Wayfair (NYSE:W) Downgraded by Citigroup to “Neutral”

Citigroup downgraded shares of Wayfair (NYSE:W) from a buy rating to a neutral rating in a research report released on Friday, Marketbeat reports. The brokerage currently has $28.00 price target on the stock, down from their previous price target of $58.00.

A number of other brokerages have also issued reports on W. Piper Sandler set a $58.00 price objective on shares of Wayfair and gave the company an “overweight” rating in a report on Friday, February 21st. JPMorgan Chase & Co. dropped their price target on shares of Wayfair from $63.00 to $50.00 and set an “overweight” rating for the company in a research note on Monday, March 10th. Canaccord Genuity Group cut their price target on shares of Wayfair from $76.00 to $68.00 and set a “buy” rating for the company in a report on Friday, February 21st. BMO Capital Markets upped their price objective on Wayfair from $50.00 to $55.00 and gave the company a “market perform” rating in a report on Friday, February 21st. Finally, Wedbush reissued a “neutral” rating and set a $46.00 target price (up previously from $44.00) on shares of Wayfair in a research note on Friday, February 21st. Fifteen analysts have rated the stock with a hold rating, eleven have given a buy rating and one has assigned a strong buy rating to the company. Based on data from MarketBeat.com, the company presently has an average rating of “Hold” and an average target price of $54.84.

Wayfair Price Performance

W opened at $25.95 on Friday. The firm has a market capitalization of $3.29 billion, a price-to-earnings ratio of -6.46 and a beta of 3.72. The company’s 50 day simple moving average is $39.50 and its two-hundred day simple moving average is $44.72. Wayfair has a 1-year low of $20.41 and a 1-year high of $76.18.

Wayfair (NYSE:W) last announced its quarterly earnings data on Thursday, February 20th. The company reported ($0.96) EPS for the quarter, missing analysts’ consensus estimates of $0.05 by ($1.01). The company had revenue of $3.12 billion during the quarter, compared to analysts’ expectations of $3.07 billion. On average, equities analysts anticipate that Wayfair will post -2.54 earnings per share for the current fiscal year.

Insider Buying and Selling

In other Wayfair news, insider Steven Conine sold 30,000 shares of the business’s stock in a transaction that occurred on Tuesday, January 21st. The shares were sold at an average price of $48.45, for a total transaction of $1,453,500.00. Following the completion of the transaction, the insider now owns 589,073 shares in the company, valued at $28,540,586.85. The trade was a 4.85 % decrease in their position. The transaction was disclosed in a legal filing with the SEC, which is available at this link. Also, CFO Kate Gulliver sold 19,296 shares of the firm’s stock in a transaction on Wednesday, April 2nd. The shares were sold at an average price of $31.67, for a total transaction of $611,104.32. Following the completion of the sale, the chief financial officer now owns 144,474 shares in the company, valued at $4,575,491.58. The trade was a 11.78 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold 146,388 shares of company stock valued at $5,930,556 in the last three months. 26.81% of the stock is owned by corporate insiders.

Institutional Inflows and Outflows

Several institutional investors and hedge funds have recently made changes to their positions in the business. Vanguard Group Inc. lifted its position in shares of Wayfair by 3.6% during the 4th quarter. Vanguard Group Inc. now owns 9,315,337 shares of the company’s stock worth $412,856,000 after buying an additional 327,603 shares during the last quarter. Tabor Asset Management LP lifted its position in Wayfair by 11.3% in the third quarter. Tabor Asset Management LP now owns 156,871 shares of the company’s stock valued at $8,813,000 after acquiring an additional 15,932 shares during the last quarter. Groupama Asset Managment boosted its stake in Wayfair by 100.0% in 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 in the last quarter. Assenagon Asset Management S.A. purchased a new position in shares of Wayfair during the fourth quarter worth about $6,799,000. Finally, Wellington Management Group LLP increased its position in shares of Wayfair by 22.4% during the third quarter. Wellington Management Group LLP now owns 1,097,822 shares of the company’s stock worth $61,676,000 after purchasing an additional 201,157 shares in the last quarter. 89.67% of the stock is owned by institutional investors and hedge funds.

Wayfair Company Profile

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.