Wayfair (NYSE:W) Rating Lowered to Hold at Zacks Research

Wayfair (NYSE:W) was downgraded by research analysts at Zacks Research from a “strong-buy” rating to a “hold” rating in a report released on Monday, Zacks reports.

Several other research analysts also recently commented on W. Truist Financial lifted their target price on shares of Wayfair from $99.00 to $135.00 and gave the stock a “buy” rating in a report on Tuesday, August 4th. Guggenheim lifted their price objective on Wayfair from $100.00 to $135.00 and gave the stock a “buy” rating in a research note on Wednesday, August 5th. JPMorgan Chase & Co. increased their target price on Wayfair from $105.00 to $108.00 and gave the company an “overweight” rating in a research note on Tuesday, July 28th. Wells Fargo & Company lifted their price target on Wayfair from $100.00 to $130.00 and gave the stock an “overweight” rating in a research report on Wednesday, August 5th. Finally, Rosenblatt Securities assumed coverage on Wayfair in a report on Thursday, August 20th. They set a “buy” rating and a $125.00 price target for the company. Two analysts have rated the stock with a Strong Buy rating, eighteen have issued a Buy rating, eleven have issued a Hold rating and one has given a Sell rating to the stock. According to data from MarketBeat.com, the stock has a consensus rating of “Moderate Buy” and a consensus price target of $120.61.

Wayfair Stock Performance

Shares of W stock opened at $101.95 on Monday. The stock’s 50 day simple moving average is $99.70 and its 200 day simple moving average is $84.96. Wayfair has a twelve month low of $55.60 and a twelve month high of $119.98. The company has a market capitalization of $13.46 billion, a price-to-earnings ratio of -41.44, a PEG ratio of 3.54 and a beta of 2.99.

Wayfair (NYSE:W) last announced its quarterly earnings results on Tuesday, August 4th. The company reported $0.95 EPS for the quarter, beating the consensus estimate of $0.90 by $0.05. Wayfair had a negative return on equity of 3.40% and a negative net margin of 2.49%.The company had revenue of $3.52 billion for the quarter, compared to the consensus estimate of $3.47 billion. During the same quarter last year, the company posted $0.87 earnings per share. The company’s revenue for the quarter was up 7.5% compared to the same quarter last year. On average, analysts forecast that Wayfair will post 0.93 EPS for the current fiscal year.

Insiders Place Their Bets

In other Wayfair news, CEO Niraj Shah sold 69,000 shares of the business’s stock in a transaction on Monday, September 14th. The shares were sold at an average price of $103.35, for a total value of $7,131,150.00. Following the sale, the chief executive officer owned 291,137 shares of the company’s stock, valued at $30,089,008.95. The trade was a 19.16% decrease in their position. The sale was disclosed in a filing with the SEC, which can be accessed through this link. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, Director Steven Conine sold 69,000 shares of the firm’s stock in a transaction dated Monday, September 14th. The stock was sold at an average price of $103.36, for a total transaction of $7,131,840.00. Following the transaction, the director directly owned 291,073 shares of the company’s stock, valued at $30,085,305.28. The trade was a 19.16% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Insiders have sold 288,893 shares of company stock worth $29,795,521 over the last 90 days. Corporate insiders own 18.44% of the company’s stock.

Institutional Investors Weigh In On Wayfair

Several large investors have recently modified their holdings of the stock. Flynn Zito Capital Management LLC grew its holdings in Wayfair by 6.4% during the 1st quarter. Flynn Zito Capital Management LLC now owns 2,775 shares of the company’s stock worth $209,000 after acquiring an additional 168 shares during the last quarter. Arizona State Retirement System grew its stake in shares of Wayfair by 0.7% during the second quarter. Arizona State Retirement System now owns 28,514 shares of the company’s stock valued at $2,635,000 after purchasing an additional 201 shares during the last quarter. Triumph Capital Management grew its stake in shares of Wayfair by 6.3% during the second quarter. Triumph Capital Management now owns 3,498 shares of the company’s stock valued at $323,000 after purchasing an additional 207 shares during the last quarter. Parallel Advisors LLC increased its holdings in shares of Wayfair by 18.6% in the first quarter. Parallel Advisors LLC now owns 1,661 shares of the company’s stock valued at $125,000 after purchasing an additional 261 shares in the last quarter. Finally, IFP Advisors Inc raised its position in Wayfair by 79.2% in the 2nd quarter. IFP Advisors Inc now owns 810 shares of the company’s stock worth $75,000 after purchasing an additional 358 shares during the last quarter. 89.67% of the stock is currently owned by institutional investors.

Wayfair Company Profile

Wayfair Inc is an e-commerce company specializing in home furnishings and household goods. Through its online platforms, the company offers furniture, décor, lighting, rugs, mattresses, appliances, kitchen and bath products, outdoor items, and other products for residential and commercial spaces.

Wayfair operates its flagship Wayfair brand alongside specialty retail brands such as Joss & Main, AllModern, Birch Lane, and Perigold. Its platform connects customers with a broad network of suppliers and provides product discovery, ordering, delivery, customer service, and related home-shopping services.