Reformation Inc.'s (NYSE:REF) Quiet Period Will Expire on September 8th

Key Points

• Reformation’s IPO quiet period expires September 8, potentially allowing underwriters to begin publishing research coverage. The company sold 14.06 million shares at $15 each in its July 30 IPO, raising approximately $210.9 million.
• Analyst sentiment is generally positive: eight analysts rate the stock a Buy and two rate it Hold, producing a “Moderate Buy” consensus and an average price target of $19.25.
• REF shares opened at $14.33 after declining 4.5%, while insiders disclosed substantial post-IPO sales, including more than 1.2 million shares sold by director Yael Aflalo and nearly 3 million shares sold by major shareholder Scsp Refo.

Reformation's (NYSE:REF - Get Free Report) quiet period is set to expire on Tuesday, September 8th. Reformation had issued 14,062,500 shares in its IPO on July 30th. The total size of the offering was $210,937,500 based on an initial share price of $15.00. During the company's quiet period, insiders and underwriters involved in the IPO are restricted from issuing any earnings forecasts or research reports for the company because of SEC regulations. Following the expiration of the company's quiet period, the brokerages that served as underwriters will likely initiate research coverage on the company.

Wall Street Analyst Weigh In

A number of equities analysts have recently commented on REF shares. William Blair began coverage on shares of Reformation in a research report on Monday, August 24th. They issued an "outperform" rating on the stock. Morgan Stanley began coverage on shares of Reformation in a report on Monday, August 24th. They set an "equal weight" rating and a $16.00 price objective for the company. Citigroup began coverage on shares of Reformation in a research note on Monday, August 24th. They issued a "buy" rating and a $20.00 target price on the stock. JPMorgan Chase & Co. initiated coverage on shares of Reformation in a research report on Monday, August 24th. They set an "overweight" rating and a $21.00 target price for the company. Finally, Zacks Research raised Reformation to a "hold" rating in a research report on Tuesday, August 25th. Eight equities research analysts have rated the stock with a Buy rating and two have given a Hold rating to the stock. According to data from MarketBeat.com, the stock has an average rating of "Moderate Buy" and a consensus target price of $19.25.

Reformation Trading Down 4.5%

NYSE REF opened at $14.33 on Tuesday. Reformation has a twelve month low of $12.83 and a twelve month high of $17.26.

Insider Activity at Reformation

In other Reformation news, Director Yael Aflalo sold 1,204,029 shares of the company's stock in a transaction that occurred on Wednesday, July 29th. The stock was sold at an average price of $13.95, for a total value of $16,796,204.55. Following the completion of the transaction, the director owned 11,725,803 shares of the company's stock, valued at $163,574,951.85. This represents a 9.31% decrease in their position. The transaction was disclosed in a legal filing with the SEC, which is available at this link. Also, major shareholder Scsp Refo sold 2,987,199 shares of the firm's stock in a transaction that occurred on Friday, July 31st. The stock was sold at an average price of $13.95, for a total value of $41,671,426.05. Following the completion of the sale, the insider owned 29,091,749 shares of the company's stock, valued at $405,829,898.55. This represents a 9.31% decrease in their position. The SEC filing for this sale provides additional information.

Reformation Company Profile

Reformation Inc provide sustainable womenswear brand. Reformation Inc is based in LOS ANGELES.

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