Stitch Fix (NASDAQ:SFIX) Issues Quarterly Earnings Results, Beats Expectations By $0.03 EPS

Stitch Fix (NASDAQ:SFIX) issued its quarterly earnings results on Wednesday. The company reported ($0.02) earnings per share (EPS) for the quarter, beating the consensus estimate of ($0.05) by $0.03, FiscalAI reports. The firm had revenue of $341.30 million for the quarter, compared to analyst estimates of $334.74 million. Stitch Fix had a negative return on equity of 14.38% and a negative net margin of 2.23%.

Stitch Fix Trading Down 2.3%

Shares of SFIX traded down $0.08 during trading hours on Wednesday, reaching $3.38. The stock had a trading volume of 5,019,582 shares, compared to its average volume of 2,200,655. The firm has a 50-day simple moving average of $4.38 and a 200 day simple moving average of $4.65. Stitch Fix has a 12 month low of $2.60 and a 12 month high of $5.94. The company has a market capitalization of $453.60 million, a price-to-earnings ratio of -21.13 and a beta of 2.30.

Analyst Ratings Changes

SFIX has been the subject of several research analyst reports. Wall Street Zen lowered shares of Stitch Fix from a “buy” rating to a “hold” rating in a research note on Saturday, January 3rd. William Blair restated a “mixed” rating on shares of Stitch Fix in a report on Friday. Zacks Research downgraded shares of Stitch Fix from a “strong-buy” rating to a “hold” rating in a research note on Friday, December 5th. Weiss Ratings reiterated a “sell (d-)” rating on shares of Stitch Fix in a report on Thursday, January 22nd. Finally, Telsey Advisory Group reissued a “market perform” rating and set a $6.00 price objective on shares of Stitch Fix in a research report on Wednesday, March 4th. Four equities research analysts have rated the stock with a Hold rating and one has given a Sell rating to the stock. Based on data from MarketBeat, the company currently has a consensus rating of “Reduce” and an average price target of $5.33.

Insider Buying and Selling at Stitch Fix

In other news, insider Casey O’connor sold 19,347 shares of Stitch Fix stock in a transaction dated Tuesday, January 27th. The shares were sold at an average price of $5.68, for a total transaction of $109,890.96. Following the completion of the transaction, the insider directly owned 542,071 shares in the company, valued at $3,078,963.28. This trade represents a 3.45% decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, CFO David Aufderhaar sold 24,114 shares of the business’s stock in a transaction dated Tuesday, January 20th. The stock was sold at an average price of $5.13, for a total transaction of $123,704.82. Following the sale, the chief financial officer directly owned 1,251,862 shares of the company’s stock, valued at approximately $6,422,052.06. The trade was a 1.89% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. In the last 90 days, insiders sold 191,048 shares of company stock worth $1,003,739. 16.09% of the stock is owned by corporate insiders.

Hedge Funds Weigh In On Stitch Fix

A number of hedge funds have recently added to or reduced their stakes in the stock. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. increased its holdings in Stitch Fix by 7.0% during the 1st quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 61,270 shares of the company’s stock worth $199,000 after purchasing an additional 3,993 shares in the last quarter. Creative Planning purchased a new position in shares of Stitch Fix during the second quarter valued at approximately $46,000. Rhumbline Advisers boosted its position in shares of Stitch Fix by 8.4% during the second quarter. Rhumbline Advisers now owns 158,130 shares of the company’s stock valued at $585,000 after buying an additional 12,190 shares during the last quarter. American Century Companies Inc. grew its holdings in Stitch Fix by 5.5% during the second quarter. American Century Companies Inc. now owns 222,670 shares of the company’s stock worth $824,000 after buying an additional 11,611 shares in the last quarter. Finally, Norges Bank bought a new stake in Stitch Fix during the second quarter worth $189,000. Institutional investors and hedge funds own 71.04% of the company’s stock.

Stitch Fix Company Profile

Stitch Fix, Inc, headquartered in San Francisco, California, is a leading online personal styling service that blends data science with human expertise to deliver curated clothing and accessory selections. Founded in 2011 by Katrina Lake, the company pioneered a subscription-based model in which customers receive periodic “Fixes” tailored to their personal style, size and budget. Each shipment arrives with several handpicked items along with styling notes, allowing clients to review, purchase and return pieces at their convenience.

Clients begin by completing an online style profile that captures their measurements, design preferences and lifestyle needs.