These 5 Stocks are Getting Crushed on Monday

4. Farfetch Limited (NYSE:FTCH)

Number of Hedge Fund Holders: 39

Shares of Farfetch Limited (NYSE:FTCH) slipped over three percent this morning after Citi issued a “Sell” rating for the online luxury fashion retail platform, citing ambiguities around its profitability.

Citi analyst Guido Lucarelli thinks intensifying competition in the e-commerce market would make it hard for companies, including Farfetch, to improve their margins. Lucarelli set a price target of $6 per share for Farfetch Limited (NYSE:FTCH), compared to the stock’s current trading price of around $8.

The latest coverage comes nearly a month after Farfetch Limited (NYSE:FTCH) revised its operating income guidance for fiscal 2022. The company now looks to achieve break-even adjusted EBITDA for the full year, compared to its previous target of positive adjusted EBITDA.