Top 5 Gainers on Wednesday

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In this article, we discuss the top 5 gainers of this morning. If you want to check out some other stocks flying high today, go directly to Top 10 Gainers on Wednesday

5. Farfetch Limited (NYSE:FTCH)

Number of Hedge Fund Holders: 39

Shares of Farfetch Limited (NYSE:FTCH) climbed over 20 percent in mid-day trading Wednesday after the U.K-based company decided to acquire 47.5 percent stakes in online fashion retailer YNAP.

Farfetch Limited (NYSE:FTCH) will buy stakes from Switzerland-based Richemont. The acquisition will help Farfetch Limited (NYSE:FTCH) entice more shoppers toward its online luxury fashion retail platform.

Moving forward, Farfetch Limited (NYSE:FTCH) can also execute the option of buying the remaining stakes in YNAP withing the next 5 years.

Earlier this year, investment management firm Polen Capital talked about Farfetch Limited (NYSE:FTCH) in its first quarter 2022 investor letter, stating:

“We also initiated a position in global luxury fashion e-commerce marketplace Farfetch in the first quarter and took advantage of meaningful weakness in the company’s share price during the period. Farfetch previously had too large a market cap for the Portfolio, but it has since moved to a level where it’s appropriate to own it – both in this Portfolio and in our smid-cap strategy. The company’s fundamentals remain attractive as indicated by the compelling results Farfetch reported in February.”

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