Wayfair (NYSE:W) Shares Down 4.8% – Here’s Why

Wayfair Inc. (NYSE:W) shares dropped 4.8% during trading on Tuesday . The stock traded as low as $100.11 and last traded at $98.6380. Approximately 81,811 shares changed hands during mid-day trading, a decline of 98% from the average daily volume of 4,598,484 shares. The stock had previously closed at $103.64.

Wall Street Analysts Forecast Growth

W has been the subject of a number of recent research reports. Canaccord Genuity Group lifted their target price on Wayfair from $100.00 to $125.00 and gave the stock a “buy” rating in a report on Wednesday, October 29th. Bank of America upgraded shares of Wayfair from a “neutral” rating to a “buy” rating in a research report on Tuesday, October 28th. Stifel Nicolaus set a $100.00 price target on shares of Wayfair in a research note on Wednesday, October 29th. Jefferies Financial Group downgraded shares of Wayfair from a “buy” rating to a “hold” rating and set a $94.00 price objective for the company. in a research note on Wednesday, December 3rd. Finally, JPMorgan Chase & Co. raised their price target on Wayfair from $82.00 to $105.00 and gave the stock an “overweight” rating in a research note on Monday, October 27th. Two analysts have rated the stock with a Strong Buy rating, eighteen have given a Buy rating, ten have issued a Hold rating and two have assigned a Sell rating to the stock. According to MarketBeat, the company presently has an average rating of “Moderate Buy” and a consensus target price of $105.29.

Wayfair Stock Down 3.7%

The stock’s 50 day moving average is $98.42 and its two-hundred day moving average is $79.66. The company has a market capitalization of $13.01 billion, a PE ratio of -38.91 and a beta of 3.25.

Wayfair (NYSE:W) last released its quarterly earnings data on Tuesday, October 28th. The company reported $0.70 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.44 by $0.26. The business had revenue of $3.12 billion for the quarter, compared to the consensus estimate of $3.01 billion. Wayfair’s revenue for the quarter was up 8.1% on a year-over-year basis. During the same quarter in the prior year, the business posted $0.22 earnings per share. On average, sell-side analysts predict that Wayfair Inc. will post -2.54 EPS for the current fiscal year.

Insider Buying and Selling

In related news, insider Steven Conine sold 150,000 shares of the company’s stock in a transaction on Monday, November 24th. The stock was sold at an average price of $105.92, for a total transaction of $15,888,000.00. Following the completion of the sale, the insider directly owned 729,073 shares in the company, valued at $77,223,412.16. This represents a 17.06% decrease in their position. The sale was disclosed in a document filed with the SEC, which is available through this link. Also, CEO Niraj Shah sold 150,000 shares of the stock in a transaction dated Monday, November 24th. The shares were sold at an average price of $105.91, for a total transaction of $15,886,500.00. Following the sale, the chief executive officer directly owned 729,137 shares of the company’s stock, valued at approximately $77,222,899.67. The trade was a 17.06% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. In the last quarter, insiders sold 785,959 shares of company stock valued at $73,505,974. 21.91% of the stock is currently owned by insiders.

Institutional Investors Weigh In On Wayfair

Several institutional investors have recently added to or reduced their stakes in W. Larson Financial Group LLC increased its holdings in shares of Wayfair by 30.0% during the third quarter. Larson Financial Group LLC now owns 520 shares of the company’s stock valued at $46,000 after acquiring an additional 120 shares in the last quarter. Versant Capital Management Inc increased its stake in Wayfair by 8.4% during the 3rd quarter. Versant Capital Management Inc now owns 1,948 shares of the company’s stock valued at $174,000 after purchasing an additional 151 shares in the last quarter. Global Retirement Partners LLC raised its holdings in shares of Wayfair by 156.3% in the third quarter. Global Retirement Partners LLC now owns 328 shares of the company’s stock worth $29,000 after buying an additional 200 shares during the last quarter. Daiwa Securities Group Inc. lifted its stake in shares of Wayfair by 3.0% during the second quarter. Daiwa Securities Group Inc. now owns 6,882 shares of the company’s stock worth $352,000 after buying an additional 200 shares during the period. Finally, Comerica Bank grew its holdings in shares of Wayfair by 56.5% during the third quarter. Comerica Bank now owns 634 shares of the company’s stock valued at $57,000 after buying an additional 229 shares during the last quarter. Institutional investors and hedge funds own 89.67% of the company’s stock.

About Wayfair

Wayfair Inc (NYSE: W) is an e-commerce company focused on home furnishings and décor. Through its platform, Wayfair offers a broad assortment of furniture, lighting, home textiles, kitchenware and decorative accessories. The company’s portfolio includes flagship sites such as Wayfair.com, as well as specialty retail brands like Joss & Main, AllModern, Birch Lane and Perigold, each catering to distinct design styles and price points.

Founded in 2002 by Niraj Shah and Steve Conine under the name CSN Stores, the business rebranded as Wayfair in 2011 and went public in 2014.