Farfetch (NYSE:FTCH) Shares Gap Down to $8.04

Farfetch Ltd (NYSE:FTCH)’s stock price gapped down before the market opened on Thursday . The stock had previously closed at $8.31, but opened at $8.04. Farfetch shares last traded at $7.76, with a volume of 3,451,523 shares.

Several research firms recently commented on FTCH. Wells Fargo & Co set a $17.00 price objective on shares of Farfetch and gave the stock a “buy” rating in a research note on Friday, August 9th. ValuEngine raised shares of Farfetch from a “hold” rating to a “buy” rating in a research note on Wednesday, October 2nd. Zacks Investment Research raised shares of Farfetch from a “sell” rating to a “hold” rating in a research note on Tuesday, October 29th. Oppenheimer dropped their price objective on shares of Farfetch from $32.00 to $25.00 in a research note on Wednesday, August 14th. Finally, Goldman Sachs Group reissued a “buy” rating and set a $21.40 price objective (down previously from $37.00) on shares of Farfetch in a research note on Monday, November 4th. One investment analyst has rated the stock with a sell rating, two have assigned a hold rating and ten have given a buy rating to the stock. Farfetch has an average rating of “Buy” and a consensus price target of $23.34.

The company has a debt-to-equity ratio of 0.08, a current ratio of 3.19 and a quick ratio of 2.91. The firm has a market cap of $2.47 billion, a P/E ratio of -12.68 and a beta of 2.50. The firm’s 50 day moving average is $8.34 and its 200 day moving average is $15.55.

A number of institutional investors have recently modified their holdings of the business. Morgan Stanley raised its holdings in Farfetch by 139.8% in the second quarter. Morgan Stanley now owns 32,155,141 shares of the company’s stock worth $668,828,000 after buying an additional 18,744,626 shares during the last quarter. Price T Rowe Associates Inc. MD raised its holdings in Farfetch by 47.0% in the second quarter. Price T Rowe Associates Inc. MD now owns 24,656,061 shares of the company’s stock worth $512,846,000 after buying an additional 7,886,096 shares during the last quarter. Invesco Ltd. purchased a new position in Farfetch in the second quarter worth about $128,360,000. Nuveen Asset Management LLC purchased a new position in Farfetch in the second quarter worth about $94,234,000. Finally, Cadian Capital Management LP raised its holdings in Farfetch by 127.3% in the second quarter. Cadian Capital Management LP now owns 2,500,000 shares of the company’s stock worth $52,000,000 after buying an additional 1,400,000 shares during the last quarter. 66.54% of the stock is owned by institutional investors and hedge funds.

About Farfetch (NYSE:FTCH)

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.

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