Telsey Advisory Group Cuts Stitch Fix (NASDAQ:SFIX) Price Target to $4.00

Stitch Fix (NASDAQ:SFIX) had its price target reduced by analysts at Telsey Advisory Group from $5.00 to $4.00 in a research report issued to clients and investors on Tuesday, Benzinga reports. The brokerage presently has a “market perform” rating on the stock. Telsey Advisory Group’s target price would suggest a potential upside of 31.15% from the company’s current price.

Separately, Barclays decreased their price objective on Stitch Fix from $4.00 to $3.00 and set an “equal weight” rating for the company in a report on Tuesday. One equities research analyst has rated the stock with a sell rating and twelve have given a hold rating to the company’s stock. According to MarketBeat, the company has a consensus rating of “Hold” and an average price target of $4.89.

Stitch Fix Stock Performance

NASDAQ:SFIX opened at $3.05 on Tuesday. Stitch Fix has a 1 year low of $2.63 and a 1 year high of $6.03. The stock has a market cap of $347.00 million, a P/E ratio of -1.41 and a beta of 2.24. The stock has a 50-day simple moving average of $4.12 and a 200-day simple moving average of $4.10.

Stitch Fix (NASDAQ:SFIX) last announced its quarterly earnings results on Monday, September 18th. The company reported ($0.24) EPS for the quarter, missing the consensus estimate of ($0.21) by ($0.03). Stitch Fix had a negative return on equity of 63.69% and a negative net margin of 13.74%. The company had revenue of $375.80 million for the quarter, compared to analyst estimates of $371.24 million. During the same quarter in the prior year, the business earned ($0.65) earnings per share. Stitch Fix’s revenue was down 22.0% compared to the same quarter last year. On average, equities research analysts predict that Stitch Fix will post -1.18 EPS for the current year.

Insiders Place Their Bets

In other news, insider Casey O’connor sold 9,262 shares of the firm’s stock in a transaction that occurred on Thursday, July 20th. The stock was sold at an average price of $4.21, for a total value of $38,993.02. Following the completion of the sale, the insider now directly owns 284,346 shares of the company’s stock, valued at approximately $1,197,096.66. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this link. 28.51% of the stock is currently owned by insiders.

Hedge Funds Weigh In On Stitch Fix

A number of institutional investors and hedge funds have recently made changes to their positions in SFIX. Virginia Retirement Systems ET AL acquired a new position in Stitch Fix during the second quarter worth about $608,000. Nuveen Asset Management LLC grew its holdings in shares of Stitch Fix by 77.0% in the 2nd quarter. Nuveen Asset Management LLC now owns 1,788,068 shares of the company’s stock worth $6,884,000 after acquiring an additional 778,110 shares during the period. GTS Securities LLC purchased a new position in Stitch Fix in the 2nd quarter valued at approximately $92,000. Alliancebernstein L.P. raised its holdings in Stitch Fix by 74.6% during the second quarter. Alliancebernstein L.P. now owns 127,928 shares of the company’s stock worth $493,000 after purchasing an additional 54,660 shares during the last quarter. Finally, Wells Fargo & Company MN boosted its position in Stitch Fix by 111.4% during the second quarter. Wells Fargo & Company MN now owns 34,003 shares of the company’s stock worth $131,000 after purchasing an additional 17,919 shares in the last quarter. 67.49% of the stock is owned by institutional investors and hedge funds.

About Stitch Fix

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.