Salvatore Ferragamo (OTCMKTS:SFRGY) Stock Price Down 8.5% – Here’s Why

Shares of Salvatore Ferragamo S.p.A. (OTCMKTS:SFRGY) fell 8.5% during trading on Thursday . The stock traded as low as $5.72 and last traded at $5.8650. Approximately 2,976 shares changed hands during trading, an increase of 1% from the average daily volume of 2,952 shares. The stock had previously closed at $6.41.

Wall Street Analysts Forecast Growth

SFRGY has been the topic of several research reports. Citigroup restated a “neutral” rating on shares of Salvatore Ferragamo in a research note on Tuesday. Zacks Research upgraded Salvatore Ferragamo to a “hold” rating in a report on Thursday, June 25th. Two research analysts have rated the stock with a Hold rating, According to MarketBeat, Salvatore Ferragamo presently has a consensus rating of “Hold”.

Salvatore Ferragamo Trading Up 0.6%

The stock’s 50-day moving average price is $5.07 and its 200-day moving average price is $4.54. The company has a market capitalization of $1.99 billion and a P/E ratio of 12.13.

About Salvatore Ferragamo

Salvatore Ferragamo S.p.A. operates as a designer, producer and distributor of high-end luxury footwear, leather goods, apparel and accessories. The company’s product portfolio spans men’s and women’s shoes, handbags, small leather items, silk products, ready-to-wear collections, eyewear, fragrances and watches. Through its vertically integrated business model, Ferragamo controls key aspects of the value chain, from design and manufacturing to wholesale distribution and direct-to-consumer retail.

Founded in 1927 by Italian shoemaker Salvatore Ferragamo, the company is headquartered in Florence, Italy and has grown into a globally recognized luxury brand.