Farfetch (NYSE:FTCH) Downgraded by Sanford C. Bernstein

Sanford C. Bernstein cut shares of Farfetch (NYSE:FTCH) from a market perform rating to an underperform rating in a research note published on Wednesday, The Fly reports.

FTCH has been the subject of several other reports. Goldman Sachs Group reaffirmed a buy rating and issued a $21.40 target price (down from $37.00) on shares of Farfetch in a research report on Monday, November 4th. Oppenheimer reduced their target price on Farfetch from $32.00 to $25.00 in a research report on Wednesday, August 14th. Credit Suisse Group set a $22.00 price objective on Farfetch and gave the company a buy rating in a report on Friday, August 9th. Zacks Investment Research raised Farfetch from a sell rating to a hold rating in a report on Tuesday, October 29th. Finally, Cowen cut their price objective on Farfetch from $33.00 to $16.00 and set a buy rating for the company in a report on Friday, August 9th. One equities research analyst has rated the stock with a sell rating, two have issued a hold rating and twelve have given a buy rating to the company. The company currently has an average rating of Buy and an average price target of $21.12.

FTCH stock traded up $2.19 during midday trading on Wednesday, hitting $9.67. The stock had a trading volume of 24,087,465 shares, compared to its average volume of 4,238,537. The firm has a market capitalization of $2.24 billion, a price-to-earnings ratio of -16.39 and a beta of 2.50. Farfetch has a 52 week low of $7.43 and a 52 week high of $31.60. The stock has a 50-day simple moving average of $8.36 and a 200 day simple moving average of $15.48. The company has a current ratio of 3.19, a quick ratio of 2.91 and a debt-to-equity ratio of 0.08.

Farfetch (NYSE:FTCH) last issued its earnings results on Thursday, November 14th. The company reported ($0.28) EPS for the quarter, topping the consensus estimate of ($0.37) by $0.09. The firm had revenue of $255.50 million during the quarter, compared to analysts’ expectations of $248.31 million. Farfetch had a negative return on equity of 27.01% and a negative net margin of 35.84%. Farfetch’s quarterly revenue was up 93.3% compared to the same quarter last year. During the same period last year, the business earned ($0.30) earnings per share. On average, equities analysts forecast that Farfetch will post -1.27 EPS for the current year.

Several hedge funds and other institutional investors have recently modified their holdings of the business. Ladenburg Thalmann Financial Services Inc. bought a new position in shares of Farfetch in the second quarter valued at about $37,000. Mirova bought a new position in shares of Farfetch in the second quarter valued at about $53,000. Royal Bank of Canada raised its holdings in shares of Farfetch by 7,657.5% in the second quarter. Royal Bank of Canada now owns 3,103 shares of the company’s stock valued at $64,000 after buying an additional 3,063 shares during the last quarter. Harel Insurance Investments & Financial Services Ltd. raised its holdings in shares of Farfetch by 9,359.5% in the second quarter. Harel Insurance Investments & Financial Services Ltd. now owns 3,500 shares of the company’s stock valued at $73,000 after buying an additional 3,463 shares during the last quarter. Finally, Edge Wealth Management LLC bought a new position in shares of Farfetch in the third quarter valued at about $43,000. 66.54% of the stock is owned by 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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