Stitch Fix (NASDAQ:SFIX) Sees Strong Trading Volume Following Analyst Upgrade

Stitch Fix, Inc. (NASDAQ:SFIX) shares saw strong trading volume on Thursday after Canaccord Genuity Group raised their price target on the stock from $5.00 to $6.00. Canaccord Genuity Group currently has a hold rating on the stock. 3,717,725 shares changed hands during trading, an increase of 85% from the previous session’s volume of 2,012,540 shares.The stock last traded at $5.64 and had previously closed at $6.64.

SFIX has been the subject of a number of other research reports. Telsey Advisory Group increased their target price on shares of Stitch Fix from $4.00 to $6.00 and gave the stock a “market perform” rating in a research report on Wednesday. UBS Group lifted their target price on shares of Stitch Fix from $2.80 to $5.00 and gave the company a “neutral” rating in a research note on Wednesday, December 4th. Two analysts have rated the stock with a sell rating and seven have assigned a hold rating to the stock. According to MarketBeat.com, the stock currently has a consensus rating of “Hold” and a consensus price target of $3.96.

Insiders Place Their Bets

In other Stitch Fix news, Director Katrina Lake sold 725,002 shares of the business’s stock in a transaction dated Wednesday, December 11th. The stock was sold at an average price of $5.78, for a total transaction of $4,190,511.56. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this link. Company insiders own 16.95% of the company’s stock.

Institutional Investors Weigh In On Stitch Fix

Several institutional investors have recently modified their holdings of the business. Caprock Group LLC bought a new position in Stitch Fix in the third quarter valued at approximately $33,000. Wealth Enhancement Advisory Services LLC bought a new stake in shares of Stitch Fix in the 3rd quarter valued at about $36,000. Meeder Asset Management Inc. acquired a new stake in shares of Stitch Fix in the 3rd quarter valued at approximately $44,000. Pallas Capital Advisors LLC bought a new position in Stitch Fix during the 2nd quarter worth approximately $48,000. Finally, CWM LLC grew its holdings in Stitch Fix by 132.5% during the second quarter. CWM LLC now owns 11,867 shares of the company’s stock valued at $49,000 after purchasing an additional 6,762 shares during the period. Institutional investors and hedge funds own 71.04% of the company’s stock.

Stitch Fix Stock Down 15.7 %

The stock’s fifty day moving average is $3.72 and its 200-day moving average is $3.72. The stock has a market cap of $497.20 million, a price-to-earnings ratio of -4.72 and a beta of 1.99.

Stitch Fix (NASDAQ:SFIX) last released its quarterly earnings data on Tuesday, December 10th. The company reported ($0.05) EPS for the quarter, beating analysts’ consensus estimates of ($0.14) by $0.09. The business had revenue of $318.82 million during the quarter, compared to analysts’ expectations of $306.88 million. Stitch Fix had a negative net margin of 7.71% and a negative return on equity of 32.21%. The firm’s quarterly revenue was down 12.6% on a year-over-year basis. During the same quarter in the prior year, the company earned ($0.30) EPS. As a group, equities research analysts predict that Stitch Fix, Inc. will post -0.61 earnings per share for the current fiscal year.

Stitch Fix Company Profile

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