FTCH - Why Farfetch Rocketed Higher Today
2023-11-28 15:04:18 ET
Shares of luxury retail e-commerce company Farfetch (NYSE: FTCH) were rocketing higher today, up as much as 31% before settling into a 25% gain as of 1:55 p.m. ET.
The London-based Farfetch actually reports its third quarter earnings tomorrow, but today, British paper The Telegraph reported its founder may be looking to take the beaten-down company private, with the help of banks and top shareholders.
Farfetch's stock has swooned amid a tepid economic environment in the U.S. and China, and has seen its shares slump 64% this year and 98% from the company's all-time high around $73 in 2021. The stock's recent low was $1.31 per share, a dramatic collapse that has apparently sent Farfetch's founder looking to take the stock off the market entirely.
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Why Farfetch Rocketed Higher Today