Farfetch (NYSE:FTCH) Downgraded to Market Perform at Cowen

Cowen downgraded shares of Farfetch (NYSE:FTCHGet Rating) from an outperform rating to a market perform rating in a research note issued to investors on Tuesday, Marketbeat Ratings reports. The brokerage currently has $9.00 target price on the stock, down from their previous target price of $11.00.

Other equities research analysts also recently issued research reports about the company. Morgan Stanley cut their price target on Farfetch from $56.00 to $30.00 and set an overweight rating on the stock in a report on Friday, May 27th. JPMorgan Chase & Co. dropped their price objective on Farfetch from $20.00 to $16.00 and set an overweight rating on the stock in a report on Wednesday, June 29th. Wedbush dropped their price objective on Farfetch from $16.00 to $8.00 and set a neutral rating on the stock in a report on Friday, May 27th. BTIG Research dropped their price objective on Farfetch from $26.00 to $16.00 and set a buy rating on the stock in a report on Friday, May 27th. Finally, UBS Group downgraded Farfetch from a buy rating to a neutral rating and dropped their price objective for the company from $13.00 to $10.00 in a report on Tuesday, June 28th. Six research analysts have rated the stock with a hold rating and eleven have assigned a buy rating to the stock. According to data from MarketBeat.com, the stock presently has an average rating of Moderate Buy and a consensus target price of $22.59.

Farfetch Price Performance

FTCH opened at $8.41 on Tuesday. The stock’s 50-day moving average price is $8.08 and its 200 day moving average price is $12.62. The company has a current ratio of 2.05, a quick ratio of 1.71 and a debt-to-equity ratio of 0.51. Farfetch has a 12-month low of $6.52 and a 12-month high of $51.53. The firm has a market cap of $3.20 billion, a price-to-earnings ratio of -7.25 and a beta of 3.00.

Farfetch (NYSE:FTCHGet Rating) last issued its quarterly earnings results on Thursday, May 26th. The company reported ($0.37) earnings per share for the quarter, missing the consensus estimate of ($0.35) by ($0.02). Farfetch had a return on equity of 1,826.57% and a net margin of 73.70%. The company had revenue of $514.80 million for the quarter, compared to analysts’ expectations of $560.27 million. During the same quarter last year, the company earned ($0.28) EPS. Farfetch’s revenue for the quarter was up 6.1% compared to the same quarter last year. As a group, sell-side analysts expect that Farfetch will post -1.16 earnings per share for the current year.

Institutional Trading of Farfetch

A number of hedge funds have recently added to or reduced their stakes in FTCH. EverSource Wealth Advisors LLC acquired a new stake in Farfetch during the 4th quarter worth approximately $31,000. Asset Management One Co. Ltd. lifted its position in Farfetch by 61.8% during the 2nd quarter. Asset Management One Co. Ltd. now owns 5,107 shares of the company’s stock worth $36,000 after acquiring an additional 1,951 shares during the period. Sierra Capital LLC acquired a new stake in Farfetch during the 1st quarter worth approximately $47,000. IndexIQ Advisors LLC acquired a new stake in Farfetch during the 1st quarter worth approximately $75,000. Finally, Captrust Financial Advisors lifted its holdings in shares of Farfetch by 31.8% in the 1st quarter. Captrust Financial Advisors now owns 4,993 shares of the company’s stock valued at $75,000 after buying an additional 1,204 shares during the period. 81.36% of the stock is owned by institutional investors and hedge funds.

Farfetch Company Profile

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Farfetch Ltd. engages in the retail of fashion and luxury goods. It offers womenswear, menswear, kidswear, vintage, fine watches, and fine jewelry. The company was founded by José Manuel Ferreira Neves in 2007 and launched in 2008 and is headquartered in London, the United Kingdom.

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Analyst Recommendations for Farfetch (NYSE:FTCH)

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