Wayfair (NYSE:W) Cut to Hold at Zacks Research

Wayfair (NYSE:W) was downgraded by investment analysts at Zacks Research from a “strong-buy” rating to a “hold” rating in a note issued to investors on Monday, Zacks reports.

Several other brokerages have also commented on W. Benchmark began coverage on shares of Wayfair in a research report on Tuesday, July 7th. They set a “hold” rating on the stock. Rosenblatt Securities began coverage on shares of Wayfair in a report on Thursday, August 20th. They issued a “buy” rating and a $125.00 price target for the company. Deutsche Bank Aktiengesellschaft reiterated a “hold” rating and issued a $120.00 price objective on shares of Wayfair in a research note on Wednesday, August 5th. TD Cowen boosted their price objective on shares of Wayfair from $75.00 to $110.00 and gave the stock a “hold” rating in a report on Wednesday, August 5th. Finally, JPMorgan Chase & Co. upped their target price on shares of Wayfair from $105.00 to $108.00 and gave the stock an “overweight” rating in a research report on Tuesday, July 28th. Two research analysts have rated the stock with a Strong Buy rating, eighteen have issued a Buy rating, eleven have given a Hold rating and one has given a Sell rating to the stock. According to MarketBeat, the stock has a consensus rating of “Moderate Buy” and an average target price of $120.61.

Wayfair Price Performance

W opened at $101.95 on Monday. The business has a 50 day simple moving average of $99.70 and a 200-day simple moving average of $84.96. The stock has a market capitalization of $13.46 billion, a P/E ratio of -41.44, a P/E/G ratio of 3.54 and a beta of 2.99. Wayfair has a 12 month low of $55.60 and a 12 month high of $119.98.

Wayfair (NYSE:W) last posted its quarterly earnings results on Tuesday, August 4th. The company reported $0.95 earnings per share for the quarter, beating analysts’ consensus estimates of $0.90 by $0.05. The firm had revenue of $3.52 billion for the quarter, compared to the consensus estimate of $3.47 billion. Wayfair had a negative return on equity of 3.40% and a negative net margin of 2.49%.The company’s revenue for the quarter was up 7.5% compared to the same quarter last year. During the same period in the previous year, the business earned $0.87 earnings per share. Research analysts anticipate that Wayfair will post 0.93 EPS for the current year.

Insiders Place Their Bets

In other Wayfair news, insider Jon Blotner sold 6,968 shares of the business’s stock in a transaction on Tuesday, September 8th. The stock was sold at an average price of $100.22, for a total transaction of $698,332.96. Following the sale, the insider directly owned 110,376 shares in the company, valued at approximately $11,061,882.72. The trade was a 5.94% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, Director Steven Conine sold 69,000 shares of the company’s stock in a transaction on Monday, September 14th. The shares were sold at an average price of $103.36, for a total value of $7,131,840.00. Following the completion of the sale, the director directly owned 291,073 shares in the company, valued at $30,085,305.28. This trade represents a 19.16% decrease in their position. The disclosure for this sale is available in the SEC filing. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Over the last ninety days, insiders have sold 288,893 shares of company stock worth $29,795,521. 18.44% of the stock is owned by corporate insiders.

Institutional Investors Weigh In On Wayfair

A number of large investors have recently added to or reduced their stakes in W. Assenagon Asset Management S.A. lifted its stake in Wayfair by 42.2% in the 2nd 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 in the last quarter. WINTON GROUP Ltd purchased a new position in Wayfair during the second quarter worth $3,207,000. Dockside LLC purchased a new position in Wayfair during the fourth quarter worth $1,990,000. Atreides Management LP raised its holdings in shares of Wayfair by 64.3% in the first quarter. Atreides Management LP now owns 1,430,997 shares of the company’s stock worth $107,625,000 after acquiring an additional 560,133 shares during the last quarter. Finally, VIRGINIA RETIREMENT SYSTEMS ET Al acquired a new position in shares of Wayfair in the second quarter worth $2,001,000. 89.67% of the stock is owned by institutional investors and hedge funds.

Wayfair Company Profile

Wayfair Inc is an e-commerce company specializing in home furnishings and household goods. Through its online platforms, the company offers furniture, décor, lighting, rugs, mattresses, appliances, kitchen and bath products, outdoor items, and other products for residential and commercial spaces.

Wayfair operates its flagship Wayfair brand alongside specialty retail brands such as Joss & Main, AllModern, Birch Lane, and Perigold. Its platform connects customers with a broad network of suppliers and provides product discovery, ordering, delivery, customer service, and related home-shopping services.