Bank of New York Mellon Corp Acquires Shares of 1,563,700 Stitch Fix, Inc. $SFIX

Key Points

• Bank of New York Mellon acquired 1,563,700 Stitch Fix shares worth approximately $6.4 million, giving it a 1.17% stake. Institutional investors and hedge funds collectively own 71.04% of the company.
• Stitch Fix reported quarterly revenue of $340.28 million, up 4.7% year over year, and an adjusted loss of $0.01 per share that beat analyst expectations. Despite the improvement, the company remains unprofitable.
• SFIX shares opened at $3.05, near their 12-month low, while analysts maintain an overall “Hold” rating with an average price target of $5.00; insiders have sold nearly 728,000 shares worth $2.9 million over the past 90 days.

Bank of New York Mellon Corp acquired a new stake in Stitch Fix, Inc. (NASDAQ:SFIX - Free Report) during the 2nd quarter, according to its most recent disclosure with the Securities and Exchange Commission. The institutional investor acquired 1,563,700 shares of the company's stock, valued at approximately $6,427,000. Bank of New York Mellon Corp owned about 1.17% of Stitch Fix at the end of the most recent reporting period.

A number of other hedge funds and other institutional investors have also recently made changes to their positions in the business. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. lifted its holdings in shares of Stitch Fix by 7.0% in the 1st quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 61,270 shares of the company's stock valued at $199,000 after buying an additional 3,993 shares during the period. Creative Planning purchased a new position in Stitch Fix during the second quarter valued at approximately $46,000. Rhumbline Advisers raised its position in Stitch Fix by 8.4% during the second quarter. Rhumbline Advisers now owns 158,130 shares of the company's stock valued at $585,000 after acquiring an additional 12,190 shares in the last quarter. American Century Companies Inc. lifted its holdings in Stitch Fix by 5.5% in the second quarter. American Century Companies Inc. now owns 222,670 shares of the company's stock valued at $824,000 after acquiring an additional 11,611 shares during the period. Finally, Norges Bank acquired a new position in Stitch Fix in the second quarter valued at approximately $189,000. Institutional investors and hedge funds own 71.04% of the company's stock.

Stitch Fix Trading Down 0.7%

Shares of NASDAQ SFIX opened at $3.05 on Friday. The stock has a market capitalization of $406.96 million, a PE ratio of -38.12 and a beta of 2.27. Stitch Fix, Inc. has a twelve month low of $2.95 and a twelve month high of $5.94. The stock has a fifty day simple moving average of $3.67 and a 200-day simple moving average of $3.57.

Stitch Fix (NASDAQ:SFIX - Get Free Report) last announced its earnings results on Wednesday, June 10th. The company reported ($0.01) EPS for the quarter, beating analysts' consensus estimates of ($0.06) by $0.05. The company had revenue of $340.28 million during the quarter, compared to analysts' expectations of $333.51 million. Stitch Fix had a negative return on equity of 9.35% and a negative net margin of 1.43%.Stitch Fix's revenue for the quarter was up 4.7% on a year-over-year basis. During the same period last year, the business posted ($0.06) EPS. On average, equities analysts predict that Stitch Fix, Inc. will post -0.14 earnings per share for the current year.

Insider Transactions at Stitch Fix

In other Stitch Fix news, insider Anthony Bacos sold 70,000 shares of the business's stock in a transaction that occurred on Monday, August 3rd. The shares were sold at an average price of $4.09, for a total transaction of $286,300.00. Following the completion of the transaction, the insider owned 951,994 shares in the company, valued at $3,893,655.46. The trade was a 6.85% decrease in their position. The transaction was disclosed in a legal filing with the SEC, which is available at this link. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, CFO David Aufderhaar sold 67,960 shares of the stock in a transaction that occurred on Monday, July 6th. The shares were sold at an average price of $3.79, for a total transaction of $257,568.40. Following the completion of the sale, the chief financial officer directly owned 1,102,369 shares in the company, valued at approximately $4,177,978.51. This represents a 5.81% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Insiders sold a total of 727,971 shares of company stock worth $2,924,817 in the last ninety days. 16.09% of the stock is owned by corporate insiders.

Analyst Ratings Changes

A number of equities research analysts have recently commented on SFIX shares. Northland Securities assumed coverage on shares of Stitch Fix in a research note on Thursday, May 28th. They set an "outperform" rating and a $5.00 price objective on the stock. Weiss Ratings upgraded shares of Stitch Fix from a "sell (e+)" rating to a "sell (d-)" rating in a research note on Monday, July 13th. Finally, UBS Group lowered their price target on shares of Stitch Fix from $4.50 to $4.00 and set a "neutral" rating on the stock in a report on Wednesday. One research analyst has rated the stock with a Buy rating, four have assigned a Hold rating and one has given a Sell rating to the company. Based on data from MarketBeat, Stitch Fix has an average rating of "Hold" and an average target price of $5.00.

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.

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