Stitch Fix (NASDAQ:SFIX) Stock Price Down 4.4% – Here’s What Happened

Stitch Fix, Inc. (NASDAQ:SFIX)’s share price traded down 4.4% on Thursday . The stock traded as low as $5.04 and last traded at $5.04. 490,724 shares changed hands during trading, a decline of 83% from the average session volume of 2,833,298 shares. The stock had previously closed at $5.27.

Wall Street Analyst Weigh In

Several brokerages have recently weighed in on SFIX. Canaccord Genuity Group increased their price objective on shares of Stitch Fix from $5.00 to $6.00 and gave the stock a “hold” rating in a report on Wednesday, December 11th. UBS Group lifted their target price on Stitch Fix from $2.80 to $5.00 and gave the company a “neutral” rating in a research note on Wednesday, December 4th. Finally, Telsey Advisory Group raised their target price on Stitch Fix from $4.00 to $6.00 and gave the company a “market perform” rating in a research report on Wednesday, December 11th. Two investment 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 has a consensus rating of “Hold” and a consensus target price of $3.96.

Stitch Fix Price Performance

The firm has a market capitalization of $665.28 million, a price-to-earnings ratio of -6.33 and a beta of 1.99. The business has a 50 day moving average of $4.34 and a 200 day moving average of $3.87.

Stitch Fix (NASDAQ:SFIX) last posted its earnings results on Tuesday, December 10th. The company reported ($0.05) EPS for the quarter, topping the consensus estimate of ($0.14) by $0.09. Stitch Fix had a negative return on equity of 32.71% and a negative net margin of 7.71%. The business had revenue of $318.82 million during the quarter, compared to the consensus estimate of $306.88 million. During the same quarter last year, the company earned ($0.30) EPS. Stitch Fix’s revenue was down 12.6% on a year-over-year basis. On average, sell-side analysts forecast that Stitch Fix, Inc. will post -0.44 EPS for the current fiscal year.

Insider Activity

In related news, insider Anthony Bacos sold 16,720 shares of the business’s stock in a transaction on Friday, December 13th. The shares were sold at an average price of $4.61, for a total transaction of $77,079.20. Following the transaction, the insider now directly owns 913,962 shares in the company, valued at approximately $4,213,364.82. The trade was a 1.80 % decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, Director Katrina Lake sold 725,002 shares of the stock in a transaction on Wednesday, December 11th. The shares were sold at an average price of $5.78, for a total value of $4,190,511.56. The disclosure for this sale can be found here. 16.95% of the stock is currently owned by corporate insiders.

Institutional Inflows and Outflows

Several large investors have recently bought and sold shares of SFIX. Bank of New York Mellon Corp grew its position in shares of Stitch Fix by 20.0% in the second quarter. Bank of New York Mellon Corp now owns 314,625 shares of the company’s stock valued at $1,306,000 after purchasing an additional 52,538 shares during the last quarter. Rhumbline Advisers grew its holdings in Stitch Fix by 15.2% in the 2nd quarter. Rhumbline Advisers now owns 146,676 shares of the company’s stock valued at $609,000 after buying an additional 19,367 shares in the last quarter. American Century Companies Inc. increased its position in Stitch Fix by 16.2% during the 2nd quarter. American Century Companies Inc. now owns 122,215 shares of the company’s stock worth $507,000 after buying an additional 17,027 shares during the period. Federated Hermes Inc. lifted its holdings in shares of Stitch Fix by 7.7% during the second quarter. Federated Hermes Inc. now owns 94,624 shares of the company’s stock worth $393,000 after buying an additional 6,739 shares in the last quarter. Finally, Renaissance Technologies LLC increased its position in Stitch Fix by 11.7% during the second quarter. Renaissance Technologies LLC now owns 4,432,600 shares of the company’s stock worth $18,395,000 after acquiring an additional 465,900 shares during the period. 71.04% of the stock is owned by institutional investors.

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.