Wells Fargo & Company Lowers Farfetch (NYSE:FTCH) Price Target to $13.00

Farfetch (NYSE:FTCH) had its target price lowered by Wells Fargo & Company from $18.00 to $13.00 in a research report sent to investors on Monday, MarketBeat.com reports. The brokerage currently has an overweight rating on the stock.

Several other research firms also recently issued reports on FTCH. Citigroup decreased their price objective on shares of Farfetch from $4.30 to $3.00 and set a sell rating for the company in a research note on Monday, August 21st. Oppenheimer decreased their price objective on shares of Farfetch from $8.00 to $5.50 and set an outperform rating for the company in a research note on Friday, August 18th. BTIG Research decreased their price objective on shares of Farfetch from $10.00 to $5.50 and set a buy rating for the company in a research note on Friday, August 18th. Morgan Stanley downgraded shares of Farfetch from an overweight rating to an equal weight rating and decreased their price objective for the company from $20.00 to $5.00 in a research note on Tuesday, August 29th. Finally, UBS Group decreased their price objective on shares of Farfetch from $6.70 to $3.30 and set a neutral rating for the company in a research note on Friday, September 8th. One research analyst has rated the stock with a sell rating, six have assigned a hold rating and six have issued a buy rating to the stock. Based on data from MarketBeat.com, Farfetch presently has a consensus rating of Hold and a consensus price target of $6.99.

Farfetch Stock Performance

NYSE:FTCH opened at $2.42 on Monday. The firm has a market capitalization of $955.49 million, a PE ratio of -0.98 and a beta of 3.02. The business’s fifty day moving average price is $4.40 and its 200 day moving average price is $4.70. The company has a debt-to-equity ratio of 1.51, a current ratio of 1.47 and a quick ratio of 1.02. Farfetch has a 12 month low of $2.29 and a 12 month high of $12.15.

Farfetch (NYSE:FTCH) last posted its earnings results on Thursday, August 17th. The company reported ($0.39) EPS for the quarter, missing the consensus estimate of ($0.36) by ($0.03). The business had revenue of $572.09 million during the quarter, compared to analysts’ expectations of $657.89 million. Farfetch had a negative net margin of 37.83% and a negative return on equity of 75.72%. On average, sell-side analysts anticipate that Farfetch will post -1.23 earnings per share for the current fiscal year.

Institutional Investors Weigh In On Farfetch

A number of hedge funds have recently added to or reduced their stakes in the company. GTS Securities LLC acquired a new stake in Farfetch in the second quarter valued at about $1,006,000. Wells Fargo & Company MN lifted its position in Farfetch by 10.5% in the second quarter. Wells Fargo & Company MN now owns 443,495 shares of the company’s stock valued at $2,679,000 after purchasing an additional 42,045 shares during the period. Woodline Partners LP acquired a new stake in Farfetch in the second quarter valued at about $98,000. Stephens Investment Management Group LLC lifted its position in Farfetch by 2.1% in the second quarter. Stephens Investment Management Group LLC now owns 5,619,868 shares of the company’s stock valued at $33,944,000 after purchasing an additional 116,891 shares during the period. Finally, Point72 Asset Management L.P. lifted its position in Farfetch by 99.2% in the second quarter. Point72 Asset Management L.P. now owns 5,025,793 shares of the company’s stock valued at $30,356,000 after purchasing an additional 2,502,595 shares during the period. Institutional investors and hedge funds own 67.35% of the company’s stock.

Farfetch Company Profile

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.