Farfetch (NYSE:FTCH) Trading Down 2.8% Following Analyst Downgrade

Farfetch Ltd (NYSE:FTCH) was down 2.8% during trading on Tuesday after Wells Fargo & Company lowered their price target on the stock from $18.00 to $13.00. Wells Fargo & Company currently has an overweight rating on the stock. Farfetch traded as low as $2.38 and last traded at $2.46. Approximately 2,350,917 shares were traded during trading, a decline of 83% from the average daily volume of 13,819,091 shares. The stock had previously closed at $2.53.

Several other equities research analysts have also issued reports on FTCH. JPMorgan Chase & Co. lowered Farfetch from an “overweight” rating to a “neutral” rating and reduced their price target for the company from $15.00 to $6.00 in a report on Friday, August 18th. Credit Suisse Group reduced their target price on Farfetch from $12.00 to $10.00 and set an “outperform” rating for the company in a report on Friday, August 18th. Citigroup dropped their price target on Farfetch from $4.30 to $3.00 and set a “sell” rating on the stock in a research report on Monday, August 21st. Morgan Stanley downgraded Farfetch from an “overweight” rating to an “equal weight” rating and dropped their price target for the stock from $20.00 to $5.00 in a research report on Tuesday, August 29th. Finally, Piper Sandler dropped their price target on Farfetch from $6.00 to $5.00 and set a “neutral” rating on the stock in a research report on Friday, August 18th. One research analyst has rated the stock with a sell rating, six have assigned a hold rating and six have issued a buy rating to the company’s stock. According to MarketBeat, Farfetch currently has an average rating of “Hold” and a consensus price target of $6.99.

Hedge Funds Weigh In On Farfetch

Large investors have recently made changes to their positions in the company. Eagle Bay Advisors LLC acquired a new position in shares of Farfetch during the second quarter valued at $32,000. Natixis bought a new stake in Farfetch in the fourth quarter valued at about $40,000. Tower Research Capital LLC TRC increased its holdings in Farfetch by 403.6% in the first quarter. Tower Research Capital LLC TRC now owns 10,445 shares of the company’s stock valued at $51,000 after purchasing an additional 8,371 shares during the last quarter. Icapital Wealth LLC bought a new stake in Farfetch in the fourth quarter valued at about $52,000. Finally, Central Asset Investments & Management Holdings HK Ltd bought a new stake in Farfetch in the fourth quarter valued at about $52,000. Institutional investors and hedge funds own 67.35% of the company’s stock.

Farfetch Stock Down 4.0 %

The business has a fifty day moving average of $4.54 and a 200 day moving average of $4.73. The firm has a market cap of $959.44 million, a P/E ratio of -0.98 and a beta of 3.02. The company has a quick ratio of 1.02, a current ratio of 1.47 and a debt-to-equity ratio of 1.51.

Farfetch (NYSE:FTCH) last released its quarterly earnings data on Thursday, August 17th. The company reported ($0.39) EPS for the quarter, missing analysts’ consensus estimates of ($0.36) by ($0.03). The company had revenue of $572.09 million during the quarter, compared to the consensus estimate of $657.89 million. Farfetch had a negative net margin of 37.83% and a negative return on equity of 75.72%. On average, equities research analysts predict that Farfetch Ltd will post -1.23 EPS for the current year.

About Farfetch

Farfetch Ltd. engages in the retail of fashion and luxury goods. It offers womenswear, menswear, kidswear, vintage, fine watches, and fine jewelry. The company was founded by José Manuel Ferreira Neves in 2007 and launched in 2008 and is headquartered in London, the United Kingdom.