Wayfair (NYSE:W) Rating Reiterated by Guggenheim

Wayfair (NYSE:W)‘s stock had its “buy” rating reiterated by equities researchers at Guggenheim in a research report issued on Thursday, Benzinga reports. They presently have a $70.00 target price on the stock. Guggenheim’s price objective points to a potential upside of 29.94% from the company’s current price.

Other equities research analysts have also issued reports about the company. Truist Financial cut their price objective on Wayfair from $70.00 to $60.00 and set a “buy” rating for the company in a research note on Friday, August 2nd. The Goldman Sachs Group dropped their price target on Wayfair from $67.00 to $54.00 and set a “neutral” rating for the company in a research report on Friday, August 2nd. StockNews.com upgraded Wayfair from a “sell” rating to a “hold” rating in a report on Monday, August 5th. Loop Capital upped their target price on shares of Wayfair from $45.00 to $55.00 and gave the stock a “hold” rating in a report on Thursday. Finally, Deutsche Bank Aktiengesellschaft reduced their target price on shares of Wayfair from $87.00 to $70.00 and set a “buy” rating for the company in a research report on Friday, August 2nd. Twelve analysts have rated the stock with a hold rating, thirteen have given a buy rating and one has given a strong buy rating to the company’s stock. According to MarketBeat, the company has a consensus rating of “Moderate Buy” and a consensus target price of $65.83.

Wayfair Stock Performance

Shares of NYSE:W traded up $2.20 during midday trading on Thursday, reaching $53.87. 2,109,712 shares of the company’s stock traded hands, compared to its average volume of 4,268,549. The company has a fifty day simple moving average of $46.36 and a two-hundred day simple moving average of $54.68. Wayfair has a 1 year low of $38.02 and a 1 year high of $76.18. The company has a market cap of $6.65 billion, a P/E ratio of -10.05 and a beta of 3.40.

Wayfair (NYSE:W) last posted its quarterly earnings data on Thursday, August 1st. The company reported $0.47 earnings per share (EPS) for the quarter, missing the consensus estimate of $0.50 by ($0.03). The business had revenue of $3.18 billion for the quarter, compared to analyst estimates of $3.18 billion. The firm’s quarterly revenue was up .2% on a year-over-year basis. During the same quarter last year, the firm posted ($1.27) earnings per share. As a group, research analysts forecast that Wayfair will post -2.66 EPS for the current fiscal year.

Insiders Place Their Bets

In related news, CTO Fiona Tan sold 8,036 shares of Wayfair stock in a transaction on Tuesday, July 2nd. The stock was sold at an average price of $50.64, for a total value of $406,943.04. Following the completion of the transaction, the chief technology officer now directly owns 64,074 shares in the company, valued at $3,244,707.36. The transaction was disclosed in a document filed with the SEC, which is available at the SEC website. In other Wayfair news, CTO Fiona Tan sold 8,036 shares of the stock in a transaction that occurred on Tuesday, July 2nd. The shares were sold at an average price of $50.64, for a total value of $406,943.04. Following the sale, the chief technology officer now directly owns 64,074 shares of the company’s stock, valued at approximately $3,244,707.36. The sale was disclosed in a legal filing with the SEC, which is available at the SEC website. Also, COO Thomas Netzer sold 1,011 shares of the firm’s stock in a transaction on Tuesday, September 17th. The shares were sold at an average price of $49.42, for a total transaction of $49,963.62. Following the completion of the sale, the chief operating officer now owns 151,802 shares in the company, valued at $7,502,054.84. The disclosure for this sale can be found here. Insiders have sold 41,113 shares of company stock worth $2,126,623 over the last three months. Company insiders own 26.81% of the company’s stock.

Institutional Inflows and Outflows

A number of hedge funds have recently modified their holdings of the stock. Capital World Investors increased its position in Wayfair by 0.9% during the first quarter. Capital World Investors now owns 12,145,579 shares of the company’s stock worth $824,442,000 after buying an additional 103,369 shares during the period. Vanguard Group Inc. grew its position in shares of Wayfair by 4.5% during the first quarter. Vanguard Group Inc. now owns 8,467,900 shares of the company’s stock worth $574,801,000 after acquiring an additional 363,948 shares during the last quarter. Renaissance Technologies LLC increased its holdings in shares of Wayfair by 28.0% in the 2nd quarter. Renaissance Technologies LLC now owns 3,086,569 shares of the company’s stock valued at $162,755,000 after acquiring an additional 675,271 shares during the period. Wolf Hill Capital Management LP raised its position in Wayfair by 22.9% in the 2nd quarter. Wolf Hill Capital Management LP now owns 2,322,906 shares of the company’s stock valued at $122,487,000 after purchasing an additional 432,404 shares during the last quarter. Finally, Norges Bank acquired a new stake in Wayfair during the 4th quarter worth $47,374,000. 89.67% of the stock is owned by hedge funds and other institutional investors.

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.