Shares of apparel e-commerce company Stitch Fix (NASDAQ: SFIX) fell sharply on Wednesday, down 10% as of 2 p.m. ET. On one hand, the market is down as well. But the drop seems too big to be 100% related to market weakness today. And there is a filing with the Securities and Exchange Commission (SEC) that could possibly be making investors fearful.
BlackRock is one of the world's largest asset management firms and in recent years has taken an interest in Stitch Fix stock. By the end of 2020, the firm had purchased nearly 4.4 million shares of Stitch Fix, good for 6.9% of total shares. By the end of 2021, BlackRock's stake had jumped to 6.3 million shares or 7.6% of the company.
Yesterday's SEC filing revealed that BlackRock now has almost 8.2 million shares, which equates to 9.6% of Stitch Fix.
For further details see:
Could This Be Why Stitch Fix Stock Is Down Today?