Zacks Research Downgrades Wayfair (NYSE:W) to Hold

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

W has been the subject of a number of other reports. Royal Bank Of Canada lowered their target price on shares of Wayfair from $92.00 to $76.00 and set a “sector perform” rating for the company in a research note on Thursday, April 30th. Wells Fargo & Company reduced their price target on shares of Wayfair from $125.00 to $100.00 and set an “overweight” rating on the stock in a research note on Friday, May 1st. Morgan Stanley set a $110.00 price objective on shares of Wayfair in a report on Friday, May 1st. Truist Financial set a $99.00 price objective on shares of Wayfair in a research report on Monday, June 8th. Finally, Jefferies Financial Group dropped their target price on shares of Wayfair from $86.00 to $70.00 and set a “hold” rating on the stock in a research note on Thursday, April 30th. One research analyst has rated the stock with a Strong Buy rating, eighteen have given a Buy rating, eleven have given a Hold rating and one has given a Sell rating to the stock. According to MarketBeat, the company has a consensus rating of “Moderate Buy” and a consensus target price of $100.36.

Wayfair Stock Down 3.5%

W opened at $84.70 on Monday. The business has a fifty day moving average of $79.84 and a 200 day moving average of $83.36. Wayfair has a 52-week low of $55.60 and a 52-week high of $119.98. The stock has a market cap of $11.18 billion, a P/E ratio of -36.20, a PEG ratio of 4.61 and a beta of 2.96.

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

Insider Activity

In related news, Director Steven Conine sold 112,861 shares of Wayfair stock in a transaction dated Thursday, April 23rd. The stock was sold at an average price of $77.50, for a total value of $8,746,727.50. Following the completion of the sale, the director directly owned 436,212 shares in the company, valued at $33,806,430. The trade was a 20.55% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is available through the SEC website. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, CEO Niraj Shah sold 113,863 shares of Wayfair stock in a transaction dated Thursday, April 23rd. The shares were sold at an average price of $77.49, for a total value of $8,823,243.87. Following the completion of the sale, the chief executive officer owned 435,274 shares of the company’s stock, valued at $33,729,382.26. The trade was a 20.73% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Over the last 90 days, insiders have sold 245,925 shares of company stock worth $19,183,749. Company insiders own 18.44% of the company’s stock.

Institutional Investors Weigh In On Wayfair

Several large investors have recently modified their holdings of W. Handelsbanken Fonder AB lifted its position in shares of Wayfair by 10.9% in the 2nd quarter. Handelsbanken Fonder AB now owns 34,500 shares of the company’s stock worth $3,188,000 after purchasing an additional 3,400 shares during the period. Chemistry Wealth Management LLC increased its holdings in Wayfair by 5.9% during the second quarter. Chemistry Wealth Management LLC now owns 45,368 shares of the company’s stock valued at $4,193,000 after buying an additional 2,534 shares during the period. Assenagon Asset Management S.A. increased its holdings in Wayfair by 42.2% during the second quarter. Assenagon Asset Management S.A. now owns 818,591 shares of the company’s stock valued at $75,654,000 after buying an additional 242,791 shares during the period. Versant Capital Management Inc raised its stake in Wayfair by 34.5% in the second quarter. Versant Capital Management Inc now owns 3,411 shares of the company’s stock worth $315,000 after buying an additional 874 shares in the last quarter. Finally, Empowered Funds LLC raised its stake in Wayfair by 67.7% in the first quarter. Empowered Funds LLC now owns 6,829 shares of the company’s stock worth $514,000 after buying an additional 2,758 shares in the last quarter. Institutional investors own 89.67% of the company’s stock.

About Wayfair

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.