Farfetch (NYSE:FTCH) Lifted to Hold at Zacks Investment Research

Farfetch (NYSE:FTCH) was upgraded by Zacks Investment Research from a “sell” rating to a “hold” rating in a research note issued to investors on Monday, Zacks.com reports.

According to Zacks, “Farfetch Limited provides retails apparel products. The Company operates an online platform which offers bags, coats, dresses, jackets, jewelry, swimwear, trouser, shoes, knitwear, suits, shorts, watches and accessories. Farfetch Limited is based in London, United Kingdom. “

Several other research firms have also commented on FTCH. Sanford C. Bernstein initiated coverage on Farfetch in a research report on Tuesday, April 16th. They issued an “underperform” rating and a $23.00 price target for the company. Credit Suisse Group lifted their price target on Farfetch from $29.00 to $30.00 and gave the stock an “outperform” rating in a research report on Thursday, May 16th. Goldman Sachs Group upgraded Farfetch from a “neutral” rating to a “buy” rating in a research report on Friday, March 1st. Oppenheimer initiated coverage on Farfetch in a research report on Monday, March 11th. They issued an “outperform” rating and a $34.00 price target for the company. Finally, Citigroup initiated coverage on Farfetch in a research report on Monday, March 11th. They issued an “outperform” rating and a $34.00 price target for the company. Four investment analysts have rated the stock with a hold rating and nine have issued a buy rating to the stock. The stock currently has an average rating of “Buy” and a consensus price target of $28.20.

Shares of FTCH stock traded down $0.11 during trading hours on Monday, hitting $19.65. The stock had a trading volume of 1,759,197 shares, compared to its average volume of 2,344,227. Farfetch has a one year low of $15.98 and a one year high of $32.40. The company has a current ratio of 4.57, a quick ratio of 4.22 and a debt-to-equity ratio of 0.07. The stock has a market capitalization of $5.93 billion and a price-to-earnings ratio of -33.31.

Farfetch (NYSE:FTCH) last issued its earnings results on Wednesday, May 15th. The company reported ($0.34) earnings per share (EPS) for the quarter, missing the Thomson Reuters’ consensus estimate of ($0.15) by ($0.19). The firm had revenue of $174.06 million during the quarter, compared to analysts’ expectations of $171.06 million. During the same quarter last year, the business earned ($0.20) earnings per share. The company’s revenue was up 38.6% on a year-over-year basis. As a group, research analysts predict that Farfetch will post -0.88 EPS for the current fiscal year.

Institutional investors and hedge funds have recently added to or reduced their stakes in the stock. Marshall Wace LLP purchased a new stake in shares of Farfetch in the first quarter valued at approximately $5,929,000. Gilder Gagnon Howe & Co. LLC boosted its holdings in shares of Farfetch by 29.0% in the first quarter. Gilder Gagnon Howe & Co. LLC now owns 3,488,749 shares of the company’s stock valued at $93,882,000 after purchasing an additional 783,373 shares during the period. FMR LLC boosted its holdings in shares of Farfetch by 1.4% in the first quarter. FMR LLC now owns 2,102,839 shares of the company’s stock valued at $56,588,000 after purchasing an additional 29,016 shares during the period. Pentwater Capital Management LP purchased a new stake in shares of Farfetch in the first quarter valued at approximately $1,884,000. Finally, Whale Rock Capital Management LLC purchased a new stake in shares of Farfetch in the first quarter valued at approximately $79,485,000. Institutional investors own 48.31% of the company’s stock.

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.

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