Canaccord Genuity Group Raises Stitch Fix (NASDAQ:SFIX) Price Target to $6.00

Stitch Fix (NASDAQ:SFIX) had its price objective raised by Canaccord Genuity Group from $5.00 to $6.00 in a research note issued to investors on Wednesday,Benzinga reports. They currently have a hold rating on the stock.

Several other research analysts have also issued reports on the company. Telsey Advisory Group upped 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. UBS Group upped their target price on Stitch Fix from $2.80 to $5.00 and gave the company a “neutral” rating in a research report on Wednesday, December 4th. Two investment analysts have rated the stock with a sell rating and seven have given a hold rating to the company’s stock. According to data from MarketBeat, the stock currently has a consensus rating of “Hold” and a consensus price target of $3.96.

Stitch Fix Stock Performance

NASDAQ:SFIX opened at $3.92 on Wednesday. The stock has a market capitalization of $497.20 million, a P/E ratio of -4.72 and a beta of 1.99. The company’s 50-day simple moving average is $3.72 and its 200-day simple moving average is $3.72. Stitch Fix has a fifty-two week low of $2.06 and a fifty-two week high of $6.99.

Stitch Fix (NASDAQ:SFIX) last announced its earnings results on Tuesday, December 10th. The company reported ($0.05) earnings per share for the quarter, beating the consensus estimate of ($0.14) by $0.09. The company had revenue of $318.82 million during the quarter, compared to the consensus estimate of $306.88 million. Stitch Fix had a negative net margin of 7.71% and a negative return on equity of 32.21%. Stitch Fix’s revenue was down 12.6% compared to the same quarter last year. During the same period last year, the firm earned ($0.30) earnings per share. On average, research analysts forecast that Stitch Fix will post -0.61 EPS for the current year.

Insider Activity at Stitch Fix

In other news, Director Katrina Lake sold 725,002 shares of the company’s stock in a transaction dated Wednesday, December 11th. The stock was sold at an average price of $5.78, for a total value of $4,190,511.56. The sale was disclosed in a filing with the SEC, which is available at this hyperlink. 16.95% of the stock is currently owned by insiders.

Institutional Inflows and Outflows

Several institutional investors have recently bought and sold shares of the stock. Caprock Group LLC acquired a new stake in shares of Stitch Fix during the 3rd quarter worth approximately $33,000. Wealth Enhancement Advisory Services LLC acquired a new stake in Stitch Fix during the third quarter valued at $36,000. Meeder Asset Management Inc. purchased a new position in Stitch Fix in the third quarter valued at $44,000. Baader Bank Aktiengesellschaft acquired a new position in shares of Stitch Fix in the second quarter worth about $46,000. Finally, Pallas Capital Advisors LLC purchased a new stake in shares of Stitch Fix during the 2nd quarter worth about $48,000. 71.04% of the stock is currently owned by hedge funds and other 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.