Wells Fargo has raised its stake in Revolve Group by 1.2%, while institutional investors increase their holdings. CEO sales and analysts’ ratings indicate fluctuating market dynamics.
Wells Fargo & Company MN has increased its investment in Revolve Group, Inc., lifting its holdings by 1.2% during the fourth quarter, according to a recent filing with the Securities and Exchange Commission (SEC). The institutional investor now owns approximately 411,738 shares of the online fashion retailer’s stock, reflecting an investment valued at around $13.79 million.
Other institutional investors have also adjusted their positions in Revolve Group, contributing to a significant increase in ownership among hedge funds. Notably, Venturi Wealth Management LLC boosted its stake by an impressive 1,302.1%, acquiring 1,346 shares for a total investment of approximately $45,000. Other firms, such as Sugar Maple Asset Management LLC and Harvest Fund Management Co. Ltd, also entered the fray, acquiring new stakes valued at $50,000 and $117,000 respectively. Additionally, AlphaQuest LLC increased its holdings by 7.7%, bringing its total to 5,535 shares worth about $185,000. Institutional investors collectively own 67.60% of Revolve Group’s stock.
In insider trading news, CEO Michael Mente offloaded 67,118 shares of the company’s stock on February 14, garnering $2,074,617.38 at an average price of $30.91 per share. This sale represented a 47.90% decrease in Mente’s ownership stake, leaving him with 73,000 shares currently valued at around $2.26 million. Similarly, Michael Karanikolas, the company’s other CEO, sold 12,566 shares on March 3 for approximately $325,962, marking a 9.27% reduction in his holdings. In total, company insiders have sold 256,781 shares worth nearly $7.79 million over the last three months, while insider ownership stands at 46.56%.
The stock’s performance has garnered attention from several equities analysts who have shared their perspectives on Revolve Group’s market potential. Roth Mkm reiterated a “buy” rating, adjusting the price target upward to $36.00. KeyCorp upgraded its rating from “sector weight” to “overweight,” setting a new target of $37.00. Conversely, Piper Sandler downgraded its price objective from $35.00 to $22.00 and maintained an “overweight” rating. Stifel Nicolaus reduced its target price from $40.00 to $28.00 while still giving a “buy” rating, and Jefferies Financial Group raised its rating from “hold” to “buy,” setting a target of $30.00. The overall consensus among analysts indicates a “Moderate Buy” with an average price target of $28.87.
As of Tuesday, shares of Revolve Group (RVLV) opened at $20.70. The online fashion retailer reflects a market capitalization of $1.47 billion, alongside a price-to-earnings ratio of 36.96 and a PEG ratio of 1.48. The company’s stock has fluctuated significantly over the past 52 weeks, reaching a low of $14.87 and a high of $39.58. Current trends show a 50-day simple moving average of $24.61 and a two-hundred day moving average of $28.76.
Revolve Group specializes in online fashion retail aimed primarily at millennial and Generation Z consumers, operating through two segments: REVOLVE and FWRD. Its platform connects consumers with global fashion influencers, as well as both emerging and established brands. The company’s growing traction in the market continues to engage both investors and analysts alike.
Source: Noah Wire Services
