Farfetch Stock Flies After Narrower-Than-Expected Losses

Options traders are blasting the security today

Deputy Editor
May 19, 2023 at 11:31 AM
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Farfetch Ltd (NYSE:FTCH) stock is soaring today, after the luxury fashion retailer's smaller-than-expected first-quarter losses per share of 16 cents, though revenue missed estimates. The company cited cost control measures and improved cash flow, and noted improvement in gross merchandise value growth in U.S. and China -- its two biggest markets. 

At last glance, FTCH is up 20.1% to trade at $5.22, though familiar pressure at the 150-day moving average appears to be keeping a lid on this rally. The equity is trading at its highest level since February, and has added more than 10% since the start of the year.

A few analysts chimed in with price-target adjustments after the event -- two with a raise and one with a cut -- though all moves were a $1 or less. Of the 15 analysts in coverage, nine carry a "buy" or better rating, with five a "hold," and one "strong sell," while the 12-month consensus price target of $8.93 is a 70.4% premium to current levels. 

In the options pits, 49,000 calls and 14,000 puts have been exchanged, which is 11 times the average daily volume. Expiring today, the May 5.50 call is the most popular, with new positions opening there. 

It's also worth noting that short interest represents 11.1% of the stock's available float. It would take over three days to cover these bearish bets, at FTCH's average pace of trading. 

 

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