Q1.