Stitch Fix (NASDAQ:SFIX) Given New $5.00 Price Target at Canaccord Genuity Group

Stitch Fix (NASDAQ:SFIX) had its price objective increased by investment analysts at Canaccord Genuity Group from $3.50 to $5.00 in a research report issued to clients and investors on Monday,Benzinga reports. The brokerage presently has a “hold” rating on the stock. Canaccord Genuity Group’s price objective points to a potential upside of 12.61% from the stock’s current price.

SFIX has been the topic of a number of other research reports. UBS Group cut their price target on shares of Stitch Fix from $3.80 to $2.80 and set a “neutral” rating on the stock in a research note on Friday, October 11th. Telsey Advisory Group reaffirmed a “market perform” rating and issued a $4.00 price target on shares of Stitch Fix in a research note on Wednesday, September 25th. Two analysts have rated the stock with a sell rating and nine have given a hold rating to the company’s stock. According to MarketBeat.com, the stock has an average rating of “Hold” and an average target price of $3.40.

Stitch Fix Price Performance

Stitch Fix stock opened at $4.44 on Monday. The company’s 50 day simple moving average is $3.38 and its 200 day simple moving average is $3.61. Stitch Fix has a fifty-two week low of $2.06 and a fifty-two week high of $5.05. The firm has a market capitalization of $563.17 million, a price-to-earnings ratio of -4.11 and a beta of 1.99.

Stitch Fix (NASDAQ:SFIX) last announced its quarterly earnings results on Tuesday, September 24th. The company reported ($0.12) earnings per share for the quarter, beating analysts’ consensus estimates of ($0.19) by $0.07. Stitch Fix had a negative net margin of 9.63% and a negative return on equity of 40.62%. The firm had revenue of $319.55 million for the quarter, compared to analyst estimates of $317.48 million. As a group, analysts predict that Stitch Fix will post -0.61 EPS for the current fiscal year.

Hedge Funds Weigh In On Stitch Fix

A number of institutional investors have recently added to or reduced their stakes in the company. Price T Rowe Associates Inc. MD increased its holdings in Stitch Fix by 6.8% during the first quarter. Price T Rowe Associates Inc. MD now owns 84,451 shares of the company’s stock worth $223,000 after buying an additional 5,404 shares during the last quarter. Creative Planning increased its holdings in Stitch Fix by 32.1% during the third quarter. Creative Planning now owns 25,477 shares of the company’s stock worth $72,000 after buying an additional 6,194 shares during the last quarter. Federated Hermes Inc. increased its holdings in 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 during the last quarter. CWM LLC increased its holdings in Stitch Fix by 132.5% during 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 last quarter. Finally, SG Americas Securities LLC increased its holdings in Stitch Fix by 92.3% during the second quarter. SG Americas Securities LLC now owns 19,780 shares of the company’s stock worth $82,000 after buying an additional 9,494 shares during the last quarter. 71.04% of the stock is currently 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.