Wayfair (NYSE:W) Downgraded by Wedbush to Neutral

Wayfair (NYSE:W) was downgraded by equities research analysts at Wedbush from an “outperform” rating to a “neutral” rating in a research note issued on Monday,Briefing.com Automated Import reports. They presently have a $44.00 price objective on the stock, down from their previous price objective of $45.00. Wedbush’s price target would indicate a potential downside of 3.36% from the company’s current price.

W has been the subject of several other research reports. Mizuho decreased their price objective on Wayfair from $65.00 to $60.00 and set an “outperform” rating for the company in a report on Monday, November 4th. Needham & Company LLC reaffirmed a “buy” rating and issued a $60.00 target price on shares of Wayfair in a report on Friday, November 1st. Deutsche Bank Aktiengesellschaft lowered their price target on Wayfair from $69.00 to $46.00 and set a “buy” rating for the company in a report on Monday, November 4th. Piper Sandler decreased their target price on Wayfair from $67.00 to $63.00 and set an “overweight” rating on the stock in a research report on Monday, October 28th. Finally, Truist Financial dropped their target price on shares of Wayfair from $60.00 to $55.00 and set a “buy” rating for the company in a report on Monday, November 4th. Fourteen research analysts have rated the stock with a hold rating, twelve have assigned a buy rating and one has given a strong buy rating to the company’s stock. Based on data from MarketBeat.com, the stock currently has a consensus rating of “Moderate Buy” and an average target price of $60.24.

Wayfair Trading Down 1.2 %

Shares of NYSE W opened at $45.53 on Monday. The company has a fifty day moving average price of $45.10 and a 200 day moving average price of $47.80. Wayfair has a 1-year low of $37.35 and a 1-year high of $76.18. The firm has a market cap of $5.71 billion, a PE ratio of -10.14 and a beta of 3.43.

Wayfair (NYSE:W) last announced its earnings results on Friday, November 1st. The company reported $0.22 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.13 by $0.09. The firm had revenue of $2.88 billion during the quarter, compared to analyst estimates of $2.87 billion. The firm’s quarterly revenue was down 2.0% compared to the same quarter last year. During the same period in the prior year, the business posted ($1.38) EPS. Equities research analysts forecast that Wayfair will post -2.91 EPS for the current year.

Insider Activity at Wayfair

In other news, insider Steven Conine sold 30,000 shares of the business’s stock in a transaction that occurred on Wednesday, November 20th. The stock was sold at an average price of $42.31, for a total value of $1,269,300.00. Following the sale, the insider now directly owns 179,073 shares of the company’s stock, valued at $7,576,578.63. The trade was a 14.35 % decrease in their position. The sale was disclosed in a document filed with the SEC, which is available through the SEC website. Also, insider Jon Blotner sold 4,600 shares of the firm’s stock in a transaction that occurred on Monday, October 14th. The shares were sold at an average price of $53.60, for a total value of $246,560.00. Following the transaction, the insider now directly owns 52,078 shares of the company’s stock, valued at approximately $2,791,380.80. This trade represents a 8.12 % decrease in their position. The disclosure for this sale can be found here. In the last 90 days, insiders have sold 96,036 shares of company stock valued at $4,551,431. Insiders own 26.81% of the company’s stock.

Hedge Funds Weigh In On Wayfair

A number of hedge funds have recently added to or reduced their stakes in W. Southpoint Capital Advisors LP bought a new stake in Wayfair during the 3rd quarter valued at approximately $78,652,000. Holocene Advisors LP increased its position in Wayfair by 5,699.8% during the third quarter. Holocene Advisors LP now owns 1,235,193 shares of the company’s stock valued at $69,393,000 after acquiring an additional 1,213,896 shares during the last quarter. Renaissance Technologies LLC lifted 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 worth $162,755,000 after acquiring an additional 675,271 shares during the last quarter. Groupama Asset Managment grew its holdings in Wayfair by 100.0% during the 3rd quarter. Groupama Asset Managment now owns 1,000,000 shares of the company’s stock valued at $56,180,000 after purchasing an additional 500,000 shares during the last quarter. Finally, 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 worth $122,487,000 after purchasing an additional 432,404 shares during the period. 89.67% of the stock is currently 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.