Wayfair (NYSE:W) Reaches New 12-Month Low After Insider Selling

Wayfair Inc. (NYSE:W)’s share price reached a new 52-week low on Friday following insider selling activity. The stock traded as low as $22.99 and last traded at $22.74, with a volume of 184060 shares trading hands. The stock had previously closed at $25.09.

Specifically, CTO Fiona Tan sold 23,835 shares of the firm’s stock in a transaction on Wednesday, April 2nd. The shares were sold at an average price of $31.92, for a total value of $760,813.20. Following the completion of the sale, the chief technology officer now owns 111,128 shares in the company, valued at approximately $3,547,205.76. This trade represents a 17.66 % decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, insider Jon Blotner sold 19,257 shares of the business’s stock in a transaction dated Wednesday, April 2nd. The stock was sold at an average price of $31.68, for a total transaction of $610,061.76. Following the transaction, the insider now owns 78,308 shares in the company, valued at approximately $2,480,797.44. This trade represents a 19.74 % decrease in their ownership of the stock. The disclosure for this sale can be found here. In related news, CFO Kate Gulliver sold 19,296 shares of the firm’s stock in a transaction dated Wednesday, April 2nd. The shares were sold at an average price of $31.67, for a total value of $611,104.32. Following the completion of the sale, the chief financial officer now owns 144,474 shares in the company, valued at $4,575,491.58. This trade represents a 11.78 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link.

Wall Street Analysts Forecast Growth

A number of brokerages have recently issued reports on W. Guggenheim reissued a “buy” rating and set a $60.00 target price on shares of Wayfair in a research note on Monday, March 10th. Canaccord Genuity Group cut their price objective on Wayfair from $76.00 to $68.00 and set a “buy” rating for the company in a research report on Friday, February 21st. JPMorgan Chase & Co. reduced their target price on Wayfair from $63.00 to $50.00 and set an “overweight” rating for the company in a report on Monday, March 10th. Raymond James set a $60.00 price target on shares of Wayfair and gave the stock a “strong-buy” rating in a research note on Friday, February 21st. Finally, StockNews.com upgraded shares of Wayfair from a “sell” rating to a “hold” rating in a research note on Thursday, December 19th. Fifteen research analysts have rated the stock with a hold rating, eleven have assigned a buy rating and one has assigned a strong buy rating to the company’s stock. According to MarketBeat, Wayfair has an average rating of “Hold” and a consensus target price of $54.84.

Wayfair Price Performance

The company has a 50-day moving average of $39.50 and a two-hundred day moving average of $44.68. The stock has a market capitalization of $3.29 billion, a PE ratio of -6.46 and a beta of 3.72.

Wayfair (NYSE:W) last announced its quarterly earnings data on Thursday, February 20th. The company reported ($0.96) earnings per share for the quarter, missing the consensus estimate of $0.05 by ($1.01). The firm had revenue of $3.12 billion for the quarter, compared to analyst estimates of $3.07 billion. On average, research analysts forecast that Wayfair Inc. will post -2.54 EPS for the current fiscal year.

Hedge Funds Weigh In On Wayfair

Large investors have recently bought and sold shares of the stock. Point72 Asia Singapore Pte. Ltd. purchased a new position in shares of Wayfair in the 3rd quarter worth about $44,000. Jacobs Levy Equity Management Inc. acquired a new stake in Wayfair during the 3rd quarter worth approximately $384,000. Quantinno Capital Management LP raised its holdings in Wayfair by 8.5% in the third quarter. Quantinno Capital Management LP now owns 25,992 shares of the company’s stock valued at $1,460,000 after buying an additional 2,047 shares during the period. Wellington Management Group LLP lifted its position in Wayfair by 22.4% during the third quarter. Wellington Management Group LLP now owns 1,097,822 shares of the company’s stock valued at $61,676,000 after buying an additional 201,157 shares in the last quarter. Finally, iA Global Asset Management Inc. acquired a new position in Wayfair during the third quarter valued at approximately $6,964,000. Hedge funds and other institutional investors own 89.67% of the company’s stock.

About Wayfair

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.