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.
This information has been prepared by IG, a trading name of IG Markets Limited. In addition to the disclaimer below, the material on this page does not contain a record of our trading prices, or an offer of, or solicitation for, a transaction in any financial instrument. IG accepts no responsibility for any use that may be made of these comments and for any consequences that result. No representation or warranty is given as to the accuracy or completeness of this information. Consequently any person acting on it does so entirely at their own risk. Any research provided does not have regard to the specific investment objectives, financial situation and needs of any specific person who may receive it. It has not been prepared in accordance with legal requirements designed to promote the independence of investment research and as such is considered to be a marketing communication. Although we are not specifically constrained from dealing ahead of our recommendations we do not seek to take advantage of them before they are provided to our clients. See full non-independent research disclaimer and quarterly summary.
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