Reformation (NYSE:REF) Trading 6.7% Higher Following Better-Than-Expected Earnings

Posted by Micah Haroldson on Sep 11th, 2026

Reformation Inc. (NYSE:REF – Get Free Report) shares rose 6.7% on Friday after the company announced better than expected quarterly earnings. The stock traded as high as $14.15 and last traded at $14.03. Approximately 79,691 shares changed hands during trading, a decline of 81% from the average daily volume of 415,456 shares. The stock had previously closed at $13.15.

The company reported $0.23 earnings per share for the quarter, beating the consensus estimate of $0.20 by $0.03. The business had revenue of $155.23 million for the quarter, compared to analysts’ expectations of $154.61 million. The firm’s revenue was up 24.1% on a year-over-year basis.

Key Reformation News

Here are the key news stories impacting Reformation this week:

Positive Sentiment: Guggenheim reaffirmed its “Buy” rating and set a $20.00 price target, implying substantial upside from the stock’s recent level. Guggenheim price target report
Positive Sentiment: Q2 earnings exceeded expectations: Reformation reported adjusted earnings of $0.23 per share versus the $0.20 consensus estimate, while revenue of $155.23 million slightly topped forecasts of $154.61 million. Revenue increased 24.1% year over year. Reformation Q2 earnings report
Positive Sentiment: Profitability improved sharply: Net income rose 79.4%, and adjusted EBITDA margin expanded by 320 basis points to 16.4%, supporting the investment case for continued operating leverage. Reformation second-quarter results
Positive Sentiment: Fiscal 2026 revenue guidance was raised or maintained above expectations at $602 million to $606 million, compared with the $601.3 million analyst consensus. Management’s upbeat outlook and double-digit growth were highlighted during the earnings call. Reformation outlook report
Neutral Sentiment: Short interest increased significantly to 2.20 million shares as of August 31, up 150.2% from mid-August and equal to about 3.7% of shares outstanding. The elevated short positioning may increase volatility and create short-squeeze potential, but it also signals greater bearish positioning.

Analyst Upgrades and Downgrades

A number of brokerages recently commented on REF. Wall Street Zen upgraded Reformation to a “hold” rating in a research note on Saturday, August 8th. Morgan Stanley assumed coverage on shares of Reformation in a research note on Monday, August 24th. They set an “equal weight” rating and a $16.00 price objective on the stock. Telsey Advisory Group began coverage on Reformation in a report on Monday, August 24th. They issued an “outperform” rating and a $20.00 target price on the stock. Robert W. Baird assumed coverage on Reformation in a research report on Monday, August 24th. They set an “outperform” rating and a $19.00 price target on the stock. Finally, BTIG Research reiterated a “buy” rating on shares of Reformation in a research report on Friday. Eight analysts have rated the stock with a Buy rating and two have assigned a Hold rating to the company’s stock. Based on data from MarketBeat, the company presently has a consensus rating of “Moderate Buy” and a consensus price target of $19.25.

Check Out Our Latest Analysis on REF

Insider Activity

In related news, major shareholder Scsp Refo sold 2,987,199 shares of the business’s stock in a transaction that occurred on Friday, July 31st. The shares were sold at an average price of $13.95, for a total transaction of $41,671,426.05. Following the completion of the sale, the insider directly owned 29,091,749 shares of the company’s stock, valued at $405,829,898.55. The trade was a 9.31% decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is available at this link. Also, Director Yael Aflalo sold 1,204,029 shares of the company’s stock in a transaction dated Wednesday, July 29th. The shares were sold at an average price of $13.95, for a total value of $16,796,204.55. Following the completion of the sale, the director owned 11,725,803 shares of the company’s stock, valued at $163,574,951.85. This represents a 9.31% decrease in their position. The SEC filing for this sale provides additional information. In the last quarter, insiders sold 4,401,122 shares of company stock worth $61,395,652.