Stitch Fix (NASDAQ:SFIX) Sets New 1-Year High After Earnings Beat

Shares of Stitch Fix, Inc. (NASDAQ:SFIX) reached a new 52-week high during trading on Wednesday following a stronger than expected earnings report. The company traded as high as $6.40 and last traded at $5.36, with a volume of 3730179 shares trading hands. The stock had previously closed at $4.60.

The company reported ($0.05) EPS for the quarter, topping analysts’ consensus estimates of ($0.14) by $0.09. The business had revenue of $318.82 million during the quarter, compared to analyst estimates of $306.88 million. Stitch Fix had a negative return on equity of 40.62% and a negative net margin of 9.63%. The company’s quarterly revenue was down 12.6% compared to the same quarter last year. During the same quarter last year, the company earned ($0.30) EPS.

Wall Street Analysts Forecast Growth

SFIX has been the topic of several research reports. Canaccord Genuity Group raised their target price on shares of Stitch Fix from $3.50 to $5.00 and gave the stock a “hold” rating in a report on Monday, December 2nd. UBS Group increased their price objective on shares of Stitch Fix from $2.80 to $5.00 and gave the stock a “neutral” rating in a research note on Wednesday, December 4th. Finally, Telsey Advisory Group boosted their target price on shares of Stitch Fix from $4.00 to $6.00 and gave the company a “market perform” rating in a research report on Wednesday. Two equities research analysts have rated the stock with a sell rating and eight have issued a hold rating to the company’s stock. Based on data from MarketBeat, the company currently has an average rating of “Hold” and an average price target of $3.77.

Institutional Investors Weigh In On Stitch Fix

Institutional investors and hedge funds have recently modified their holdings of the stock. Franklin Resources Inc. raised its stake in shares of Stitch Fix by 68.0% in the third quarter. Franklin Resources Inc. now owns 144,261 shares of the company’s stock valued at $391,000 after acquiring an additional 58,412 shares during the period. Virtu Financial LLC bought a new stake in Stitch Fix during the 3rd quarter valued at about $196,000. Barclays PLC increased its position in shares of Stitch Fix by 30.7% during the third quarter. Barclays PLC now owns 168,953 shares of the company’s stock worth $475,000 after acquiring an additional 39,713 shares during the period. Geode Capital Management LLC raised its stake in shares of Stitch Fix by 3.8% during the third quarter. Geode Capital Management LLC now owns 2,294,925 shares of the company’s stock valued at $6,473,000 after acquiring an additional 83,220 shares in the last quarter. Finally, Disciplined Growth Investors Inc. MN boosted its holdings in shares of Stitch Fix by 48.1% in the third quarter. Disciplined Growth Investors Inc. MN now owns 13,734,485 shares of the company’s stock valued at $38,731,000 after purchasing an additional 4,460,668 shares during the period. Institutional investors own 71.04% of the company’s stock.

Stitch Fix Stock Up 16.5 %

The firm has a 50 day moving average of $3.57 and a 200-day moving average of $3.69. The company has a market cap of $679.85 million, a P/E ratio of -4.96 and a beta of 1.99.

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.