Wayfair (NYSE:W) Stock Rating Upgraded by StockNews.com

StockNews.com upgraded shares of Wayfair (NYSE:W) from a sell rating to a hold rating in a research report released on Wednesday morning.

Several other research firms have also commented on W. Royal Bank of Canada reduced their price target on Wayfair from $53.00 to $50.00 and set a “sector perform” rating on the stock in a research report on Monday, November 4th. Raymond James decreased their target price on shares of Wayfair from $70.00 to $65.00 and set a “strong-buy” rating for the company in a research note on Friday, August 2nd. Stifel Nicolaus dropped their price target on shares of Wayfair from $55.00 to $47.00 and set a “hold” rating on the stock in a research note on Monday, November 4th. Truist Financial cut their price objective on shares of Wayfair from $60.00 to $55.00 and set a “buy” rating on the stock in a report on Monday, November 4th. Finally, Piper Sandler lowered their target price on Wayfair from $67.00 to $63.00 and set an “overweight” rating for the company in a research note on Monday, October 28th. Thirteen investment analysts have rated the stock with a hold rating, thirteen have assigned a buy rating and one has given a strong buy rating to the company. According to data from MarketBeat.com, Wayfair presently has a consensus rating of “Moderate Buy” and an average target price of $60.28.

Wayfair Trading Down 1.5 %

W stock opened at $38.22 on Wednesday. The stock has a 50-day moving average price of $48.13 and a two-hundred day moving average price of $51.41. The company has a market cap of $4.79 billion, a PE ratio of -8.51 and a beta of 3.46. Wayfair has a 12-month low of $37.35 and a 12-month high of $76.18.

Wayfair (NYSE:W) last issued its earnings results on Friday, November 1st. The company reported $0.22 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $0.13 by $0.09. The firm had revenue of $2.88 billion for the quarter, compared to analysts’ expectations of $2.87 billion. During the same quarter in the previous year, the firm posted ($1.38) EPS. The firm’s revenue for the quarter was down 2.0% compared to the same quarter last year. Equities analysts forecast that Wayfair will post -2.92 EPS for the current fiscal year.

Insider Buying and Selling

In other news, CTO Fiona Tan sold 10,040 shares of the business’s stock in a transaction on Wednesday, October 2nd. The shares were sold at an average price of $53.06, for a total transaction of $532,722.40. Following the completion of the transaction, the chief technology officer now owns 84,655 shares of the company’s stock, valued at approximately $4,491,794.30. The trade was a 10.60 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which can be accessed through the SEC website. Also, CFO Kate Gulliver sold 7,330 shares of the company’s stock in a transaction dated Wednesday, October 2nd. The stock was sold at an average price of $53.05, for a total transaction of $388,856.50. Following the transaction, the chief financial officer now owns 117,947 shares of the company’s stock, valued at $6,257,088.35. This represents a 5.85 % decrease in their position. The disclosure for this sale can be found here. Insiders have sold a total of 37,868 shares of company stock worth $2,003,248 over the last quarter. 26.81% of the stock is owned by company insiders.

Hedge Funds Weigh In On Wayfair

Hedge funds and other institutional investors have recently made changes to their positions in the business. Southpoint Capital Advisors LP acquired a new stake in Wayfair in the third quarter worth about $78,652,000. Holocene Advisors LP lifted its stake in shares of Wayfair by 5,699.8% in the 3rd quarter. Holocene Advisors LP now owns 1,235,193 shares of the company’s stock worth $69,393,000 after acquiring an additional 1,213,896 shares during the period. Renaissance Technologies LLC boosted its holdings in shares of Wayfair by 28.0% in the second 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 in the last quarter. Groupama Asset Managment increased its stake in shares of Wayfair by 100.0% during the third quarter. Groupama Asset Managment now owns 1,000,000 shares of the company’s stock valued at $56,180,000 after acquiring an additional 500,000 shares during the period. Finally, Wolf Hill Capital Management LP raised its holdings in Wayfair by 22.9% during the second 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 in the last quarter. 89.67% of the stock is currently owned by institutional investors and hedge funds.

About Wayfair

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.