Stocks were little changed this morning to begin the final trading day in August. Major averages are poised for solid gains this month, and the S&P 500 is set to close out its seventh winning month in a row. For the S&P 500, this is the longest winning streak since 2017. This is also the benchmark’s 9th positive month of the past 10.
“We believe that the momentum toward reopening and recovery is intact and that there is further upside to equities,” wrote Mark Haefele, chief investment officer of global wealth management at UBS.
Today’s trade alert highlights a company that seems to be at an inflection point. Getting on the right side of this stock now could provide fruitful rewards down the line.
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Stitch Fix has had its ups and downs since the company’s IPO in 2017. The personalized online styling service is unique in its concept and business model. In fact, the company has no true peers on the market. Investors who are bullish on the stock see it as a disruptor in the $500 billion domestic apparel market.
Stitch Fix seems to be at an inflection point; new CEO Elizabeth Spaulding took the reins earlier the month, and the company launched its “direct buy” option to new customers, effectively expanding its addressable market to all clothing shoppers.
Now could be an excellent buying opportunity as the stock has pulled back considerably following impressive Q3 earnings. Shares are down nearly 40% from the pop after the company’s June earnings report when it blew past revenue estimates — sales surged 44% to $536 million as the company lapped the lockdown quarter a year ago. There’s no clear reason for the decline in the stock since then.
In addition to the strong third-quarter report and the direct buy launch, Stitch Fix also seems well-positioned as a reopening stock, as Americans need to refresh their wardrobes as they return to the office and social events.
Stitch Fix will report fourth-quarter earnings on September 21st, and a strong report could spark a turnaround. Spaulding already said in a recent CNBC interview that fiscal 2021 was a record for customer additions, a bullish sign for the fourth quarter. Analysts expect revenue growth of 23.6% to $547.9 million for the current quarter and a per-share loss of $0.13 when the company reports.
The 15 analysts offering 12-month price forecasts for Stitch Fix have a median target of $70, representing a 67% increase from its current price. Of 16 analysts offering recommendations for the stock, 6 rate it a Buy, 7 rate it a Hold, and 3 rate it a Sell.
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