Dick’s Sporting Goods Sees Stock Price Gains with NFL Player’s Purchase

Despite trailing behind the market, Dick’s Sporting Goods stock has experienced gains in 2023. The retailer recently made headlines when former National Football League player, Larry Fitzgerald Jr., purchased a large number of shares in the company.

Compared to a 20% rise in the S&P 500 index, Dick’s stock has seen a 15% increase this year. Third-quarter earnings, which were reported in November, demonstrated strength, leading the company to raise its guidance. One of the key factors driving this success could be the ongoing trend of remote work, which originated from the COVID-19 pandemic.

On November 29, Fitzgerald acquired 783 shares of Dick’s for a price of $127.97 each, totaling $100,200. These details were disclosed in a form submitted to the Securities and Exchange Commission. As a result of this purchase, Fitzgerald now holds 10,484 shares of Dick’s.

Fitzgerald, who joined Dick’s board in July 2020, has not commented on his recent stock acquisition. The former NFL wide receiver played for the Arizona Cardinals from 2004 to 2021. This marks Fitzgerald’s first open-market purchase of Dick’s shares, with the majority of his stock ownership stemming from grants of restricted stock received for his services to the company.

Acknowledged for his exceptional talent, Fitzgerald was recognized by The Wall Street Journal in 2009 for his ability to make catches “with his eyes closed.” In 2016, he was referred to as “one of the best receivers in NFL history” by the same publication.

While positive about Dick’s performance overall, Guggenheim analyst Steven Forbes adjusted his estimates for the company following the release of its third-quarter report. Forbes maintains a Neutral rating on the stock and expressed concerns about elevated average ticket and unit risks throughout Dick’s “core” end markets.