Stitch Fix (NASDAQ:SFIX) Rating Lowered to Hold at Canaccord Genuity Group

Stitch Fix (NASDAQ:SFIXGet Rating) was downgraded by equities research analysts at Canaccord Genuity Group from a “buy” rating to a “hold” rating in a research report issued on Wednesday, Marketbeat reports. They presently have a $7.00 price objective on the stock, down from their prior price objective of $12.00. Canaccord Genuity Group’s price objective would indicate a potential upside of 67.66% from the stock’s current price.

A number of other brokerages have also recently issued reports on SFIX. Robert W. Baird decreased their target price on Stitch Fix from $7.00 to $5.50 in a research report on Wednesday. MKM Partners reissued a “neutral” rating and issued a $6.00 price objective on shares of Stitch Fix in a research report on Thursday, July 28th. Telsey Advisory Group reduced their price objective on Stitch Fix from $8.00 to $6.00 and set a “market perform” rating for the company in a research report on Wednesday. KeyCorp started coverage on Stitch Fix in a research report on Thursday, July 21st. They issued a “sector weight” rating for the company. Finally, BMO Capital Markets reduced their price objective on Stitch Fix from $6.00 to $5.00 and set a “market perform” rating for the company in a research report on Wednesday. Two equities research analysts have rated the stock with a sell rating, seventeen have issued a hold rating and one has assigned a buy rating to the stock. According to data from MarketBeat, Stitch Fix currently has a consensus rating of “Hold” and an average target price of $9.45.

Stitch Fix Stock Down 13.9 %

Shares of Stitch Fix stock opened at $4.18 on Wednesday. The stock has a market capitalization of $451.61 million, a P/E ratio of -2.19 and a beta of 1.96. The stock has a 50 day moving average price of $5.92 and a two-hundred day moving average price of $7.59. Stitch Fix has a 12-month low of $3.99 and a 12-month high of $44.65.

Insiders Place Their Bets

In related news, Director J William Gurley bought 1,000,000 shares of Stitch Fix stock in a transaction on Friday, July 8th. The shares were purchased at an average price of $5.43 per share, for a total transaction of $5,430,000.00. Following the completion of the acquisition, the director now owns 2,149,762 shares in the company, valued at $11,673,207.66. The transaction was disclosed in a legal filing with the SEC, which can be accessed through the SEC website. Company insiders own 27.01% of the company’s stock.

Hedge Funds Weigh In On Stitch Fix

Several institutional investors have recently modified their holdings of the business. Working Capital Advisors UK Ltd. lifted its holdings in shares of Stitch Fix by 8.0% during the 1st quarter. Working Capital Advisors UK Ltd. now owns 11,979,753 shares of the company’s stock valued at $120,636,000 after purchasing an additional 891,379 shares in the last quarter. Vanguard Group Inc. raised its position in Stitch Fix by 6.5% in the 1st quarter. Vanguard Group Inc. now owns 7,964,510 shares of the company’s stock valued at $80,203,000 after buying an additional 483,213 shares during the last quarter. Slate Path Capital LP raised its position in Stitch Fix by 43.6% in the 4th quarter. Slate Path Capital LP now owns 4,282,056 shares of the company’s stock valued at $81,016,000 after buying an additional 1,300,000 shares during the last quarter. Disciplined Growth Investors Inc. MN raised its position in Stitch Fix by 3.2% in the 1st quarter. Disciplined Growth Investors Inc. MN now owns 3,011,295 shares of the company’s stock valued at $30,324,000 after buying an additional 93,276 shares during the last quarter. Finally, Federated Hermes Inc. raised its position in Stitch Fix by 56.6% in the 2nd quarter. Federated Hermes Inc. now owns 2,858,763 shares of the company’s stock valued at $14,122,000 after buying an additional 1,033,699 shares during the last quarter. Institutional investors own 73.41% 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.

Further Reading

Analyst Recommendations for Stitch Fix (NASDAQ:SFIX)

Receive News & Ratings for Stitch Fix Daily - Enter your email address below to receive a concise daily summary of the latest news and analysts' ratings for Stitch Fix and related companies with MarketBeat.com's FREE daily email newsletter.