Why Farfetch Fell More Than 8% on Tuesday
Shares of luxury fashion e-commerce platform Farfetch (NYSE: FTCH) fell 8.5% on Tuesday, dragging the stock back toward its record low reached just last week. Although the company itself did not report it (and has neither confirmed nor denied it), industry news site Business of Fashion reports the struggling online-shopping platform is looking for an investor before running out of cash before the end of this year.
The suggestion isn't all that "far-fetched," of course, given what the company has confirmed of late.
Farfetch's struggles aren't exactly undocumented. Through the first half of 2023, the company lost just under $500 million on a little more than $1.1 billion in revenue, with $300 million of that year-to-date loss being booked in the second quarter alone. Sales growth is slowing down, while losses are accelerating.
Source Fool.com
Farfetch Ltd Stock
Currently there is a rather positive sentiment for Farfetch Ltd with 3 Buy predictions and 1 Sell predictions.
Based on the current price of 0.01 € the target price of 8 € shows a potential of 79900.0% for Farfetch Ltd which would more than double the current price.
