Stitch Fix (SFIX.US) stock surged over 17.0% on Wednesday after SEC filing showed that Benchmark Capital’s Bill Gurley, who serves on the company's board and already owned 1.22 million shares, acquired a further one million shares for an average price of $5.43.
Nevertheless Gurley's move is quite small given the company’s capitalization of over $650 million. Also the company's financials are not in the best situation. In the most recent quarter, revenue declined while net loss widened. Clients left which led to job cuts. Stitch Fix stock is down nearly 70% year to date. Company will release its Q4 results in September and it will be interesting to see whether the company is able to implement some changes.
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Stitch Fix (SFIX.US) stock launched today’s session with a bullish price gap above 50 SMA (green line). Nevertheless as long as price sits below local resistance at $6.90 main sentiment remains bearish. Nearest support to watch lies at $4.70. Source: xStation5
