Morgan Stanley Cuts Stitch Fix (NASDAQ:SFIX) Price Target to $5.00

Stitch Fix (NASDAQ:SFIXGet Rating) had its target price cut by analysts at Morgan Stanley from $9.00 to $5.00 in a report issued on Friday, The Fly reports. Morgan Stanley’s target price points to a potential downside of 35.73% from the stock’s previous close.

Other research analysts have also issued research reports about the stock. JPMorgan Chase & Co. cut their target price on shares of Stitch Fix from $10.00 to $8.00 and set a “neutral” rating for the company in a research report on Friday. Barclays dropped their price objective on shares of Stitch Fix from $22.00 to $12.00 and set an “equal weight” rating on the stock in a report on Wednesday, March 9th. Wedbush dropped their price objective on shares of Stitch Fix from $21.00 to $9.00 and set a “neutral” rating on the stock in a report on Wednesday, March 9th. Bernstein Bank began coverage on shares of Stitch Fix in a report on Tuesday, March 15th. They set a “market perform” rating and a $11.00 price objective on the stock. Finally, Truist Financial downgraded shares of Stitch Fix from a “buy” rating to a “hold” rating and dropped their price objective for the stock from $40.00 to $12.00 in a report on Wednesday, March 9th. Two investment analysts have rated the stock with a sell rating, seventeen have issued a hold rating and two have assigned a buy rating to the company. Based on data from MarketBeat, the company currently has an average rating of “Hold” and a consensus target price of $16.38.

SFIX stock opened at $7.78 on Friday. Stitch Fix has a 1 year low of $6.71 and a 1 year high of $64.52. The company has a fifty day simple moving average of $9.07 and a 200 day simple moving average of $13.70. The firm has a market cap of $846.46 million, a PE ratio of -26.83 and a beta of 1.74.

Stitch Fix (NASDAQ:SFIXGet Rating) last released its earnings results on Thursday, June 9th. The company reported ($0.72) earnings per share for the quarter, missing analysts’ consensus estimates of ($0.57) by ($0.15). The firm had revenue of $492.90 million for the quarter, compared to analyst estimates of $493.71 million. Stitch Fix had a negative return on equity of 6.58% and a negative net margin of 1.37%. The firm’s revenue was down 8.0% on a year-over-year basis. During the same period in the prior year, the firm earned ($0.18) EPS. Sell-side analysts anticipate that Stitch Fix will post -1.38 earnings per share for the current fiscal year.

Several hedge funds have recently made changes to their positions in the company. Metropolitan Life Insurance Co NY lifted its holdings in Stitch Fix by 2.0% in the third quarter. Metropolitan Life Insurance Co NY now owns 16,103 shares of the company’s stock valued at $643,000 after buying an additional 320 shares during the period. Dark Forest Capital Management LP lifted its holdings in Stitch Fix by 40.9% in the third quarter. Dark Forest Capital Management LP now owns 2,235 shares of the company’s stock valued at $89,000 after buying an additional 649 shares during the period. Arizona State Retirement System lifted its holdings in Stitch Fix by 4.1% in the fourth quarter. Arizona State Retirement System now owns 18,362 shares of the company’s stock valued at $347,000 after buying an additional 725 shares during the period. Neo Ivy Capital Management lifted its holdings in Stitch Fix by 162.8% in the fourth quarter. Neo Ivy Capital Management now owns 1,616 shares of the company’s stock valued at $31,000 after buying an additional 1,001 shares during the period. Finally, Franklin Resources Inc. lifted its holdings in Stitch Fix by 20.0% in the third quarter. Franklin Resources Inc. now owns 6,143 shares of the company’s stock valued at $246,000 after buying an additional 1,024 shares during the period. Institutional investors own 70.50% of the company’s stock.

Stitch Fix Company Profile (Get Rating)

Stitch Fix, Inc sells a range of apparel, shoes, and accessories through its Website and mobile application in the United States. It offers denim, dresses, blouses, skirts, shoes, jewelry, and handbags for men, women, and kids under the Stitch Fix brand. The company was formerly known as rack habit inc.

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