Stitch Fix (NASDAQ:SFIX) Posts Quarterly Earnings Results, Beats Expectations By $0.05 EPS

Stitch Fix (NASDAQ:SFIX) announced its earnings results on Wednesday. The company reported ($0.01) earnings per share for the quarter, beating the consensus estimate of ($0.06) by $0.05, FiscalAI reports. Stitch Fix had a negative net margin of 1.89% and a negative return on equity of 12.23%. The firm had revenue of $340.28 million during the quarter, compared to the consensus estimate of $333.51 million.

Stitch Fix Price Performance

NASDAQ SFIX traded down $0.02 on Wednesday, reaching $3.60. The company had a trading volume of 2,288,410 shares, compared to its average volume of 2,028,266. The firm has a market capitalization of $491.47 million, a PE ratio of -27.69 and a beta of 2.31. Stitch Fix has a 1 year low of $2.95 and a 1 year high of $5.94. The firm has a 50-day moving average of $3.47 and a 200-day moving average of $4.06.

Analyst Upgrades and Downgrades

Several research analysts have recently weighed in on the stock. Telsey Advisory Group cut their price objective on shares of Stitch Fix from $6.00 to $5.00 and set a “market perform” rating on the stock in a report on Thursday, March 12th. William Blair reaffirmed a “mixed” rating on shares of Stitch Fix in a research note on Friday, March 6th. UBS Group reduced their price objective on Stitch Fix from $6.00 to $4.00 and set a “neutral” rating on the stock in a research note on Tuesday, March 3rd. Wall Street Zen lowered Stitch Fix from a “buy” rating to a “hold” rating in a research note on Saturday, May 2nd. Finally, Weiss Ratings reaffirmed a “sell (d-)” rating on shares of Stitch Fix in a research note on Tuesday, April 21st. One analyst has rated the stock with a Buy rating, four have issued a Hold rating and one has assigned a Sell rating to the company’s stock. Based on data from MarketBeat.com, the stock currently has a consensus rating of “Hold” and a consensus price target of $5.00.

Insider Buying and Selling

In other Stitch Fix news, CFO David Aufderhaar sold 65,709 shares of the company’s stock in a transaction that occurred on Tuesday, April 7th. The stock was sold at an average price of $3.09, for a total value of $203,040.81. Following the transaction, the chief financial officer directly owned 1,178,037 shares of the company’s stock, valued at $3,640,134.33. This represents a 5.28% decrease in their position. The sale was disclosed in a document filed with the SEC, which is available at the SEC website. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, insider Casey O’connor sold 60,000 shares of the company’s stock in a transaction that occurred on Friday, April 10th. The shares were sold at an average price of $3.08, for a total value of $184,800.00. Following the completion of the transaction, the insider directly owned 480,334 shares in the company, valued at approximately $1,479,428.72. The trade was a 11.10% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. 16.09% of the stock is owned by corporate insiders.

Institutional Investors Weigh In On Stitch Fix

Several institutional investors and hedge funds have recently made changes to their positions in the company. Vanguard Group Inc. grew its stake in Stitch Fix by 3.2% during the 3rd quarter. Vanguard Group Inc. now owns 7,682,725 shares of the company’s stock worth $33,420,000 after buying an additional 240,584 shares during the last quarter. Goldman Sachs Group Inc. grew its stake in Stitch Fix by 73.3% during the 4th quarter. Goldman Sachs Group Inc. now owns 3,664,995 shares of the company’s stock worth $19,241,000 after buying an additional 1,549,902 shares during the last quarter. State Street Corp grew its stake in shares of Stitch Fix by 18.6% in the fourth quarter. State Street Corp now owns 3,239,044 shares of the company’s stock worth $17,005,000 after purchasing an additional 508,588 shares in the last quarter. Arrowstreet Capital Limited Partnership grew its stake in shares of Stitch Fix by 302.9% in the third quarter. Arrowstreet Capital Limited Partnership now owns 2,897,171 shares of the company’s stock worth $12,603,000 after purchasing an additional 2,178,156 shares in the last quarter. Finally, Geode Capital Management LLC grew its stake in shares of Stitch Fix by 10.5% in the fourth quarter. Geode Capital Management LLC now owns 2,791,632 shares of the company’s stock worth $14,659,000 after purchasing an additional 266,356 shares in the last quarter. 71.04% of the stock is owned by institutional investors and hedge funds.

About Stitch Fix

Stitch Fix, Inc, headquartered in San Francisco, California, is a leading online personal styling service that blends data science with human expertise to deliver curated clothing and accessory selections. Founded in 2011 by Katrina Lake, the company pioneered a subscription-based model in which customers receive periodic “Fixes” tailored to their personal style, size and budget. Each shipment arrives with several handpicked items along with styling notes, allowing clients to review, purchase and return pieces at their convenience.

Clients begin by completing an online style profile that captures their measurements, design preferences and lifestyle needs.