MKM Partners Trims Stitch Fix (NASDAQ:SFIX) Target Price to $31.00

Stitch Fix (NASDAQ:SFIX) had its price objective dropped by research analysts at MKM Partners from $45.00 to $31.00 in a report issued on Wednesday, The Fly reports. The brokerage presently has a “sell” rating on the stock. MKM Partners’ target price indicates a potential downside of 9.33% from the stock’s current price.

Several other research analysts have also weighed in on the stock. Robert W. Baird increased their target price on shares of Stitch Fix from $60.00 to $70.00 and gave the stock a “neutral” rating in a research note on Tuesday, June 8th. Canaccord Genuity increased their target price on shares of Stitch Fix from $68.00 to $76.00 and gave the stock a “buy” rating in a research note on Tuesday, June 8th. Piper Sandler increased their target price on shares of Stitch Fix from $47.00 to $55.00 and gave the stock a “neutral” rating in a research note on Tuesday, June 8th. Barclays increased their target price on shares of Stitch Fix from $48.00 to $59.00 and gave the stock an “equal weight” rating in a research note on Tuesday, June 8th. Finally, Wells Fargo & Company increased their target price on shares of Stitch Fix from $27.00 to $35.00 and gave the stock an “underweight” rating in a research note on Tuesday, June 8th. Three investment analysts have rated the stock with a sell rating, seven have issued a hold rating and seven have issued a buy rating to the stock. Based on data from MarketBeat.com, the stock has a consensus rating of “Hold” and a consensus target price of $87.60.

Stitch Fix stock traded down $1.50 during midday trading on Wednesday, hitting $34.19. 97,906 shares of the stock were exchanged, compared to its average volume of 2,143,916. The stock has a market capitalization of $3.66 billion, a price-to-earnings ratio of -46.83 and a beta of 1.97. The stock’s 50-day simple moving average is $48.11 and its 200 day simple moving average is $51.48. Stitch Fix has a fifty-two week low of $25.19 and a fifty-two week high of $113.76.

In other Stitch Fix news, CEO Katrina Lake sold 198,876 shares of the firm’s stock in a transaction that occurred on Friday, June 18th. The shares were sold at an average price of $59.63, for a total transaction of $11,858,975.88. Also, major shareholder Mitchell Lasky sold 9,831 shares of the firm’s stock in a transaction that occurred on Monday, June 21st. The stock was sold at an average price of $60.89, for a total transaction of $598,609.59. The disclosure for this sale can be found here. In the last three months, insiders have sold 392,977 shares of company stock worth $21,831,483. 45.10% of the stock is owned by corporate insiders.

Several institutional investors have recently made changes to their positions in SFIX. Burleson & Company LLC acquired a new position in shares of Stitch Fix in the 1st quarter valued at $50,000. Greenspring Associates LLC purchased a new position in Stitch Fix in the 2nd quarter valued at $86,000. Dark Forest Capital Management LP purchased a new stake in shares of Stitch Fix during the 2nd quarter worth $96,000. Truvestments Capital LLC boosted its position in shares of Stitch Fix by 24.0% during the 1st quarter. Truvestments Capital LLC now owns 2,679 shares of the company’s stock worth $133,000 after purchasing an additional 518 shares in the last quarter. Finally, Russell Investments Group Ltd. purchased a new stake in shares of Stitch Fix during the 1st quarter worth $150,000. 61.11% of the stock is currently owned by institutional investors and hedge funds.

About Stitch Fix

Stitch Fix, Inc is an online personal styling service that delivers personalized fixes of apparel and accessories to men, women and kids. The company was founded by Katrina Lake and Erin Morrison Flynn in February 2011 and is headquartered in San Francisco, CA.

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