Wayfair (NYSE:W) Trading Down 8.1% on Analyst Downgrade

Wayfair Inc. (NYSE:W) shares fell 8.1% during trading on Monday after Wall Street Zen downgraded the stock from a buy rating to a hold rating. The company traded as low as $74.93 and last traded at $74.8620. 1,012,341 shares traded hands during mid-day trading, a decline of 72% from the average session volume of 3,661,292 shares. The stock had previously closed at $81.43.

Several other equities analysts have also weighed in on the stock. UBS Group restated a “buy” rating on shares of Wayfair in a research report on Tuesday, February 17th. JPMorgan Chase & Co. dropped their price target on Wayfair from $114.00 to $105.00 and set an “overweight” rating on the stock in a report on Friday. Wells Fargo & Company increased their price objective on Wayfair from $90.00 to $110.00 and gave the company an “overweight” rating in a research report on Wednesday, October 29th. 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. Finally, Jefferies Financial Group downgraded Wayfair from a “buy” rating to a “hold” rating and set a $94.00 target price for the company. in a report on Wednesday, December 3rd. One investment analyst has rated the stock with a Strong Buy rating, eighteen have assigned a Buy rating, eleven have assigned a Hold rating and two have issued a Sell rating to the company. Based on data from MarketBeat.com, Wayfair currently has an average rating of “Moderate Buy” and a consensus price target of $106.17.

Insider Transactions at Wayfair

In other Wayfair news, CFO Kate Gulliver sold 36,497 shares of the stock in a transaction that occurred on Friday, January 2nd. The shares were sold at an average price of $106.50, for a total value of $3,886,930.50. Following the completion of the sale, the chief financial officer owned 149,238 shares in the company, valued at $15,893,847. This represents a 19.65% decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, CTO Fiona Tan sold 9,000 shares of the company’s stock in a transaction on Tuesday, January 13th. The stock was sold at an average price of $119.00, for a total transaction of $1,071,000.00. Following the completion of the transaction, the chief technology officer directly owned 200,328 shares in the company, valued at $23,839,032. This trade represents a 4.30% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. In the last 90 days, insiders sold 650,494 shares of company stock worth $68,353,313. 21.91% of the stock is currently owned by company insiders.

Institutional Investors Weigh In On Wayfair

Several institutional investors have recently made changes to their positions in the company. Y Intercept Hong Kong Ltd bought a new position in Wayfair during the second quarter valued at approximately $1,512,000. Concurrent Investment Advisors LLC bought a new position in shares of Wayfair during the 3rd quarter valued at $3,332,000. Range Financial Group LLC acquired a new stake in shares of Wayfair in the 3rd quarter valued at $1,330,000. Great Lakes Advisors LLC bought a new stake in Wayfair in the third quarter worth $3,946,000. Finally, Hook Mill Capital Partners LP acquired a new position in Wayfair during the second quarter worth $39,965,000. 89.67% of the stock is currently owned by institutional investors and hedge funds.

Wayfair Stock Down 8.9%

The company’s 50-day simple moving average is $101.66 and its 200 day simple moving average is $93.77. The stock has a market capitalization of $9.67 billion, a price-to-earnings ratio of -30.52, a P/E/G ratio of 7.78 and a beta of 3.36.

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.