Stitch Fix (NASDAQ:SFIX) Stock Rating Upgraded by Wall Street Zen

Stitch Fix (NASDAQ:SFIX - Get Free Report) was upgraded by analysts at Wall Street Zen from a "hold" rating to a "buy" rating in a report issued on Saturday.

Separately, Telsey Advisory Group restated a "market perform" rating and set a $6.00 target price on shares of Stitch Fix in a research note on Wednesday.

Stitch Fix Stock Performance

Shares of NASDAQ:SFIX traded down $0.13 during midday trading on Friday, reaching $3.96. 2,724,730 shares of the company's stock traded hands, compared to its average volume of 2,425,695. The company has a market cap of $510.04 million, a price-to-earnings ratio of -4.77 and a beta of 2.00. Stitch Fix has a one year low of $2.21 and a one year high of $6.99. The stock has a 50 day moving average of $3.79 and a 200 day moving average of $4.20.

Stitch Fix (NASDAQ:SFIX - Get Free Report) last posted its earnings results on Wednesday, June 11th. The company reported ($0.06) earnings per share (EPS) for the quarter, beating the consensus estimate of ($0.11) by $0.05. Stitch Fix had a negative net margin of 7.71% and a negative return on equity of 32.71%. The firm's revenue for the quarter was up .7% compared to the same quarter last year. During the same quarter in the previous year, the company posted ($0.18) EPS. Sell-side analysts predict that Stitch Fix will post -0.44 EPS for the current fiscal year.

Insider Activity

In related news, insider Casey O'connor sold 50,000 shares of the stock in a transaction that occurred on Monday, April 14th. The shares were sold at an average price of $3.04, for a total value of $152,000.00. Following the completion of the sale, the insider now directly owns 575,755 shares of the company's stock, valued at approximately $1,750,295.20. This represents a 7.99% decrease in their position. The transaction was disclosed in a legal filing with the SEC, which can be accessed through this link. Also, major shareholder Working Capital Advisors (Uk) sold 1,370,931 shares of the stock in a transaction that occurred on Tuesday, June 10th. The stock was sold at an average price of $4.68, for a total transaction of $6,415,957.08. Following the completion of the sale, the insider now directly owns 10,608,822 shares of the company's stock, valued at $49,649,286.96. This represents a 11.44% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders own 16.95% of the company's stock.

Institutional Investors Weigh In On Stitch Fix

Several hedge funds and other institutional investors have recently added to or reduced their stakes in the company. Rhumbline Advisers increased its holdings in Stitch Fix by 1.5% in the 4th quarter. Rhumbline Advisers now owns 149,625 shares of the company's stock worth $645,000 after acquiring an additional 2,255 shares in the last quarter. Corebridge Financial Inc. boosted its position in shares of Stitch Fix by 4.8% during the 4th quarter. Corebridge Financial Inc. now owns 50,355 shares of the company's stock valued at $217,000 after acquiring an additional 2,295 shares during the last quarter. Fuller & Thaler Asset Management Inc. boosted its position in shares of Stitch Fix by 3.3% during the 1st quarter. Fuller & Thaler Asset Management Inc. now owns 84,760 shares of the company's stock valued at $275,000 after acquiring an additional 2,700 shares during the last quarter. Federated Hermes Inc. boosted its position in shares of Stitch Fix by 4.1% during the 4th quarter. Federated Hermes Inc. now owns 96,504 shares of the company's stock valued at $416,000 after acquiring an additional 3,771 shares during the last quarter. Finally, MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. boosted its position in shares of Stitch Fix by 7.0% during the 1st quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 61,270 shares of the company's stock valued at $199,000 after acquiring an additional 3,993 shares during the last quarter. 71.04% of the stock is owned by hedge funds and other institutional investors.

About Stitch Fix

Stitch Fix, Inc sells a range of apparel, shoes, and accessories for men, women, and kids through its website and mobile application in the United States and the United Kingdom. It offers denim, dresses, blouses, skirts, shoes, jewelry, and handbags under the Stitch Fix brand. The company was formerly known as rack habit inc.