Revolve Group (NYSE:RVLV) Hits New 12-Month High on Better-Than-Expected Earnings

Revolve Group, Inc. (NYSE:RVLV - Get Free Report)'s share price reached a new 52-week high on Wednesday after the company announced better than expected quarterly earnings. The company traded as high as $31.94 and last traded at $29.80, with a volume of 269511 shares trading hands. The stock had previously closed at $26.02.

The company reported $0.15 EPS for the quarter, beating the consensus estimate of $0.09 by $0.06. Revolve Group had a return on equity of 8.35% and a net margin of 3.08%. The company had revenue of $283.15 million for the quarter, compared to analyst estimates of $271.08 million. During the same period last year, the company posted $0.04 earnings per share. The firm's revenue was up 9.9% compared to the same quarter last year.

Wall Street Analyst Weigh In

Several research analysts have recently weighed in on the stock. Barclays upgraded shares of Revolve Group from an "underweight" rating to an "equal weight" rating and upped their target price for the company from $17.00 to $25.00 in a research note on Wednesday. UBS Group lifted their price objective on Revolve Group from $25.00 to $30.00 and gave the stock a "neutral" rating in a report on Wednesday. BTIG Research raised their price target on shares of Revolve Group from $30.00 to $35.00 and gave the stock a "buy" rating in a research report on Wednesday. Wedbush reiterated a "neutral" rating and set a $19.00 price objective on shares of Revolve Group in a research note on Wednesday, August 7th. Finally, Morgan Stanley reissued an "equal weight" rating and issued a $26.00 target price (up previously from $17.00) on shares of Revolve Group in a research report on Monday, October 21st. One research analyst has rated the stock with a sell rating, eight have issued a hold rating and seven have given a buy rating to the stock. According to data from MarketBeat.com, the stock presently has an average rating of "Hold" and a consensus price target of $26.19.

Insider Buying and Selling

In other Revolve Group news, major shareholder Mmmk Development, Inc. sold 6,493 shares of Revolve Group stock in a transaction that occurred on Thursday, September 19th. The shares were sold at an average price of $25.92, for a total transaction of $168,298.56. The transaction was disclosed in a legal filing with the SEC, which is available through this hyperlink. In related news, CEO Michael Mente sold 48,346 shares of the firm's stock in a transaction that occurred on Thursday, October 17th. The shares were sold at an average price of $26.32, for a total transaction of $1,272,466.72. Following the completion of the sale, the chief executive officer now directly owns 73,000 shares in the company, valued at approximately $1,921,360. This trade represents a 0.00 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which can be accessed through the SEC website. Also, major shareholder Mmmk Development, Inc. sold 6,493 shares of the business's stock in a transaction that occurred on Thursday, September 19th. The shares were sold at an average price of $25.92, for a total transaction of $168,298.56. The disclosure for this sale can be found here. Insiders have sold 344,946 shares of company stock worth $10,075,314 in the last three months. 46.56% of the stock is currently owned by insiders.

Institutional Investors Weigh In On Revolve Group

Hedge funds and other institutional investors have recently made changes to their positions in the company. Westfield Capital Management Co. LP bought a new position in Revolve Group during the first quarter valued at approximately $33,735,000. Dimensional Fund Advisors LP boosted its stake in shares of Revolve Group by 22.1% during the 2nd quarter. Dimensional Fund Advisors LP now owns 683,101 shares of the company's stock worth $10,867,000 after acquiring an additional 123,745 shares in the last quarter. Marshall Wace LLP increased its holdings in shares of Revolve Group by 141.2% during the 2nd quarter. Marshall Wace LLP now owns 478,623 shares of the company's stock valued at $7,615,000 after acquiring an additional 280,151 shares during the last quarter. Silvercrest Asset Management Group LLC raised its stake in shares of Revolve Group by 55.7% in the 1st quarter. Silvercrest Asset Management Group LLC now owns 376,620 shares of the company's stock valued at $7,973,000 after acquiring an additional 134,775 shares in the last quarter. Finally, Millennium Management LLC lifted its holdings in Revolve Group by 68.1% in the 2nd quarter. Millennium Management LLC now owns 342,084 shares of the company's stock worth $5,443,000 after purchasing an additional 138,600 shares during the last quarter. 67.60% of the stock is owned by hedge funds and other institutional investors.

Revolve Group Stock Up 27.8 %

The business has a 50-day simple moving average of $24.47 and a 200-day simple moving average of $21.01. The stock has a market cap of $2.35 billion, a P/E ratio of 72.04, a PEG ratio of 2.43 and a beta of 2.05.

About Revolve Group

Revolve Group, Inc operates as an online fashion retailer for millennial and generation z consumers in the United States and internationally. The company operates in two segments, REVOLVE and FWRD. It operates a platform that connects consumers and global fashion influencers, as well as emerging, established, and owned brands.