Farfetch Ltd (NYSE:FTCH) was the target of some unusual options trading activity on Wednesday. Investors acquired 14,227 call options on the company. This is an increase of approximately 3,396% compared to the average daily volume of 407 call options.

Shares of FTCH opened at $22.65 on Friday. The company has a market cap of $6.90 billion and a P/E ratio of -38.39. Farfetch has a twelve month low of $15.98 and a twelve month high of $32.40.

Farfetch (NYSE:FTCH) last announced its quarterly earnings results on Wednesday, May 15th. The company reported ($0.34) earnings per share for the quarter, missing the Thomson Reuters’ consensus estimate of ($0.15) by ($0.19). The company had revenue of $174.06 million for the quarter, compared to the consensus estimate of $171.06 million. The firm’s quarterly revenue was up 38.6% compared to the same quarter last year. During the same period in the prior year, the business earned ($0.20) earnings per share. On average, research analysts forecast that Farfetch will post -0.63 EPS for the current fiscal year.

A number of equities analysts have weighed in on FTCH shares. Citigroup started coverage on shares of Farfetch in a research note on Monday, March 11th. They set an “outperform” rating and a $34.00 target price for the company. Oppenheimer assumed coverage on shares of Farfetch in a research report on Monday, March 11th. They set an “outperform” rating and a $34.00 price target for the company. Goldman Sachs Group raised shares of Farfetch from a “neutral” rating to a “buy” rating in a research report on Friday, March 1st. Credit Suisse Group raised their price target on shares of Farfetch from $29.00 to $30.00 and gave the company an “outperform” rating in a research report on Thursday. Finally, Zacks Investment Research downgraded shares of Farfetch from a “hold” rating to a “sell” rating in a research report on Friday, March 8th. One investment analyst has rated the stock with a sell rating, three have given a hold rating and nine have given a buy rating to the company. Farfetch currently has an average rating of “Buy” and an average price target of $28.20.

Institutional investors and hedge funds have recently made changes to their positions in the stock. Vitruvian Partners LLP bought a new stake in Farfetch in the 4th quarter worth approximately $389,905,000. Morgan Stanley grew its position in Farfetch by 38.8% in the 1st quarter. Morgan Stanley now owns 13,410,515 shares of the company’s stock worth $360,876,000 after purchasing an additional 3,747,381 shares during the period. Whale Rock Capital Management LLC bought a new stake in Farfetch in the 1st quarter worth approximately $79,485,000. TIAA CREF Investment Management LLC bought a new stake in Farfetch in the 3rd quarter worth approximately $64,657,000. Finally, BlackRock Inc. bought a new stake in Farfetch in the 3rd quarter worth approximately $42,733,000. 42.67% of the stock is owned by institutional investors.

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About Farfetch

Farfetch Ltd. engages in the retail of fashion and luxury goods. It offers womenswear, menswear, kidswear, vintage, fine watches, and fine jewelry. The company was founded by José Manuel Ferreira Neves in 2007 and launched in 2008 and is headquartered in London, the United Kingdom.

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