Wayfair (NYSE:W) Stock Price Down 4.2% Following Insider Selling

Wayfair Inc. (NYSE:W) shares traded down 4.2% during mid-day trading on Thursday after an insider sold shares in the company. The company traded as low as $43.30 and last traded at $43.56. 831,229 shares traded hands during mid-day trading, a decline of 81% from the average session volume of 4,395,498 shares. The stock had previously closed at $45.45.

Specifically, COO Thomas Netzer sold 1,039 shares of Wayfair stock in a transaction that occurred on Tuesday, December 17th. The shares were sold at an average price of $50.65, for a total value of $52,625.35. Following the transaction, the chief operating officer now directly owns 171,790 shares of the company’s stock, valued at $8,701,163.50. This trade represents a 0.60 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which is available through this link.

Analyst Upgrades and Downgrades

A number of equities research analysts have recently weighed in on the stock. Mizuho reduced their price target on shares of Wayfair from $65.00 to $60.00 and set an “outperform” rating on the stock in a research note on Monday, November 4th. Argus cut Wayfair from a “buy” rating to a “hold” rating in a research note on Monday, August 26th. Truist Financial dropped their target price on Wayfair from $60.00 to $55.00 and set a “buy” rating for the company in a research report on Monday, November 4th. Robert W. Baird reduced their price target on Wayfair from $56.00 to $50.00 and set a “neutral” rating on the stock in a report on Monday, November 4th. Finally, Deutsche Bank Aktiengesellschaft dropped their price objective on shares of Wayfair from $69.00 to $46.00 and set a “buy” rating for the company in a report on Monday, November 4th. One research analyst has rated the stock with a sell rating, twelve have issued a hold rating, thirteen have given a buy rating and one has assigned a strong buy rating to the company. According to MarketBeat, the stock currently has an average rating of “Moderate Buy” and an average price target of $60.28.

Wayfair Stock Performance

The company has a market cap of $5.45 billion, a price-to-earnings ratio of -9.68 and a beta of 3.44. The stock’s fifty day moving average is $46.50 and its two-hundred day moving average is $48.77.

Wayfair (NYSE:W) last announced its quarterly earnings results on Friday, November 1st. The company reported $0.22 earnings per share for the quarter, beating the consensus estimate of $0.13 by $0.09. The company had revenue of $2.88 billion during the quarter, compared to analysts’ expectations of $2.87 billion. During the same quarter last year, the firm posted ($1.38) earnings per share. Wayfair’s revenue for the quarter was down 2.0% compared to the same quarter last year. On average, equities research analysts expect that Wayfair Inc. will post -2.91 EPS for the current year.

Institutional Investors Weigh In On Wayfair

Several institutional investors have recently bought and sold shares of W. Capital Performance Advisors LLP bought a new stake in Wayfair in the third quarter valued at $29,000. Point72 Asia Singapore Pte. Ltd. bought a new position in Wayfair in the third quarter worth about $44,000. Brooklyn Investment Group purchased a new stake in Wayfair in the third quarter worth about $50,000. International Assets Investment Management LLC purchased a new position in shares of Wayfair during the 2nd quarter worth approximately $58,000. Finally, Northwest & Ethical Investments L.P. bought a new position in shares of Wayfair in the 3rd quarter worth approximately $67,000. 89.67% of the stock is currently owned by hedge funds and other institutional investors.

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.