Wayfair (NYSE:W) Stock Rating Lowered by Zacks Research

Wayfair (NYSE:W) was downgraded by equities researchers at Zacks Research from a “strong-buy” rating to a “hold” rating in a research report issued to clients and investors on Monday,Zacks.com reports.

W has been the topic of a number of other reports. Truist Financial set a $99.00 price objective on Wayfair in a report on Monday, June 8th. Needham & Company LLC cut their target price on Wayfair from $125.00 to $83.00 and set a “buy” rating for the company in a research note on Friday, May 1st. TD Cowen reduced their target price on Wayfair from $88.00 to $75.00 and set a “hold” rating on the stock in a research report on Thursday, April 30th. Mizuho decreased their price target on Wayfair from $110.00 to $90.00 and set an “outperform” rating on the stock in a research note on Friday, May 8th. Finally, Benchmark began coverage on Wayfair in a report on Tuesday, July 7th. They set a “hold” rating for the company. One research analyst has rated the stock with a Strong Buy rating, eighteen have assigned a Buy rating, eleven have assigned a Hold rating and one has given a Sell rating to the company. According to MarketBeat, the company presently has a consensus rating of “Moderate Buy” and a consensus target price of $100.36.

Wayfair Price Performance

Shares of W stock opened at $84.70 on Monday. The company has a market capitalization of $11.18 billion, a PE ratio of -36.20, a price-to-earnings-growth ratio of 4.61 and a beta of 2.96. The firm’s 50-day moving average is $79.84 and its two-hundred day moving average is $83.36. Wayfair has a 12 month low of $55.60 and a 12 month high of $119.98.

Wayfair (NYSE:W) last posted its quarterly earnings results on Thursday, April 30th. The company reported $0.26 earnings per share for the quarter, meeting the consensus estimate of $0.26. The business had revenue of $2.93 billion during the quarter, compared to analysts’ expectations of $2.89 billion. Wayfair had a negative net margin of 2.41% and a negative return on equity of 2.20%. The business’s revenue for the quarter was up 7.4% on a year-over-year basis. During the same quarter in the prior year, the company posted $0.10 EPS. Sell-side analysts forecast that Wayfair will post 0.63 EPS for the current year.

Insider Activity at Wayfair

In other Wayfair news, Director Steven Conine sold 7,139 shares of the company’s stock in a transaction on Friday, April 24th. The stock was sold at an average price of $78.55, for a total transaction of $560,768.45. Following the transaction, the director directly owned 429,073 shares in the company, valued at $33,703,684.15. This represents a 1.64% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, insider Jon Blotner sold 5,925 shares of the firm’s stock in a transaction on Thursday, July 2nd. The stock was sold at an average price of $96.29, for a total value of $570,518.25. Following the transaction, the insider owned 117,344 shares of the company’s stock, valued at approximately $11,299,053.76. This represents a 4.81% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. The sale was made to cover tax withholding obligations related to the vesting of equity awards. In the last quarter, insiders sold 245,925 shares of company stock worth $19,183,749. Insiders own 18.44% of the company’s stock.

Institutional Investors Weigh In On Wayfair

Several institutional investors and hedge funds have recently modified their holdings of the company. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. boosted its holdings in Wayfair by 29.0% during the 1st quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 67,023 shares of the company’s stock valued at $2,147,000 after acquiring an additional 15,084 shares during the period. Prudential Financial Inc. lifted its position in shares of Wayfair by 30.4% during the second quarter. Prudential Financial Inc. now owns 7,328 shares of the company’s stock worth $375,000 after purchasing an additional 1,710 shares in the last quarter. Northwestern Mutual Wealth Management Co. lifted its position in shares of Wayfair by 12.3% during the second quarter. Northwestern Mutual Wealth Management Co. now owns 2,462 shares of the company’s stock worth $126,000 after purchasing an additional 270 shares in the last quarter. M&T Bank Corp acquired a new stake in shares of Wayfair during the second quarter worth about $262,000. Finally, EverSource Wealth Advisors LLC boosted its stake in shares of Wayfair by 393.4% in the second quarter. EverSource Wealth Advisors LLC now owns 819 shares of the company’s stock valued at $42,000 after purchasing an additional 653 shares during the period. Hedge funds and other institutional investors own 89.67% of the company’s stock.

Wayfair Company Profile

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.