|Bid||12.20 x 900|
|Ask||12.90 x 900|
|Day's Range||12.41 - 12.90|
|52 Week Range||7.43 - 31.60|
|Beta (5Y Monthly)||N/A|
|PE Ratio (TTM)||N/A|
|Earnings Date||Feb 26, 2020|
|Forward Dividend & Yield||N/A (N/A)|
|1y Target Est||15.83|
Farfetch Limited (NYSE: FTCH), the leading global technology platform for the luxury fashion industry, announced that the company's fourth quarter and full year 2019 financial results will be released after the U.S. market close on Thursday, February 27, 2020.
LONDON — Farfetch is opening its arms to more investors with a private placement of convertible debt worth $250 million.The fashion retail platform said Thursday it has agreed to issue convertible senior notes in an aggregate principal amount of $250 million to Tencent and Dragoneer Investment Group.Tencent, the global technology company headquartered in Shenzhen, China, has committed to purchasing $125 million of the notes, while the San Francisco-based investment firm Dragoneer will buy the remaining $125 million.The transaction, which is subject to customary conditions, and the extra financial cushioning it offers was cheered by stock investors who have worried over the company's results and its evolving strategy. Shares of Farfetch shot up 11.4 percent to $12.62 in morning trading on Wall Street. The new debt could be converted into shares at an initial price of $12.25.Farfetch said the financing will supplement its current liquidity position. As of Dec. 31, the company’s cash and cash equivalents balance amounted to approximately $320 million.The firm added that the additional capital will also support Farfetch’s “long-term strategy of delivering a global technology platform for the luxury fashion industry, and facilitates the company’s continued focus on executing its growth plans, including in the key China market, and driving toward operational profitability.”Tencent’s investment in Farfetch reinforces the relationship between the two companies. Farfetch, which sees itself as a luxury gateway to China, is helping Western brands reach the consumer through Tencent’s WeChat platform.Farfetch works with more than 80 luxury brands on WeChat. They include Moncler, Balenciaga, Saint Laurent, Armani and Ralph Lauren. It has helped to pioneer the use of key opinion leader mini-programs such as Mr. Bags, Shiliupo and ByFresh on WeChat.José Neves, Farfetch founder, chief executive officer and co-chair, said Tencent’s “deep technology expertise and ongoing relationship with Farfetch, paired with Dragoneer’s expertise in supporting growth-oriented technology companies, makes both investors outstanding partners” to support future growth.“As we continue to execute on our long-term strategy, we believe that this investment supports Farfetch in delivering on the significant opportunity we see and scaling our business to achieve profitability in the medium term.”Martin Lau, president of Tencent, said his company“looks forward to supporting Farfetch’s mission to be a global technology platform for luxury fashion, and especially where we can support its efforts in China.”Marc Stad, founder and managing partner of Dragoneer Investment Group, said, “We look forward to the company’s continued execution on its strategic vision to take the business to the next level.”Farfetch said the notes will mature on Dec. 31, 2025, unless earlier converted, redeemed or repurchased in accordance with their terms. They will be senior, unsecured obligations of the company, bearing interest at a rate of 5 percent per year, payable quarterly.This latest deal with Tencent strengthens the ties that Farfetch has with China’s e-commerce giants.A year ago, Chinese e-commerce company JD.com merged its Toplife independent luxury shopping platform into Farfetch China.As a part of the partnership, Farfetch received “Level 1” access on JD.com’s app. That means more than 300 million active JD.com users have seamless connectivity with 1,000 plus luxury brands and stores on Farfetch.In 2017, Farfetch took a $397 million investment in JD.com. At the time, the deal expanded Farfetch’s business in China, and gave JD a luxury boost and access to something it’s long coveted — a big roster of fashion brands.More from WWD * Moda Operandi Raises $100 Million to Fund Innovation, Expand Reach * Vogue.com to Launch New Shopping Vertical * Decoding Genderless Fashion, the Future of the Industry
Farfetch Ltd. said Thursday it has received a $250 million investment from Chinese internet giant Tencent Holdings Ltd. and San Francisco-based investor Dragoneer to help it expand and grow. Tencent and Dragoneer are each investing $125 million in convertible senior notes issued by the luxury fashion platform. "The additional capital supports Farfetch's long-term strategy of delivering a global technology platform for the luxury fashion industry and facilitates the Company's continued focus on executing its growth plans, including in the key China market, and driving towards operational profitability," Farfetch said in a statement. Farfetch offers more than 80 luxury brands on WeChat, including Moncler, Balenciaga, Saint Laurent, Armani and Ralph Lauren . The 5.000% notes mature on Dec. 31, 2025. Farfetch shares jumped 6% premarket on the news, but have fallen 43% in the last 12 months through Wednesday, while the S&P 500 has gained 22%.
(Bloomberg) -- Smart speakers such as those made by Amazon.com Inc. are to come under new scrutiny by the U.K. government when it publishes the results of a consultation into the security features of connected consumer devices.U.K. Digital Secretary Nicky Morgan said the results of the public inquiry, which concluded in June, will be released within the next “month or so” and contain proposals for mandatory industry requirements that could lead to potential new regulation.“We need to go out and ask what requirements are needed when you’re launching and operating these kinds of products so that people are safe,” she said in an interview with Bloomberg on Wednesday. “What more do the companies need to build in for security?”The publication will be broad and cover a wide range of so-called Internet of Things technologies, but comes as regulators and lawmakers in the U.S. and Europe examine whether Google, Apple Inc. and Amazon violated privacy by employing human reviewers to listen to voice commands recorded by digital assistants.Smart SpeakersBloomberg first reported in April that Amazon had a team of thousands of workers around the world listening to Alexa audio requests with the goal of improving the software.“We want to be pro-innovation and pro-tech, and encourage people to innovate,” Morgan said, “but recognize that we need to strike a balance, and help the public buying these devices to be aware of some of the concerns people have.”She said there was “massive potential” for connected devices in areas from health care to just turning lights on and off, but that the government has “an important role to play” in helping the public make sense of security questions being brought up.Read more about Silicon Valley eavesdropping here.Connected home devices surged in popularity last year and led to the inclusion of smart speakers in the virtual basket of products used by the Office for National Statistics to calculate U.K. inflation. Consulting firm Juniper Research Ltd. estimates that by 2023 the global annual market for smart speakers will reach $11 billion, and there will be about 7.4 billion voice-controlled devices.Still, the rise in use of connected devices, combined with the advent of super fast 5G mobile networks, has sparked concerns among cybersecurity experts who worry bad actors will have even more options to hack into or target devices.Amazon faces a lawsuit brought by a man who claims someone took control of a Ring video camera installed on his garage and spoke to his children, one among a set of similar incidents.In a separate interview with Bloomberg, Morgan said the government will ensure Huawei Technologies Co. is not involved in “critical national infrastructure” as it weighs up whether the Chinese company can play a role in its 5G telecommunications networks.U.K. GrowthVenture capital firms invested 9.2 billion pounds ($12 billion) in the U.K. last year, up 22% from a year earlier, according to a report from consultancy KPMG and PitchBook released on Wednesday. European funds are spending record amounts as the technology industry on the continent becomes more competitive with peers in the U.S. and Asia.“We’ve got great digital skills, we’ve got obviously a very active, well-developed VC investment market, we’ve got a government that wants to support,” innovation and further changes, Morgan said in an interview on Bloomberg Television. “There are a number of different reasons why people will set up in the U.K.”Morgan’s comments came after Felix Capital, the London-based venture capital firm that backed Goop Inc., Farfetch Ltd. and Peloton Interactive Inc., closed its third round of funding, raising $300 million, the company said in a statement on Wednesday.The round doubles the company’s assets under management to more than $600 million, Felix said. The firm generally invests in technology companies targeting consumers with online services such as delivering high-end designer clothes and vegetarian meal boxes.Europe as a whole is beginning to benefit from experience, having had a generation of successful startups to learn from, Felix founder Frederic Court said in an interview with Bloomberg TV.Europe now has “the benefit of 10, 15, 20 years of having grown the likes of Spotify,” Court said. That’s led to “significant improvement of the quality of the management that entrepreneurs can access.”As the U.K. approaches a Jan. 31 deadline to leave the European Union trading bloc, the government is hoping that the tech sector continues to be a draw for new businesses and a growth engine for the economy. As long as talent continues to flow into the country, more certainty about the Brexit process could encourage venture capital investors to deploy more cash, KPMG said in its report.To contact the reporters on this story: Nate Lanxon in London at email@example.com;Amy Thomson in London at firstname.lastname@example.orgTo contact the editors responsible for this story: Giles Turner at email@example.com, Colum MurphyFor more articles like this, please visit us at bloomberg.comSubscribe now to stay ahead with the most trusted business news source.©2020 Bloomberg L.P.
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Buy low, and sell high. That’s old wisdom, but it’s stayed with us through the ages because it’s a sure way to grow your money. In the stock market, of course, buying low is the easy part. There are plenty stocks out there priced at a discount – sometimes by the company’s design, sometimes by the vagaries of economic life. In either case, the real trick to investing is finding the discounted stocks that are primed for strong growth – those are the ones that will bring in profitable returns.We’ve used TipRanks’ Stock Screener to sort through more than 6,300 publicly traded companies, and picked a profile for mid-cap stocks primed to gain: a high upside and Strong Buy consensus rating, but combined with recent losses that have left each of them trading well below peak price. Let’s dive in.Cimarex Energy Company (XEC)Starting in the energy sector, Cimarex is a hydrocarbon exploration company based out of Denver, Colorado. The company engages in oil and gas exploration and drilling in Oklahoma, Texas, and New Mexico. Cimarex controls over 591 million barrels oil equivalent, of which 45% is natural gas and the rest is split between natural gas liquid and petroleum. Last year, Cimarex average production stood at 222,000 barrels of oil equivalent per day.Oil and gas bring in serious money, and even a small industry player like Cimarex sees nearly $2 billion in annual revenue and $490 million in net profits. In the Q3 earnings report released earlier this month, with EPS, at 91 cents, missing the forecasts, while the revenues of $582 million beating the estimates by 2%. Overall, XEC posted both EPS and revenue year-over-year declines.The main driver of the decline was the current low-price regime in oil and gas markets. Production was actually up, and benefitting from increases in operational efficiency. XEC reported a 68.5 thousand barrel per day increase in total production, and a $3.34 per barrel of oil equivalent drop in production expenses. Prices, however, fell more and faster than production and efficiencies posts gains, with realized prices down 52% in natural gas and 10% in crude oil.The drops in realized prices, EPS, and revenues this year have pushed XEC shares down by nearly 45% year-to-date. This opens buying opportunities, however, as far as Wall Street’s analysts are concerned.Writing from UBS, Lloyd Byrne described the quarterly results as “solid,” based on the revenue beat and the efficiency gains, and expects to see it reflect in improved free cash flow next year. His $78 price target suggests an impressive 67% upside. (To watch Byrne's track record, click here)Jeanine Wai, of Barclays, also noted the efficiencies, and wrote of the company, “Once again XEC pulled forward activity during the quarter... Since we think efficiencies continue to trend well, we initially anticipated that XEC would again pull forward wells in Q4’19 providing an upward bias to production… We like the discipline and think that XEC’s anticipated 44 net wells waiting on completion at YE’19 provides good optionality for operational momentum heading into 2020 should commodity prices/costs ultimately allow for it.” Wai gives XEC an $81 price target and a 73% upside. (To watch Wai's track record, click here)All in all, TipRanks shows a large amount of bulls liking the odds on this oil stock. Out of 6 analysts polled in the last 3 months, 5 are bullish on Cimarex Energy stock, while only one playing it safe on the sidelines. Importantly, the 12-month average price target of $70.17 suggests a nearly 55% upside potential from where the stock is currently trading. (See Cimarex Energy stock analysis on TipRanks)ANGI Homeservices (ANGI)ANGI lives in the tech sector, inhabiting the information niche where it holds a portfolio of home improvement brands, and connects customers with the services they need. ANGI Homeservices is the world’s largest online marketplace for home improvement services, and connects homeowners with the service pros they need to get jobs done. The company operates in the US, Canada, and Europe.The tech company’s earnings in Q3 are down year-over-year, from 9 cents to 4 cents, although still higher than the 3-cent estimate. Revenues, however, were up 17.8% to $357.36 million. It was the only time in the last four quarters that ANGI has beaten revenue estimates. In addition to falling revenues, ANGI has also deeply underperformed the broader market; with a 58% year-to-date loss compared to the S&P’s 24% gain.However, top analysts see ANGI set up to start gaining as 2020 progresses.Writing from Deutsche Bank, Kunal Madhukar says, “While the story remains in a "show me" mode, expectations have come down significantly in the past six months, which sets up well for a turnaround in 2020.” His $11 target implies about 50% upside to the stock. (To watch Madhukar's track record, click here)5-star analyst Daniel Salmon, of BMO Capital, is even more bullish, putting a $13 price target and 77% potential on ANGI shares. In his comments on the stock, Salmon concludes, “We think the “hybrid” approach of a third-party marketplace combined with a managed service marketplace is an improved strategy for a space as dynamic as home services.”ANGI has received 6 ratings in the last two months for its Strong Buy consensus. The four most recent, all in the last two weeks, are Buys. The stock’s $12.25 average price target implies an upside of nearly 65% from the share price of $7.38. (See ANGI stock analysis on TipRanks)Farfetch (FTCH)This online clothing retailer, based in London, boasts offices in Portugal and Brazil, New York, LA, Tokyo, and Shanghai. The company has won industry awards for excellence in advertising and marketing, use of tech, and fashion design. With a market cap of $2.8 billion, FTCH is the smallest of the companies on this list.Back in August, FTCH shares took a sudden drop, losing 52% of their value after the company spent $675 million to acquire New Guards. The purchase brought with it a new label for Farfetch to market, but the price was a significant portion of its total market cap.Farfetch shares have still not recovered their pre-acquisition value. Last week’s Q3 report, however, helped, as the EPS loss of 28 cents was far less severe than the 37 cents expected. Revenues also scored a modest beat, coming in at $255.48 million compared to the forecast of $255.40 million. That was 89% year-over-year gain for revenues. The strong quarterly report boosted the stock by 29% on its release, although FTCH shares are still down 56% for 2019.The gains, especially the high YoY revenue gain, suggest that FTCH maybe turning a corner on profitability. Deutsche Bank’s 5-star analyst Lloyd Walmsley agrees, writing in his recent note on the stock, “We like Farfetch shares over the longer term and see the New [Guards] acquisition as a good strategic fit, despite the increasing complexity of the model and slightly disappointing growth slowdown from 1H to 3Q... We feel comfortable the company can continue to grow at elevated growth rates and move closer towards profitability.” Walmsley’s $14 price target puts a 51% upside to the stock. (To watch Walmsley's track record, click here)Weighing in from Cowen, John Blackledge wrote just before the Q3 report was released, and he too saw potential from the New Guards deal. In addition, Blackledge specifically pointed out that FTCH’s low price point represents a purchase opportunity, as it takes into account the stock’s most likely deadweights: “With shares down ~57% since the 2Q print, we believe much of the downside risk around discounting and strategic direction are likely priced in.” Blackledge sees FTCH hitting $16 in the next twelve months, suggesting a powerful 72% upside potential.FTCH shares base their Strong Buy consensus rating on 7 Buys and 1 Sell given in recent weeks. This stocks’ $15.29 average price target implies an upside of 65% from the $9.26 current share price. (See Farfetch stock analysis on TipRanks)
SAN DIEGO, Nov. 19, 2019 -- The Shareholders Foundation, Inc. announces that a lawsuit is pending for certain investors in NYSE: FTCH shares. Investors, who purchased shares.
PHILADELPHIA, Nov. 18, 2019 -- Kaskela Law LLC announces that a shareholder class action lawsuit has been filed against Farfetch Limited (NYSE: FTCH) on behalf of investors who.
NEW YORK, NY / ACCESSWIRE / November 18, 2019 / The Klein Law Firm announces that class action complaints have been filed on behalf of shareholders of the following companies. There is no cost to participate ...
NEW YORK , Nov. 18, 2019 /PRNewswire/ -- Attorney Advertising -- Bronstein, Gewirtz & Grossman, LLC notifies investors that a class action lawsuit has been filed against Farfetch Ltd. ("Farfetch" ...
NEW YORK, NY / ACCESSWIRE / November 18, 2019 / Levi & Korsinsky, LLP announces that class action lawsuits have commenced on behalf of shareholders of the following publicly-traded companies. To determine ...
LOS ANGELES, CA / ACCESSWIRE / November 18, 2019 / The Schall Law Firm, a national shareholder rights litigation firm, announces the filing of a class action lawsuit against Farfetch Limited ("Farfetch" or "the Company") (NYSE:FTCH) for violations of the Federal securities laws. Investors who purchased the Company's shares pursuant and/or traceable to the registration statement and prospectus (collectively, the "Registration Statement") issued in connection with the Company's September 2018 initial public offering ("IPO") are encouraged to contact the firm before November 18, 2019.
NEW YORK, Nov. 18, 2019 -- Levi & Korsinsky, LLP announces that class action lawsuits have commenced on behalf of shareholders of the following publicly-traded companies..
SAN FRANCISCO, CA / ACCESSWIRE / November 18, 2019 / Hagens Berman alerts Farfetch (NYSE:FTCH) investors of today's deadline to move for lead plaintiff in a securities fraud class action pending against ...
NEW ORLEANS, Nov. 17, 2019 -- Kahn Swick & Foti, LLC (“KSF”) and KSF partner, the former Attorney General of Louisiana, Charles C. Foti, Jr., remind investors with losses.
NEW YORK, NY / ACCESSWIRE / November 17, 2019 / The Klein Law Firm announces that class action complaints have been filed on behalf of shareholders of the following companies. There is no cost to participate ...
Hagens Berman urges Farfetch (FTCH) investors who have suffered significant losses to submit their loss now to learn if they qualify to recover their investment losses. According to the Complaint, Defendants concealed that Farfetch’s core business was vulnerable to heavy promotions of luxury goods and the Company’s profitability depended on aggressive acquisitions.
LOS ANGELES, CA / ACCESSWIRE / November 16, 2019 / The Schall Law Firm, a national shareholder rights litigation firm, announces the filing of a class action lawsuit against Farfetch Limited ("Farfetch" or "the Company") (NYSE:FTCH) for violations of the Federal securities laws. Investors who purchased the Company's shares pursuant and/or traceable to the registration statement and prospectus (collectively, the "Registration Statement") issued in connection with the Company's September 2018 initial public offering ("IPO") are encouraged to contact the firm before November 18, 2019.