Stitch Fix (NASDAQ:SFIX) Posts Quarterly Earnings Results, Hits Estimates

Stitch Fix (NASDAQ:SFIX) released its earnings results on Thursday. The company reported ($0.05) earnings per share (EPS) for the quarter, meeting the consensus estimate of ($0.05), Zacks reports. Stitch Fix had a negative net margin of 2.27% and a negative return on equity of 14.57%.

Stitch Fix Stock Performance

Shares of SFIX stock traded up $0.13 on Thursday, reaching $4.69. The stock had a trading volume of 5,084,202 shares, compared to its average volume of 2,364,141. The stock has a market cap of $628.98 million, a P/E ratio of -10.20 and a beta of 2.22. Stitch Fix has a 1 year low of $2.60 and a 1 year high of $6.99. The company has a 50 day simple moving average of $4.29 and a 200 day simple moving average of $4.56.

Insiders Place Their Bets

In other news, insider Casey O’connor sold 50,000 shares of the stock in a transaction that occurred on Monday, October 20th. The shares were sold at an average price of $4.41, for a total value of $220,500.00. Following the transaction, the insider owned 431,441 shares in the company, valued at $1,902,654.81. This represents a 10.39% decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. Also, insider Anthony Bacos sold 90,000 shares of the business’s stock in a transaction that occurred on Friday, September 19th. The shares were sold at an average price of $5.61, for a total transaction of $504,900.00. Following the sale, the insider owned 799,966 shares of the company’s stock, valued at $4,487,809.26. This trade represents a 10.11% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. 16.09% of the stock is currently owned by corporate insiders.

Institutional Investors Weigh In On Stitch Fix

Hedge funds have recently modified their holdings of the business. Creative Planning purchased a new stake in shares of Stitch Fix in the 2nd quarter worth $46,000. CIBC Bancorp USA Inc. purchased a new stake in Stitch Fix in the third quarter worth about $50,000. Inceptionr LLC bought a new position in shares of Stitch Fix in the third quarter worth about $72,000. Tower Research Capital LLC TRC lifted its position in shares of Stitch Fix by 171.0% during the 2nd quarter. Tower Research Capital LLC TRC now owns 36,553 shares of the company’s stock valued at $135,000 after buying an additional 23,066 shares in the last quarter. Finally, The Manufacturers Life Insurance Company increased its holdings in Stitch Fix by 12.1% in the 2nd quarter. The Manufacturers Life Insurance Company now owns 39,807 shares of the company’s stock worth $147,000 after acquiring an additional 4,303 shares in the last quarter. Institutional investors own 71.04% of the company’s stock.

Wall Street Analysts Forecast Growth

Several research firms have commented on SFIX. Telsey Advisory Group reissued a “market perform” rating and issued a $6.00 target price on shares of Stitch Fix in a report on Monday. Zacks Research raised shares of Stitch Fix from a “hold” rating to a “strong-buy” rating in a research report on Wednesday, October 15th. Sanford C. Bernstein reaffirmed a “market perform” rating and issued a $6.00 target price on shares of Stitch Fix in a report on Thursday, September 25th. Weiss Ratings reiterated a “sell (d-)” rating on shares of Stitch Fix in a report on Wednesday, October 8th. Finally, UBS Group restated a “neutral” rating on shares of Stitch Fix in a report on Wednesday, September 17th. One equities research analyst has rated the stock with a Strong Buy rating, one has assigned a Buy rating, four have issued a Hold rating and one has issued a Sell rating to the company’s stock. According to MarketBeat, Stitch Fix currently has a consensus rating of “Hold” and an average target price of $6.00.

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.