ProShare Advisors LLC Purchases 348,462 Shares of Stitch Fix, Inc. (NASDAQ:SFIX)
ProShare Advisors LLC raised its position in shares of Stitch Fix, Inc. (NASDAQ:SFIX) by 61.8% in the fourth quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The firm owned 912,548 shares of the company’s stock after purchasing an additional 348,462 shares during the quarter. ProShare Advisors LLC owned 0.87% of Stitch Fix worth $53,585,000 as of its most recent SEC filing.
Other institutional investors have also recently added to or reduced their stakes in the company. First Trust Advisors LP grew its stake in shares of Stitch Fix by 25.4% during the 1st quarter. First Trust Advisors LP now owns 104,279 shares of the company’s stock valued at $2,944,000 after acquiring an additional 21,153 shares during the period. Envestnet Asset Management Inc. bought a new position in shares of Stitch Fix during the 3rd quarter valued at approximately $291,000. Nisa Investment Advisors LLC bought a new position in shares of Stitch Fix during the 3rd quarter valued at approximately $49,000. NEXT Financial Group Inc bought a new position in shares of Stitch Fix during the 3rd quarter valued at approximately $73,000. Finally, State of Michigan Retirement System bought a new position in shares of Stitch Fix during the 3rd quarter valued at approximately $16,305,000. Institutional investors and hedge funds own 55.51% of the company’s stock.
In other news, Director Marka Hansen sold 4,000 shares of the stock in a transaction on Monday, December 7th. The stock was sold at an average price of $35.68, for a total transaction of $142,720.00. Following the transaction, the director now owns 4,000 shares of the company’s stock, valued at approximately $142,720. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through this link. Also, CEO Katrina Lake sold 43,774 shares of the stock in a transaction on Wednesday, December 16th. The stock was sold at an average price of $63.80, for a total value of $2,792,781.20. The disclosure for this sale can be found here. Insiders sold a total of 304,634 shares of company stock worth $19,871,830 in the last ninety days. 45.10% of the stock is currently owned by corporate insiders.
Stitch Fix (NASDAQ:SFIX) last announced its quarterly earnings data on Sunday, December 6th. The company reported $0.09 EPS for the quarter, beating the Thomson Reuters’ consensus estimate of ($0.17) by $0.26. The company had revenue of $490.42 million for the quarter, compared to the consensus estimate of $481.12 million. Stitch Fix had a negative return on equity of 13.58% and a negative net margin of 3.27%. The company’s revenue for the quarter was up 10.3% compared to the same quarter last year. On average, equities analysts anticipate that Stitch Fix, Inc. will post -0.25 EPS for the current year.
A number of research analysts recently issued reports on the company. Wells Fargo & Company downgraded Stitch Fix from an “equal weight” rating to an “underweight” rating and boosted their price objective for the company from $18.00 to $27.00 in a research note on Thursday, December 3rd. Piper Sandler upped their price target on Stitch Fix from $22.00 to $38.00 in a research note on Tuesday, December 8th. Barclays upped their price target on Stitch Fix from $32.00 to $35.00 in a research note on Tuesday, December 8th. Needham & Company LLC upped their price target on Stitch Fix from $46.00 to $55.00 and gave the stock a “buy” rating in a research note on Tuesday, December 8th. Finally, Zacks Investment Research upgraded Stitch Fix from a “sell” rating to a “hold” rating and set a $38.00 price target for the company in a research note on Tuesday, December 8th. Three investment analysts have rated the stock with a sell rating, seven have issued a hold rating and nine have given a buy rating to the company’s stock. The stock presently has a consensus rating of “Hold” and an average price target of $68.17.
About Stitch Fix
Stitch Fix, Inc sells a range of apparel, shoes, and accessories through its Website and mobile application in the United States. It offers denim, dresses, blouses, skirts, shoes, jewelry, and handbags for men, women, and kids under the Stitch Fix brand. The company was formerly known as rack habit inc.
Further Reading: Special Purpose Acquisition Company (SPAC)
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