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

Wayfair Inc. (NYSE:W)’s share price was down 3.6% during 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 mid-day trading, a decline of 83% from the average daily volume of 4,217,250 shares. The stock had previously closed at $57.75.

W has been the topic of several other reports. Needham & Company LLC reaffirmed a “buy” rating and issued a $75.00 target price on shares of Wayfair in a report on Thursday, February 22nd. Wedbush reaffirmed an “outperform” rating and set a $70.00 target price on shares of Wayfair in a research note on Monday. Stifel Nicolaus upped their target price on Wayfair from $52.00 to $55.00 and gave the company a “hold” rating in a research note on Tuesday, January 9th. Deutsche Bank Aktiengesellschaft boosted their price target on Wayfair from $63.00 to $79.00 and gave the company a “buy” rating in a report on Wednesday, April 10th. Finally, Raymond James upgraded Wayfair from a “market perform” rating to a “strong-buy” rating and set a $65.00 target price for the company in a report on Friday, February 16th. Ten analysts have rated the stock with a hold rating, seventeen have given a buy rating and one has assigned a strong buy rating to the stock. According to MarketBeat.com, Wayfair presently has a consensus rating of “Moderate Buy” and a consensus target price of $76.21.

Insider Transactions at Wayfair

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

Hedge Funds Weigh In On Wayfair

A number of institutional investors and hedge funds have recently modified their holdings of the company. Allspring Global Investments Holdings LLC boosted its stake in Wayfair by 31.1% in the fourth quarter. Allspring Global Investments Holdings LLC now owns 398,795 shares of the company’s stock valued at $24,606,000 after acquiring an additional 94,540 shares in the last quarter. Federated Hermes Inc. acquired a new stake in shares of Wayfair during the third quarter worth about $1,147,000. Vanguard Group Inc. boosted its stake in shares of Wayfair by 5.2% during the third quarter. Vanguard Group Inc. now owns 7,830,300 shares of the company’s stock worth $474,281,000 after buying an additional 386,717 shares during the period. Canada Pension Plan Investment Board boosted its stake in shares of Wayfair by 3,978.9% during the third quarter. Canada Pension Plan Investment Board now owns 367,100 shares of the company’s stock worth $22,235,000 after buying an additional 358,100 shares during the period. Finally, Charles Schwab Investment Management Inc. raised its holdings in Wayfair by 88.1% during the third quarter. Charles Schwab Investment Management Inc. now owns 634,611 shares of the company’s stock worth $38,438,000 after purchasing an additional 297,235 shares in the last quarter. Institutional investors and hedge funds own 89.67% of the company’s stock.

Wayfair Stock Down 8.2 %

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

Wayfair (NYSE:W) last posted its quarterly earnings results on Thursday, February 22nd. The company reported ($1.46) earnings per share (EPS) for the quarter, topping the consensus estimate of ($1.54) by $0.08. The firm had revenue of $3.11 billion for the quarter, compared to analysts’ expectations of $3.10 billion. On average, analysts expect that Wayfair Inc. will post -3.37 EPS for the current 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.