Boohoo share price: what’s the latest after hitting all-time high in November?
The online fashion retailer saw its stock hit a new all-time high at the end of November, prompting its founders to cash out, selling £142.5 million worth of shares.
Two weeks ago, Boohoo saw its share price hit a new all-time high of 315.5p, representing a 95% increase from where the stock was at the start of the year.
A week later, the price move prompted Boohoo founders Mahmud Kamani and Carol Kane to sell 50 million shares worth £142.5 million.
After the sale, Kamani now controls a 13.1% stockholding in the company, while Kane holds a 2.7% stake. The pair have pledged to not sell any further shares for the next 18 months unless permitted by other shareholders.
Since hitting a record high in late November, Boohoo has seen its share price fall by 15%, with the stock trading at 264p as of 11:30 GMT on Wednesday.
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Jefferies and Goldman Sachs upgrade target price for Boohoo
Despite the stock sliding after hitting a new record high, analysts remain upbeat about its price trajectory.
Analysts at Goldman Sachs and Jefferies reiterated their ‘buy’ rating for Boohoo, issuing a target price of 335p and 375p respectively in December.
Based on Boohoo trading at 264p the two banks believe that the stock has a potential upside of between 26.8% - 42%.
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Boohoo completes integration of Karen Millen, Coast and MissPap
In a recent trading update, the company confirmed that since its half year end, trading has remained strong across its key brands with a record performance across the Black Friday weekend.
‘Our new brands, Karen Millen, Coast, and MissPap, have been successfully integrated onto our platform. Initial ranges have been very well received, and we continue to broaden our product ranges as we progress our multi-brand strategy,’ Boohoo said.
The group continues to trade comfortably in line with market expectations and will provide further financial information covering the trading period for the four months to 31 December 2019 on 14 January 2020.
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