Stitch Fix (NASDAQ:SFIX) Sees Unusually-High Trading Volume on Analyst Upgrade

Stitch Fix, Inc. (NASDAQ:SFIX) saw strong trading volume on Thursday after Canaccord Genuity Group raised their price target on the stock from $5.00 to $6.00. Canaccord Genuity Group currently has a hold rating on the stock. 3,717,725 shares were traded during mid-day trading, an increase of 85% from the previous session’s volume of 2,012,540 shares.The stock last traded at $5.64 and had previously closed at $6.64.

SFIX has been the subject of a number of other research reports. UBS Group raised their price objective on shares of Stitch Fix from $2.80 to $5.00 and gave the company a “neutral” rating in a research report on Wednesday, December 4th. Telsey Advisory Group lifted their price target on shares of Stitch Fix from $4.00 to $6.00 and gave the company a “market perform” rating in a research report on Wednesday. Two investment analysts have rated the stock with a sell rating and seven have issued a hold rating to the company. According to data from MarketBeat, the stock has a consensus rating of “Hold” and a consensus target price of $3.96.

Institutional Inflows and Outflows

A number of institutional investors and hedge funds have recently added to or reduced their stakes in SFIX. Disciplined Growth Investors Inc. MN raised its holdings in Stitch Fix by 48.1% in the 3rd quarter. Disciplined Growth Investors Inc. MN now owns 13,734,485 shares of the company’s stock valued at $38,731,000 after acquiring an additional 4,460,668 shares during the last quarter. Hodges Capital Management Inc. lifted its position in Stitch Fix by 34.4% during the third quarter. Hodges Capital Management Inc. now owns 3,375,200 shares of the company’s stock valued at $9,518,000 after buying an additional 864,100 shares in the last quarter. Connor Clark & Lunn Investment Management Ltd. lifted its holdings in shares of Stitch Fix by 32.0% during the 3rd quarter. Connor Clark & Lunn Investment Management Ltd. now owns 499,142 shares of the company’s stock valued at $1,408,000 after acquiring an additional 121,084 shares in the last quarter. CWM LLC boosted its position in shares of Stitch Fix by 132.5% in the second quarter. CWM LLC now owns 11,867 shares of the company’s stock worth $49,000 after buying an additional 6,762 shares during the period. Finally, Renaissance Technologies LLC lifted its position in Stitch Fix by 11.7% during the 2nd 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 in the last quarter. 71.04% of the stock is currently owned by hedge funds and other institutional investors.

Stitch Fix Trading Down 30.0 %

The company’s 50 day moving average is $3.69 and its 200-day moving average is $3.71. The stock has a market cap of $589.80 million, a PE ratio of -4.31 and a beta of 1.99.

Stitch Fix (NASDAQ:SFIX) last announced its quarterly earnings data on Tuesday, December 10th. The company reported ($0.05) earnings per share (EPS) for the quarter, beating the consensus estimate of ($0.14) by $0.09. The firm had revenue of $318.82 million for the quarter, compared to analysts’ expectations of $306.88 million. Stitch Fix had a negative return on equity of 40.62% and a negative net margin of 9.63%. Stitch Fix’s revenue for the quarter was down 12.6% compared to the same quarter last year. During the same quarter in the prior year, the firm posted ($0.30) earnings per share. As a group, analysts forecast that Stitch Fix, Inc. will post -0.61 EPS for the current year.

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.