Zacks Investment Research Lowers Farfetch (NYSE:FTCH) to Sell

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

FTCH has been the subject of several other research reports. Oppenheimer dropped their target price on Farfetch from $32.00 to $25.00 in a research report on Wednesday, August 14th. Bank of America dropped their target price on Farfetch from $33.00 to $22.00 and set a “buy” rating for the company in a research report on Thursday, August 29th. Cowen dropped their target price on Farfetch from $33.00 to $16.00 and set a “buy” rating for the company in a research report on Friday, August 9th. Wells Fargo & Co set a $17.00 target price on Farfetch and gave the company a “buy” rating in a research report on Friday, August 9th. Finally, BTIG Research started coverage on Farfetch in a research report on Tuesday, July 16th. They set a “buy” rating and a $26.00 target price for the company. One investment analyst has rated the stock with a sell rating, four have issued a hold rating and twelve have assigned a buy rating to the company’s stock. The stock presently has an average rating of “Buy” and a consensus price target of $24.23.

Shares of NYSE:FTCH traded down $0.07 during trading hours on Tuesday, hitting $10.20. 2,173,390 shares of the company’s stock traded hands, compared to its average volume of 2,778,211. Farfetch has a 1 year low of $8.82 and a 1 year high of $32.40. The business has a fifty day moving average price of $12.11 and a 200-day moving average price of $20.66. The firm has a market capitalization of $3.06 billion and a P/E ratio of -17.29. The company has a debt-to-equity ratio of 0.08, a current ratio of 3.19 and a quick ratio of 2.91.

Farfetch (NYSE:FTCH) last announced its earnings results on Thursday, August 8th. The company reported ($0.29) earnings per share (EPS) for the quarter, missing the Thomson Reuters’ consensus estimate of ($0.20) by ($0.09). Farfetch had a negative net margin of 40.23% and a negative return on equity of 25.53%. The business had revenue of $209.30 million for the quarter, compared to analysts’ expectations of $196.51 million. The business’s revenue was up 42.7% compared to the same quarter last year. As a group, equities analysts predict that Farfetch will post -1.18 earnings per share for the current year.

Institutional investors have recently bought and sold shares of the company. Ladenburg Thalmann Financial Services Inc. bought a new stake in shares of Farfetch during the second quarter valued at approximately $37,000. Mirova bought a new stake in shares of Farfetch during the second quarter valued at approximately $53,000. Royal Bank of Canada raised its stake in shares of Farfetch by 7,657.5% during the second quarter. Royal Bank of Canada now owns 3,103 shares of the company’s stock valued at $64,000 after acquiring an additional 3,063 shares in the last quarter. Harel Insurance Investments & Financial Services Ltd. raised its stake in shares of Farfetch by 9,359.5% during the second quarter. Harel Insurance Investments & Financial Services Ltd. now owns 3,500 shares of the company’s stock valued at $73,000 after acquiring an additional 3,463 shares in the last quarter. Finally, Tower Research Capital LLC TRC bought a new stake in shares of Farfetch during the second quarter valued at approximately $154,000. 66.06% of the stock is owned by hedge funds and other institutional investors.

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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