KeyCorp Trims Farfetch (NYSE:FTCH) Target Price to $20.00

Farfetch (NYSE:FTCH) had its price target lowered by KeyCorp from $27.00 to $20.00 in a research note issued to investors on Friday, The Fly reports. The firm currently has an overweight rating on the stock.

Other equities research analysts have also issued reports about the stock. ValuEngine upgraded shares of Farfetch from a hold rating to a buy rating in a report on Wednesday, October 2nd. Zacks Investment Research upgraded shares of Farfetch from a sell rating to a hold rating in a report on Tuesday, October 29th. Wells Fargo & Co set a $17.00 price objective on shares of Farfetch and gave the company a buy rating in a report on Friday, August 9th. Credit Suisse Group set a $22.00 price objective on shares of Farfetch and gave the company a buy rating in a report on Friday, August 9th. Finally, Oppenheimer reduced their price objective on shares of Farfetch from $32.00 to $25.00 in a report on Wednesday, August 14th. One investment 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. Farfetch currently has an average rating of Buy and a consensus price target of $21.12.

Shares of FTCH traded down $0.41 during midday trading on Friday, reaching $9.26. The stock had a trading volume of 9,475,553 shares, compared to its average volume of 3,067,851. Farfetch has a 1-year low of $7.43 and a 1-year high of $31.60. The company’s fifty day simple moving average is $8.36 and its two-hundred day simple moving average is $15.48. The company has a market cap of $2.24 billion, a price-to-earnings ratio of -15.69 and a beta of 2.50. The company has a debt-to-equity ratio of 0.08, a current ratio of 3.19 and a quick ratio of 2.91.

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

Hedge funds and other institutional investors have recently bought and sold shares of the stock. Baillie Gifford & Co. purchased a new position in shares of Farfetch in the 2nd quarter valued at $9,616,000. BlackRock Inc. grew its position in Farfetch by 39.2% during the 2nd quarter. BlackRock Inc. now owns 1,570,536 shares of the company’s stock worth $32,667,000 after purchasing an additional 442,430 shares during the last quarter. Waddell & Reed Financial Inc. grew its position in Farfetch by 34.1% during the 2nd quarter. Waddell & Reed Financial Inc. now owns 1,013,031 shares of the company’s stock worth $21,071,000 after purchasing an additional 257,874 shares during the last quarter. Invesco Ltd. purchased a new position in Farfetch during the 2nd quarter worth $128,360,000. Finally, Wells Fargo & Company MN lifted its stake in shares of Farfetch by 71.3% in the 2nd quarter. Wells Fargo & Company MN now owns 2,215,032 shares of the company’s stock worth $46,073,000 after acquiring an additional 922,124 shares during the period. 65.61% of the stock is currently owned by hedge funds and other institutional investors.

Farfetch Company Profile

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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