Wayfair (NYSE:W) Stock Price Down 4.2% on Insider Selling

Wayfair Inc. (NYSE:W)’s stock price dropped 4.2% during trading on Thursday after an insider sold shares in the company. The company traded as low as $43.30 and last traded at $43.56. Approximately 831,229 shares changed hands during mid-day trading, a decline of 81% from the average daily volume of 4,395,498 shares. The stock had previously closed at $45.45.

Specifically, COO Thomas Netzer sold 1,039 shares of the company’s stock in a transaction on Tuesday, December 17th. The shares were sold at an average price of $50.65, for a total transaction of $52,625.35. Following the completion of the sale, the chief operating officer now directly owns 171,790 shares of the company’s stock, valued at approximately $8,701,163.50. This represents a 0.60 % decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink.

Analyst Ratings Changes

W has been the subject of several research analyst reports. Citigroup cut their target price on shares of Wayfair from $70.00 to $54.00 and set a “buy” rating for the company in a research note on Monday, November 4th. Wedbush dropped their price objective on shares of Wayfair from $50.00 to $45.00 and set an “outperform” rating for the company in a research note on Monday, November 4th. Stifel Nicolaus dropped their target price on shares of Wayfair from $55.00 to $47.00 and set a “hold” rating for the company in a research report on Monday, November 4th. Truist Financial decreased their price objective on shares of Wayfair from $60.00 to $55.00 and set a “buy” rating on the stock in a report on Monday, November 4th. Finally, Royal Bank of Canada decreased their price objective on shares of Wayfair from $53.00 to $50.00 and set a “sector perform” rating on the stock in a report on Monday, November 4th. Thirteen investment analysts have rated the stock with a hold rating, thirteen have assigned a buy rating and one has given a strong buy rating to the company. Based on data from MarketBeat, Wayfair has a consensus rating of “Moderate Buy” and a consensus price target of $60.28.

Wayfair Price Performance

The company’s 50-day simple moving average is $46.12 and its 200-day simple moving average is $48.65. The stock has a market capitalization of $5.73 billion, a P/E ratio of -10.18 and a beta of 3.44.

Wayfair (NYSE:W) last released its quarterly earnings data on Friday, November 1st. The company reported $0.22 EPS for the quarter, beating the consensus estimate of $0.13 by $0.09. The company had revenue of $2.88 billion during the quarter, compared to analyst estimates of $2.87 billion. During the same quarter in the prior year, the firm earned ($1.38) earnings per share. Wayfair’s revenue for the quarter was down 2.0% on a year-over-year basis. On average, analysts forecast that Wayfair Inc. will post -2.91 earnings per share for the current fiscal year.

Institutional Investors Weigh In On Wayfair

Several institutional investors and hedge funds have recently bought and sold shares of W. Southpoint Capital Advisors LP bought a new position in Wayfair in the 3rd quarter valued at approximately $78,652,000. Holocene Advisors LP raised its holdings in Wayfair by 5,699.8% in the 3rd quarter. Holocene Advisors LP now owns 1,235,193 shares of the company’s stock valued at $69,393,000 after buying an additional 1,213,896 shares during the last quarter. Renaissance Technologies LLC raised its holdings in Wayfair by 28.0% in the 2nd quarter. Renaissance Technologies LLC now owns 3,086,569 shares of the company’s stock valued at $162,755,000 after buying an additional 675,271 shares during the last quarter. Groupama Asset Managment increased its position in Wayfair by 100.0% during the 3rd quarter. Groupama Asset Managment now owns 1,000,000 shares of the company’s stock valued at $56,180,000 after purchasing an additional 500,000 shares during the period. Finally, Wolf Hill Capital Management LP increased its position in Wayfair by 22.9% during the 2nd quarter. Wolf Hill Capital Management LP now owns 2,322,906 shares of the company’s stock valued at $122,487,000 after purchasing an additional 432,404 shares during the period. Institutional investors own 89.67% of the company’s stock.

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.