Renaissance Technologies LLC, a prominent institutional investor, recently increased its stake in Stitch Fix, Inc. (NASDAQ: SFIX) by 11.7% during the second quarter. According to the company’s latest disclosure with the Securities & Exchange Commission, Renaissance Technologies LLC now owns 4,432,600 shares of Stitch Fix, valued at $18,395,000. This represents about 3.62% of the company’s total shares.
Other institutional investors have also shown interest in Stitch Fix. Lodestar Private Asset Management LLC purchased a new stake in the company in the first quarter, Victory Capital Management Inc. acquired shares in the fourth quarter, Baader Bank Aktiengesellschaft invested in the second quarter, Pallas Capital Advisors LLC also acquired a stake in the second quarter, and CWM LLC boosted its position during the second quarter as well. In total, institutional investors and hedge funds now own 71.04% of Stitch Fix’s stock.
Stitch Fix’s stock performance has seen fluctuations, with shares trading at $3.94 during mid-day trading on Friday. The company’s fifty-day moving average is $3.93, while its two-hundred day moving average is $3.21. Stitch Fix has a fifty-two week low of $2.06 and a high of $5.05, with a market cap of $482.02 million and a beta of 1.92.
Wall Street analysts have been closely monitoring Stitch Fix’s growth potential. Recent research reports from Telsey Advisory Group, UBS Group, Truist Financial, Wedbush, and Canaccord Genuity Group have offered varying perspectives on the stock. While some analysts have given neutral ratings, others have adjusted target prices and hold ratings for Stitch Fix. Overall, the average rating for the stock is “Hold,” with an average price target of $3.45.
In terms of insider transactions, there have been notable sales of Stitch Fix’s stock by company executives. Insider Anthony Bacos sold a significant number of shares in July, while Director Katrina Lake also sold shares in the same month. These transactions have been disclosed in filings with the Securities & Exchange Commission. Over the past three months, insiders have collectively sold a substantial amount of company stock, indicating a shift in ownership.
Stitch Fix, Inc. is a retail company that sells a variety of apparel, shoes, and accessories for men, women, and kids through its website and mobile application. The company offers a range of products under the Stitch Fix brand and has a presence in the United States and the United Kingdom. Formerly known as rack habit inc., Stitch Fix has positioned itself as a leading player in the fashion retail industry.
As investors consider their options, it’s important to weigh the potential of investing in Stitch Fix. While the stock currently has a “Reduce” rating among analysts, there are other stocks that are being recommended by top-rated analysts for their growth potential. It’s essential to conduct thorough research and consider all factors before making investment decisions.
In conclusion, Renaissance Technologies LLC’s increased stake in Stitch Fix, along with other institutional investors’ interest, indicates confidence in the company’s future prospects. With ongoing developments in the retail industry and evolving consumer trends, Stitch Fix remains a stock to watch for potential growth opportunities.