Wayfair (NYSE:W) Trading Down 3.6% on Analyst Downgrade

Wayfair Inc. (NYSE:W)’s share price dropped 3.6% during mid-day trading on Wednesday after Royal Bank of Canada lowered their price target on the stock from $62.00 to $61.00. Royal Bank of Canada currently has a sector perform rating on the stock. Wayfair traded as low as $55.26 and last traded at $55.68. Approximately 726,497 shares changed hands during trading, a decline of 83% from the average daily volume of 4,217,250 shares. The stock had previously closed at $57.75.

Other equities research analysts have also issued reports about the stock. Loop Capital raised their price objective on shares of Wayfair from $55.00 to $65.00 and gave the company a “hold” rating in a report on Tuesday, April 2nd. Canaccord Genuity Group reaffirmed a “buy” rating and issued a $80.00 target price on shares of Wayfair in a report on Friday, February 23rd. Piper Sandler reaffirmed an “overweight” rating and issued a $88.00 target price (down previously from $93.00) on shares of Wayfair in a report on Friday, February 23rd. Citigroup lifted their target price on shares of Wayfair from $73.00 to $85.00 and gave the company a “buy” rating in a report on Thursday, March 28th. Finally, Stifel Nicolaus lifted their target price on shares of Wayfair from $52.00 to $55.00 and gave the company a “hold” rating in a report on Tuesday, January 9th. Ten analysts have rated the stock with a hold rating, seventeen have assigned a buy rating and one has given a strong buy rating to the stock. Based on data from MarketBeat.com, the company presently has an average rating of “Moderate Buy” and an average target price of $76.21.

Insider Activity

In related news, insider Jon Blotner sold 3,492 shares of the company’s stock in a transaction on Monday, February 5th. The shares were sold at an average price of $50.34, for a total value of $175,787.28. Following the sale, the insider now directly owns 32,118 shares of the company’s stock, valued at $1,616,820.12. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at this hyperlink. In related news, COO Thomas Netzer sold 984 shares of the stock in a transaction dated Monday, March 18th. The shares were sold at an average price of $60.58, for a total value of $59,610.72. Following the sale, the chief operating officer now owns 117,841 shares of the company’s stock, valued at approximately $7,138,807.78. The transaction was disclosed in a filing with the SEC, which can be accessed through this hyperlink. Also, insider Jon Blotner sold 3,492 shares of the stock in a transaction dated Monday, February 5th. The stock was sold at an average price of $50.34, for a total transaction of $175,787.28. Following the completion of the sale, the insider now directly owns 32,118 shares in the company, valued at approximately $1,616,820.12. The disclosure for this sale can be found here. Over the last three months, insiders sold 89,808 shares of company stock worth $5,445,222. 23.50% of the stock is currently owned by company insiders.

Hedge Funds Weigh In On Wayfair

A number of institutional investors and hedge funds have recently bought and sold shares of the stock. Capital World Investors boosted its position in shares of Wayfair by 8.7% during the 4th quarter. Capital World Investors now owns 12,042,210 shares of the company’s stock valued at $743,004,000 after purchasing an additional 962,307 shares in the last quarter. Vanguard Group Inc. lifted its position in shares of Wayfair by 3.5% in the fourth quarter. Vanguard Group Inc. now owns 8,103,952 shares of the company’s stock worth $500,014,000 after purchasing an additional 273,652 shares in the last quarter. Atreides Management LP lifted its position in shares of Wayfair by 1.8% in the third quarter. Atreides Management LP now owns 971,206 shares of the company’s stock worth $58,826,000 after purchasing an additional 16,932 shares in the last quarter. Norges Bank purchased a new stake in shares of Wayfair in the fourth quarter worth approximately $47,374,000. Finally, Wellington Management Group LLP lifted its position in shares of Wayfair by 18.6% in the fourth quarter. Wellington Management Group LLP now owns 764,495 shares of the company’s stock worth $47,169,000 after purchasing an additional 119,873 shares in the last quarter. Institutional investors own 89.67% of the company’s stock.

Wayfair Stock Down 8.2 %

The business’s 50-day moving average price is $59.60 and its 200-day moving average price is $55.08. The firm has a market capitalization of $6.38 billion, a PE ratio of -8.19 and a beta of 3.29.

Wayfair (NYSE:W) last issued its quarterly earnings data on Thursday, February 22nd. The company reported ($1.46) earnings per share for the quarter, beating the consensus estimate of ($1.54) by $0.08. The business had revenue of $3.11 billion for the quarter, compared to the consensus estimate of $3.10 billion. On average, analysts anticipate that Wayfair Inc. will post -3.37 EPS for the current fiscal year.

Wayfair Company Profile

Wayfair Inc provides e-commerce business in the United States and internationally. The company offers approximately thirty million products for the home sector. It offers online selections of furniture, décor, housewares, and home improvement products through its sites consisting of Wayfair, Joss & Main, AllModern, Birch Lane, Perigold, and Wayfair Professional.