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

Wayfair (NYSE:W) was upgraded by StockNews.com from a “sell” rating to a “hold” rating in a research note issued to investors on Wednesday.

W has been the topic of a number of other research reports. 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 research report on Monday, November 4th. Deutsche Bank Aktiengesellschaft reduced their price objective on shares of Wayfair from $69.00 to $46.00 and set a “buy” rating for the company in a research note on Monday, November 4th. Citigroup lowered their target price on Wayfair from $70.00 to $54.00 and set a “buy” rating on the stock in a research report on Monday, November 4th. Bank of America cut Wayfair from a “buy” rating to a “neutral” rating and reduced their price target for the company from $85.00 to $58.00 in a research report on Thursday, August 1st. Finally, Barclays lowered their price target on Wayfair from $58.00 to $51.00 and set an “equal weight” rating on the stock in a research report on Monday, August 5th. Thirteen equities research analysts have rated the stock with a hold rating, thirteen have given a buy rating and one has given a strong buy rating to the stock. According to data from MarketBeat.com, Wayfair presently has a consensus rating of “Moderate Buy” and an average target price of $60.28.

Wayfair Stock Performance

Shares of NYSE:W opened at $38.80 on Wednesday. The company has a 50 day moving average price of $48.29 and a two-hundred day moving average price of $51.59. The company has a market capitalization of $4.86 billion, a PE ratio of -8.75 and a beta of 3.46. Wayfair has a 52 week low of $37.51 and a 52 week high of $76.18.

Wayfair (NYSE:W) last announced its quarterly earnings results on Friday, November 1st. The company reported $0.22 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.13 by $0.09. The business had revenue of $2.88 billion during the quarter, compared to the consensus estimate of $2.87 billion. During the same quarter last year, the company earned ($1.38) earnings per share. The firm’s revenue was down 2.0% compared to the same quarter last year. On average, sell-side analysts forecast that Wayfair will post -2.92 earnings per share for the current year.

Insider Activity

In other news, CTO Fiona Tan sold 10,040 shares of the company’s stock in a transaction that occurred on Wednesday, October 2nd. The stock was sold at an average price of $53.06, for a total value 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 $4,491,794.30. This represents a 10.60 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is available through this hyperlink. Also, COO Thomas Netzer sold 1,011 shares of Wayfair stock in a transaction that occurred on Tuesday, September 17th. The stock was sold at an average price of $49.42, for a total transaction of $49,963.62. Following the sale, the chief operating officer now owns 151,802 shares in the company, valued at approximately $7,502,054.84. This represents a 0.66 % decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last three months, insiders have sold 37,868 shares of company stock worth $2,003,248. Corporate insiders own 26.81% of the company’s stock.

Institutional Investors Weigh In On Wayfair

A number of institutional investors have recently made changes to their positions in the stock. Vanguard Group Inc. raised its stake in Wayfair by 4.5% during the first quarter. Vanguard Group Inc. now owns 8,467,900 shares of the company’s stock worth $574,801,000 after buying an additional 363,948 shares during the last quarter. SageView Advisory Group LLC bought a new stake in shares of Wayfair in the 1st quarter valued at $937,000. Sei Investments Co. lifted its position in shares of Wayfair by 14.6% during the 1st quarter. Sei Investments Co. now owns 100,447 shares of the company’s stock valued at $6,818,000 after acquiring an additional 12,809 shares during the period. Highland Peak Capital LLC bought a new position in Wayfair during the second quarter worth $5,165,000. Finally, BRITISH COLUMBIA INVESTMENT MANAGEMENT Corp acquired a new stake in Wayfair in the second quarter worth $8,189,000. Institutional investors own 89.67% of the company’s stock.

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.