Wayfair (NYSE:W) Downgraded to “Neutral” Rating by Wedbush

Wayfair (NYSE:W) was downgraded by research analysts at Wedbush from an “outperform” rating to a “neutral” rating in a research note issued to investors on Monday,Briefing.com Automated Import reports. They currently have a $44.00 target price on the stock, down from their previous target price of $45.00. Wedbush’s price objective indicates a potential downside of 3.36% from the stock’s current price.

Several other brokerages also recently weighed in on W. Guggenheim reaffirmed a “buy” rating and set a $70.00 target price on shares of Wayfair in a research note on Thursday, September 26th. BMO Capital Markets decreased their price objective on shares of Wayfair from $58.00 to $50.00 and set a “market perform” rating on the stock in a report on Monday, November 4th. Needham & Company LLC reiterated a “buy” rating and issued a $60.00 target price on shares of Wayfair in a research report on Friday, November 1st. Piper Sandler reduced their price target on shares of Wayfair from $67.00 to $63.00 and set an “overweight” rating for the company in a research report on Monday, October 28th. Finally, Mizuho cut their price objective on Wayfair from $65.00 to $60.00 and set an “outperform” rating for the company in a research note on Monday, November 4th. Fourteen analysts have rated the stock with a hold rating, twelve have given a buy rating and one has assigned a strong buy rating to the stock. According to data from MarketBeat.com, the company currently has a consensus rating of “Moderate Buy” and a consensus target price of $60.24.

Wayfair Stock Down 1.2 %

Shares of Wayfair stock opened at $45.53 on Monday. The firm’s 50 day moving average price is $45.10 and its 200-day moving average price is $47.80. The company has a market cap of $5.71 billion, a P/E ratio of -10.14 and a beta of 3.43. Wayfair has a 52-week low of $37.35 and a 52-week high of $76.18.

Wayfair (NYSE:W) last released its quarterly earnings results on Friday, November 1st. The company reported $0.22 EPS for the quarter, beating the consensus estimate of $0.13 by $0.09. The firm had revenue of $2.88 billion for the quarter, compared to analyst estimates of $2.87 billion. During the same quarter in the prior year, the business posted ($1.38) EPS. The firm’s quarterly revenue was down 2.0% compared to the same quarter last year. As a group, equities research analysts forecast that Wayfair will post -2.91 EPS for the current fiscal year.

Insider Transactions at Wayfair

In other Wayfair news, insider Steven Conine sold 30,000 shares of Wayfair stock in a transaction that occurred on Wednesday, November 20th. The stock was sold at an average price of $42.31, for a total value of $1,269,300.00. Following the completion of the transaction, the insider now directly owns 179,073 shares in the company, valued at $7,576,578.63. The trade was a 14.35 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which is available at this link. Also, insider Jon Blotner sold 4,600 shares of the firm’s stock in a transaction on Monday, October 14th. The shares were sold at an average price of $53.60, for a total value of $246,560.00. Following the completion of the sale, the insider now owns 52,078 shares in the company, valued at $2,791,380.80. The trade was a 8.12 % decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last quarter, insiders sold 96,036 shares of company stock worth $4,551,431. 26.81% of the stock is currently owned by corporate insiders.

Institutional Investors Weigh In On Wayfair

Several hedge funds and other institutional investors have recently added to or reduced their stakes in W. Tabor Asset Management LP raised its stake in Wayfair by 11.3% during the 3rd quarter. Tabor Asset Management LP now owns 156,871 shares of the company’s stock valued at $8,813,000 after purchasing an additional 15,932 shares during the period. Groupama Asset Managment lifted its stake in Wayfair by 100.0% in the 3rd quarter. Groupama Asset Managment now owns 1,000,000 shares of the company’s stock worth $56,180,000 after acquiring an additional 500,000 shares in the last quarter. Wellington Management Group LLP boosted its position in Wayfair by 22.4% during the 3rd quarter. Wellington Management Group LLP now owns 1,097,822 shares of the company’s stock worth $61,676,000 after acquiring an additional 201,157 shares during the period. Highland Peak Capital LLC purchased a new position in Wayfair during the 2nd quarter valued at about $5,165,000. Finally, Sei Investments Co. increased its holdings in shares of Wayfair by 32.8% in the 2nd quarter. Sei Investments Co. now owns 133,415 shares of the company’s stock valued at $7,035,000 after purchasing an additional 32,968 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.