Voleon Capital Management LP Purchases New Holdings in Farfetch Ltd (NYSE:FTCH)

Voleon Capital Management LP purchased a new stake in Farfetch Ltd (NYSE:FTCH) in the 1st quarter, according to its most recent filing with the Securities & Exchange Commission. The fund purchased 925,000 shares of the company’s stock, valued at approximately $49,044,000. Farfetch accounts for approximately 30.6% of Voleon Capital Management LP’s holdings, making the stock its largest holding.

Several other hedge funds also recently modified their holdings of FTCH. Captrust Financial Advisors boosted its stake in shares of Farfetch by 100.0% in the fourth quarter. Captrust Financial Advisors now owns 400 shares of the company’s stock valued at $26,000 after buying an additional 200 shares during the period. Orion Capital Management LLC bought a new stake in shares of Farfetch in the fourth quarter valued at approximately $32,000. The PNC Financial Services Group Inc. lifted its stake in Farfetch by 433.1% during the first quarter. The PNC Financial Services Group Inc. now owns 741 shares of the company’s stock worth $38,000 after purchasing an additional 602 shares during the last quarter. Rockefeller Capital Management L.P. bought a new stake in Farfetch during the first quarter worth $55,000. Finally, Eaton Vance Management bought a new stake in Farfetch during the first quarter worth $77,000. Institutional investors and hedge funds own 83.20% of the company’s stock.

NYSE FTCH traded down $0.51 on Thursday, reaching $47.09. The company had a trading volume of 18,448 shares, compared to its average volume of 4,426,708. The firm has a market cap of $16.68 billion, a price-to-earnings ratio of -4.86 and a beta of 3.31. Farfetch Ltd has a fifty-two week low of $20.18 and a fifty-two week high of $73.87. The business has a 50 day moving average price of $47.12.

Farfetch (NYSE:FTCH) last issued its quarterly earnings results on Thursday, May 13th. The company reported ($0.22) earnings per share for the quarter, topping the Zacks’ consensus estimate of ($0.48) by $0.26. Farfetch had a negative return on equity of 1,281.44% and a negative net margin of 150.27%. The firm had revenue of $485.08 million during the quarter, compared to the consensus estimate of $454.79 million. During the same period last year, the business posted ($0.24) EPS. The business’s revenue was up 46.4% compared to the same quarter last year. As a group, equities research analysts expect that Farfetch Ltd will post -1.44 earnings per share for the current fiscal year.

Several research firms have weighed in on FTCH. Oppenheimer cut their target price on Farfetch from $65.00 to $45.00 and set an “outperform” rating for the company in a research note on Friday, May 14th. Credit Suisse Group upped their target price on Farfetch from $83.00 to $84.00 and gave the stock an “outperform” rating in a research note on Friday, May 14th. Finally, Zacks Investment Research cut Farfetch from a “buy” rating to a “hold” rating in a research note on Tuesday, July 13th. Three analysts have rated the stock with a hold rating and nine have assigned a buy rating to the company’s stock. Farfetch presently has an average rating of “Buy” and an average price target of $58.75.

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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Institutional Ownership by Quarter for Farfetch (NYSE:FTCH)

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