Farfetch Ltd (NYSE:FTCH – Get Rating) dropped 8.6% during mid-day trading on Friday after Citigroup lowered their price target on the stock from $6.00 to $4.00. Citigroup currently has a sell rating on the stock. Farfetch traded as low as $4.25 and last traded at $4.27. Approximately 3,654,691 shares were traded during mid-day trading, a decline of 73% from the average daily volume of 13,734,073 shares. The stock had previously closed at $4.67.
Several other analysts have also recently issued reports on the stock. JMP Securities assumed coverage on shares of Farfetch in a research note on Friday. They issued a “market perform” rating on the stock. BTIG Research lowered their price objective on shares of Farfetch from $13.00 to $10.00 in a research report on Friday, December 2nd. Oppenheimer raised their price objective on shares of Farfetch from $7.00 to $7.50 and gave the company an “outperform” rating in a research report on Monday, February 27th. Wells Fargo & Company lowered their price objective on shares of Farfetch from $25.00 to $18.00 and set an “overweight” rating on the stock in a research report on Friday, December 2nd. Finally, Cowen lowered their price objective on shares of Farfetch from $11.00 to $8.00 and set an “outperform” rating on the stock in a research report on Monday, December 5th. One investment analyst has rated the stock with a sell rating, five have assigned a hold rating and ten have given a buy rating to the stock. According to MarketBeat.com, the stock currently has an average rating of “Moderate Buy” and a consensus price target of $11.77.
Institutional Investors Weigh In On Farfetch
A number of large investors have recently added to or reduced their stakes in the company. Baillie Gifford & Co. grew its holdings in Farfetch by 1.2% in the 4th quarter. Baillie Gifford & Co. now owns 46,960,424 shares of the company’s stock worth $222,123,000 after acquiring an additional 562,303 shares during the last quarter. Price T Rowe Associates Inc. MD boosted its stake in shares of Farfetch by 42.8% during the 2nd quarter. Price T Rowe Associates Inc. MD now owns 21,277,996 shares of the company’s stock valued at $152,350,000 after purchasing an additional 6,376,075 shares in the last quarter. Dragoneer Investment Group LLC boosted its stake in shares of Farfetch by 13.9% during the 3rd quarter. Dragoneer Investment Group LLC now owns 14,652,820 shares of the company’s stock valued at $109,164,000 after purchasing an additional 1,782,800 shares in the last quarter. T. Rowe Price Investment Management Inc. boosted its stake in shares of Farfetch by 17.6% during the 4th quarter. T. Rowe Price Investment Management Inc. now owns 10,441,289 shares of the company’s stock valued at $49,388,000 after purchasing an additional 1,560,043 shares in the last quarter. Finally, ArrowMark Colorado Holdings LLC boosted its stake in shares of Farfetch by 94.9% during the 4th quarter. ArrowMark Colorado Holdings LLC now owns 8,422,602 shares of the company’s stock valued at $39,839,000 after purchasing an additional 4,101,900 shares in the last quarter. Institutional investors own 78.07% of the company’s stock.
Farfetch Price Performance
The business’s 50 day moving average price is $5.60 and its two-hundred day moving average price is $6.71. The stock has a market cap of $1.69 billion, a P/E ratio of -1.91 and a beta of 2.99. The company has a current ratio of 1.80, a quick ratio of 1.41 and a debt-to-equity ratio of 0.99.
Farfetch (NYSE:FTCH – Get Rating) last announced its earnings results on Thursday, February 23rd. The company reported ($0.42) earnings per share for the quarter, meeting analysts’ consensus estimates of ($0.42). The firm had revenue of $629.17 million for the quarter, compared to analyst estimates of $626.97 million. Farfetch had a net margin of 15.51% and a return on equity of 22.84%. As a group, sell-side analysts expect that Farfetch Ltd will post -1.37 earnings per share for the current fiscal year.
About Farfetch
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.
