Stitch Fix (NASDAQ:SFIX) Price Target Cut to $3.75 by Analysts at Morgan Stanley

Posted by Defense World Staff on Sep 20th, 2023

Stitch Fix (NASDAQ:SFIX – Free Report) had its price target trimmed by Morgan Stanley from $4.00 to $3.75 in a research note released on Tuesday, Benzinga reports. The brokerage currently has an equal weight rating on the stock.

A number of other research firms have also recently commented on SFIX. Wedbush lowered their price objective on shares of Stitch Fix from $4.50 to $3.50 and set a neutral rating for the company in a research report on Tuesday. Barclays lowered their target price on Stitch Fix from $4.00 to $3.00 and set an equal weight rating for the company in a research note on Tuesday. Piper Sandler lowered their target price on Stitch Fix from $3.00 to $2.50 and set an underweight rating for the company in a research note on Tuesday. Canaccord Genuity Group lowered their target price on Stitch Fix from $5.00 to $4.00 and set a hold rating for the company in a research note on Tuesday. Finally, Robert W. Baird lowered their target price on Stitch Fix from $5.00 to $3.50 and set a neutral rating for the company in a research note on Tuesday. Two analysts have rated the stock with a sell rating and fourteen have assigned a hold rating to the company. Based on data from MarketBeat.com, the company currently has an average rating of Hold and a consensus price target of $4.18.

View Our Latest Stock Report on SFIX

Stitch Fix Price Performance

Stitch Fix stock opened at $3.42 on Tuesday. The firm has a market capitalization of $389.08 million, a price-to-earnings ratio of -1.58 and a beta of 2.24. The company’s 50 day simple moving average is $4.10 and its 200 day simple moving average is $4.09. Stitch Fix has a fifty-two week low of $2.63 and a fifty-two week high of $6.03.

Stitch Fix (NASDAQ:SFIX – Get Free Report) last announced its quarterly earnings results on Monday, September 18th. The company reported ($0.24) earnings per share for the quarter, missing analysts’ consensus estimates of ($0.21) by ($0.03). Stitch Fix had a negative return on equity of 63.69% and a negative net margin of 13.74%. The firm had revenue of $375.80 million for the quarter, compared to the consensus estimate of $371.24 million. During the same period in the prior year, the business earned ($0.65) earnings per share. The company’s revenue for the quarter was down 22.0% compared to the same quarter last year. As a group, analysts predict that Stitch Fix will post -1.18 EPS for the current fiscal year.

Insider Activity

In related news, insider Casey O’connor sold 9,262 shares of the business’s stock in a transaction that occurred on Thursday, July 20th. The stock was sold at an average price of $4.21, for a total value of $38,993.02. Following the completion of the sale, the insider now directly owns 284,346 shares in the company, valued at $1,197,096.66. The sale was disclosed in a filing with the SEC, which is available at this link. 28.51% of the stock is currently owned by company insiders.

Hedge Funds Weigh In On Stitch Fix

Several hedge funds and other institutional investors have recently modified their holdings of the business. Virginia Retirement Systems ET AL bought a new position in Stitch Fix in the 2nd quarter valued at approximately $608,000. Nuveen Asset Management LLC raised its position in Stitch Fix by 77.0% in the second quarter. Nuveen Asset Management LLC now owns 1,788,068 shares of the company’s stock valued at $6,884,000 after purchasing an additional 778,110 shares during the last quarter. GTS Securities LLC bought a new position in Stitch Fix in the second quarter valued at about $92,000. Alliancebernstein L.P. raised its position in Stitch Fix by 74.6% in the second quarter. Alliancebernstein L.P. now owns 127,928 shares of the company’s stock valued at $493,000 after purchasing an additional 54,660 shares during the last quarter. Finally, Wells Fargo & Company MN raised its position in Stitch Fix by 111.4% in the second quarter. Wells Fargo & Company MN now owns 34,003 shares of the company’s stock valued at $131,000 after purchasing an additional 17,919 shares during the last quarter. Institutional investors own 67.49% of the company’s stock.

Stitch Fix Company Profile

(Get Free Report)

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.