Morgan Stanley & Co. LLC recently announced the acquisition of new stake in Farfetch Ltd (NYSE:FTCH). The institutional investor has increased its shareholding in the Consumer Cyclical company by 635.67% to 24.22 million shares with purchase of 20.93 million shares. This fresh investment now brings its stake to 6.87% valued currently at $28.34 million. In addition, Point72 Asset Management LP raised its holdings by 5.41 million to 18.13 million shares. And Contrarius Investment Management has lifted its position by 129.07% or 6.5 million shares – to 11.54 million shares.
With over 36.17 million Farfetch Ltd (FTCH) shares trading Friday and a closing price of $0.64 on the day, the dollar volume was approximately $23.15 million. The shares have shown a negative half year performance of -88.82% and its price on 12/15/23 lost nearly -13.26%. Currently, there are 351.97M common shares owned by the public and among those 347.10M shares have been available to trade.
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An analysis of what Wall Street brokers have to say about the expected price targets for this stock gives us this picture: 10 analysts who have offered their price forecasts for FTCH have a consensus price objective of $4.40. The analysts have set the share’s price value over the next 12 months at a high of $13.00 and a low of $0.80. The average price target is 85.45% above its recent price level and an upside to the estimated low will see the stock gain 20.0% over that period. But an upside of 95.08% will see the stock hit the forecast high price target while median target price for the stock is $2.55.
The top 3 mutual fund holders in Farfetch Ltd are Invesco Funds – Global Consumer T, Contrarius ICAV – Global Equity F, and Government Pension Fund – Global. Invesco Funds – Global Consumer T owns 9.84 million shares of the company’s stock, all valued at over $11.51 million. The company sold -2.33 million shares recently to bring their total holdings to about 2.79% of the shares outstanding. Government Pension Fund – Global bought 0.53 million shares to bring its total holdings to over 3.33 million shares at a value of $3.9 million. Government Pension Fund – Global now owns shares totaling to 0.95% of the shares outstanding.
Shares of Farfetch Ltd (NYSE: FTCH) opened at $0.7591, up $0.02 from a prior closing price of $0.74. The company’s stock has a 5-day price change of -47.74% and -70.65% over the past three months. FTCH shares are trading -86.41% year to date (YTD), with the 12-month market performance down to -86.21% lower. It has a 12-month low price of $0.53 and touched a high of $8.02 over the same period. FTCH has an average intraday trading volume of 21.41 million shares. The stock is trading above its simple moving averages at the SMA20, SMA50, and SMA200, as the current price level is off by -51.43%, -57.79%, and -82.67% respectively.
Institutional ownership of Farfetch Ltd (NYSE: FTCH) shares accounts for 55.96% of the company’s 351.97M shares outstanding. Mutual fund holders own 15.30%, while other institutional holders and individual stakeholders account for 47.59% and — respectively.
It has a market capitalization of $254.21M and a beta (3y monthly) value of 2.88. The earnings-per-share (ttm) stands at -$2.26. Price movements for the stock have been influenced by the stock’s volatility, which stands at 42.24% over the week and 21.09% over the month.
Analysts forecast that Farfetch Ltd (FTCH) will achieve an EPS of -$0.37 for the current quarter, -$0.35 for the next quarter and -$1.28 for 2024. The lowest estimate earnings-per-share for the quarter is -$0.54 while analysts give the company a high EPS estimate of -$0.1. Comparatively, EPS for the current quarter was -$0.71 a year ago. Earnings per share for the fiscal year are expected to increase by 15.28%, and 6.65% over the next financial year.
If you are looking to buy this stock, then you may note that the average analyst recommendation by 10 brokerage firm advisors rate Farfetch Ltd (FTCH) as a “Hold” at a consensus score of 3.00. Specifically, 1 Wall Street analysts polled rate the stock as a buy, while 8 of the 10 advise that investors “hold,” and 1 rated it as a “Sell.”
