Stitch Fix (NASDAQ:SFIX) Stock Price Down 8.6%

Stitch Fix, Inc. (NASDAQ:SFIX – Get Rating)’s share price dropped 8.6% during trading on Friday . The stock traded as low as $6.05 and last traded at $6.08. Approximately 120,373 shares changed hands during mid-day trading, a decline of 97% from the average daily volume of 4,735,867 shares. The stock had previously closed at $6.65.

Analyst Upgrades and Downgrades

SFIX has been the subject of several analyst reports. KeyCorp initiated coverage on Stitch Fix in a research note on Thursday. They issued a “sector weight” rating for the company. Truist Financial lowered their price objective on Stitch Fix from $12.00 to $8.00 and set a “hold” rating for the company in a research note on Friday, June 10th. JPMorgan Chase & Co. decreased their price target on Stitch Fix from $10.00 to $8.00 and set a “neutral” rating for the company in a research report on Friday, June 10th. Evercore ISI decreased their price target on Stitch Fix from $13.00 to $10.00 and set an “in-line” rating for the company in a research report on Friday, June 10th. Finally, Stifel Nicolaus decreased their price target on Stitch Fix from $9.00 to $7.00 in a research report on Tuesday, June 28th. Three research analysts have rated the stock with a sell rating, fifteen have assigned a hold rating and two have issued a buy rating to the company’s stock. According to MarketBeat, the stock presently has an average rating of “Hold” and a consensus price target of $14.45.

Stitch Fix Stock Performance

The firm has a fifty day simple moving average of $6.71 and a 200 day simple moving average of $10.30. The company has a market capitalization of $659.84 million, a PE ratio of -7.35 and a beta of 1.91.

Stitch Fix (NASDAQ:SFIX – Get Rating) last announced its earnings results on Thursday, June 9th. The company reported ($0.72) earnings per share (EPS) for the quarter, missing the consensus estimate of ($0.57) by ($0.15). The company had revenue of $492.90 million for the quarter, compared to the consensus estimate of $493.71 million. Stitch Fix had a negative net margin of 4.13% and a negative return on equity of 19.96%. The firm’s revenue was down 8.0% compared to the same quarter last year. During the same period last year, the business posted ($0.18) EPS. Research analysts expect that Stitch Fix, Inc. will post -1.62 EPS for the current fiscal year.

Insider Buying and Selling at Stitch Fix

In related news, Director J William Gurley bought 1,000,000 shares of the company’s stock in a transaction on Friday, July 8th. The shares were acquired at an average price of $5.43 per share, with a total value of $5,430,000.00. Following the transaction, the director now owns 2,149,762 shares of the company’s stock, valued at $11,673,207.66. The transaction was disclosed in a document filed with the SEC, which is available at this hyperlink. Insiders own 27.01% of the company’s stock.

Institutional Trading of Stitch Fix

Several hedge funds and other institutional investors have recently bought and sold shares of SFIX. Mengis Capital Management Inc. boosted its position in shares of Stitch Fix by 62.5% in the 2nd quarter. Mengis Capital Management Inc. now owns 27,704 shares of the company’s stock worth $136,000 after purchasing an additional 10,657 shares in the last quarter. Bank of America Corp DE boosted its position in shares of Stitch Fix by 14.4% in the 1st quarter. Bank of America Corp DE now owns 166,079 shares of the company’s stock worth $1,672,000 after purchasing an additional 20,888 shares in the last quarter. Walleye Capital LLC acquired a new stake in shares of Stitch Fix in the 1st quarter worth $740,000. BNP Paribas Arbitrage SA boosted its position in shares of Stitch Fix by 194.0% in the 1st quarter. BNP Paribas Arbitrage SA now owns 295,338 shares of the company’s stock worth $2,974,000 after purchasing an additional 194,896 shares in the last quarter. Finally, Working Capital Advisors UK Ltd. boosted its position in shares of Stitch Fix by 8.0% in the 1st quarter. Working Capital Advisors UK Ltd. now owns 11,979,753 shares of the company’s stock worth $120,636,000 after purchasing an additional 891,379 shares in the last quarter. Institutional investors own 70.50% of the company’s stock.

Stitch Fix Company Profile

(Get Rating)

Stitch Fix, Inc sells a range of apparel, shoes, and accessories through its Website and mobile application in the United States. It offers denim, dresses, blouses, skirts, shoes, jewelry, and handbags for men, women, and kids under the Stitch Fix brand. The company was formerly known as rack habit inc.