Farfetch (FTCH) Downgraded by Zacks Investment Research

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Zacks Investment Research cut shares of Farfetch (NYSE:FTCH) from a hold rating to a sell rating in a research note released on Friday morning, 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. “

Other analysts have also recently issued reports about the stock. Goldman Sachs Group raised shares of Farfetch from a neutral rating to a buy rating in a research note on Friday, March 1st. Citigroup assumed coverage on shares of Farfetch in a research note on Monday, March 11th. They issued an outperform rating and a $34.00 price objective for the company. Oppenheimer assumed coverage on shares of Farfetch in a research note on Monday, March 11th. They issued an outperform rating and a $34.00 price objective for the company. Finally, Sanford C. Bernstein assumed coverage on shares of Farfetch in a research note on Tuesday, April 16th. They issued an underperform rating and a $23.00 price objective for the company. Two investment analysts have rated the stock with a sell rating, two have given a hold rating and nine have assigned a buy rating to the company’s stock. The company presently has a consensus rating of Buy and a consensus price target of $28.00.

FTCH opened at $23.79 on Friday. Farfetch has a 1-year low of $15.98 and a 1-year high of $32.40. The company has a market capitalization of $7.13 billion and a price-to-earnings ratio of -40.32.

Farfetch (NYSE:FTCH) last released its quarterly earnings results on Thursday, February 28th. The company reported ($0.03) earnings per share for the quarter, topping the Thomson Reuters’ consensus estimate of ($0.09) by $0.06. The business had revenue of $195.53 million during the quarter, compared to the consensus estimate of $180.44 million. On average, sell-side analysts predict that Farfetch will post -0.64 EPS for the current fiscal year.

Several hedge funds and other institutional investors have recently made changes to their positions in FTCH. FNY Investment Advisers LLC purchased a new position in shares of Farfetch in the 1st quarter worth approximately $228,000. Segantii Capital Management Ltd purchased a new position in shares of Farfetch in the 1st quarter worth approximately $3,095,000. Norges Bank purchased a new position in shares of Farfetch in the 4th quarter worth approximately $22,138,000. Raging Capital Management LLC purchased a new position in shares of Farfetch in the 4th quarter worth approximately $886,000. Finally, Legal & General Group Plc purchased a new position in shares of Farfetch in the 4th quarter worth approximately $1,680,000. 42.03% 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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