Stitch Fix (NASDAQ:SFIX) Price Target Raised to $34.00

Stitch Fix (NASDAQ:SFIX) had its price objective hoisted by equities researchers at Truist from $28.00 to $34.00 in a note issued to investors on Wednesday, The Fly reports. Truist’s target price points to a potential upside of 25.74% from the stock’s current price.

Other research analysts also recently issued reports about the stock. Telsey Advisory Group raised their price target on shares of Stitch Fix from $29.00 to $33.00 and gave the company an “outperform” rating in a report on Friday, September 18th. SunTrust Banks lifted their price objective on shares of Stitch Fix from $22.00 to $28.00 and gave the stock a “buy” rating in a report on Wednesday, June 3rd. MKM Partners began coverage on shares of Stitch Fix in a report on Thursday, September 17th. They set a “neutral” rating and a $25.00 price objective for the company. Barclays lifted their price objective on shares of Stitch Fix from $18.00 to $22.00 and gave the stock an “equal weight” rating in a report on Wednesday, June 3rd. Finally, Needham & Company LLC decreased their target price on shares of Stitch Fix from $36.00 to $34.00 and set a “buy” rating on the stock in a research report on Wednesday. Nine equities research analysts have rated the stock with a hold rating and fourteen have given a buy rating to the stock. Stitch Fix presently has an average rating of “Buy” and an average target price of $25.70.

Shares of SFIX stock traded down $4.34 during trading hours on Wednesday, hitting $27.04. 134,724 shares of the company were exchanged, compared to its average volume of 2,711,604. The firm has a fifty day simple moving average of $25.14 and a 200 day simple moving average of $21.57. The company has a current ratio of 2.25, a quick ratio of 1.44 and a debt-to-equity ratio of 0.34. Stitch Fix has a 52-week low of $10.90 and a 52-week high of $31.60. The stock has a market capitalization of $3.22 billion, a price-to-earnings ratio of -180.25 and a beta of 2.73.

Stitch Fix (NASDAQ:SFIX) last released its quarterly earnings data on Tuesday, September 22nd. The company reported ($0.44) EPS for the quarter, missing the Thomson Reuters’ consensus estimate of ($0.17) by ($0.27). The business had revenue of $443.40 million during the quarter, compared to the consensus estimate of $415.52 million. Stitch Fix had a negative return on equity of 3.71% and a negative net margin of 0.91%. The firm’s quarterly revenue was up 2.6% on a year-over-year basis. During the same period last year, the business posted $0.07 earnings per share. Sell-side analysts anticipate that Stitch Fix will post -0.41 EPS for the current year.

In related news, insider Scott Darling sold 12,000 shares of the business’s stock in a transaction dated Tuesday, July 7th. The shares were sold at an average price of $30.00, for a total transaction of $360,000.00. Following the transaction, the insider now owns 90,074 shares in the company, valued at $2,702,220. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through this link. Also, COO Mike C. Smith sold 40,000 shares of the business’s stock in a transaction dated Wednesday, July 15th. The shares were sold at an average price of $26.34, for a total transaction of $1,053,600.00. Following the transaction, the chief operating officer now owns 121,340 shares in the company, valued at approximately $3,196,095.60. The disclosure for this sale can be found here. Insiders sold 355,571 shares of company stock worth $9,488,765 in the last 90 days. Corporate insiders own 47.52% of the company’s stock.

Hedge funds and other institutional investors have recently made changes to their positions in the stock. Morgan Stanley increased its position in shares of Stitch Fix by 4.2% during the first quarter. Morgan Stanley now owns 1,890,078 shares of the company’s stock valued at $24,005,000 after buying an additional 75,479 shares during the period. State Street Corp increased its position in shares of Stitch Fix by 4.0% during the first quarter. State Street Corp now owns 1,024,795 shares of the company’s stock valued at $13,015,000 after buying an additional 39,702 shares during the period. Cambridge Investment Research Advisors Inc. increased its position in shares of Stitch Fix by 201.1% during the second quarter. Cambridge Investment Research Advisors Inc. now owns 32,842 shares of the company’s stock valued at $819,000 after buying an additional 21,935 shares during the period. Swiss National Bank increased its position in shares of Stitch Fix by 15.6% during the second quarter. Swiss National Bank now owns 117,300 shares of the company’s stock valued at $2,925,000 after buying an additional 15,800 shares during the period. Finally, Virginia Retirement Systems ET AL purchased a new position in shares of Stitch Fix during the first quarter valued at about $245,000. Institutional investors own 51.35% of the company’s stock.

About Stitch Fix

Stitch Fix, Inc sells a range of apparel, shoes, and accessories through its Website and mobile app 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. and changed its name to Stitch Fix, Inc in October 2011.

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