Why Farfetch Rocketed Higher Today
Shares of luxury retail e-commerce company (NYSE: FTCH) were rocketing higher today, up as much as 31% before settling into a 25% gain as of 1:55 p.m. ET.
The London-based Farfetch actually reports its third quarter earnings tomorrow, but today, British paper The Telegraph reported its founder may be looking to take the beaten-down company private, with the help of banks and top shareholders.
Farfetch's stock has swooned amid a tepid economic environment in the U.S. and China, and has seen its shares slump 64% this year and 98% from the company's all-time high around $73 in 2021. The stock's recent low was $1.31 per share, a dramatic collapse that has apparently sent Farfetch's founder looking to take the stock off the market entirely.
Source Fool.com
Farfetch Ltd Stock
The community is currently still undecided about Farfetch Ltd with 1 Buy predictions and 1 Sell predictions.
With a target price of 12 € there is potential for a 119900.0% increase which would mean more than doubling the current price of 0.01 € for Farfetch Ltd.
