Wayfair (NYSE:W) Sets New 1-Year Low After Analyst Downgrade

Wayfair Inc. (NYSE:W)’s share price hit a new 52-week low during trading on Monday after JPMorgan Chase & Co. lowered their price target on the stock from $63.00 to $50.00. JPMorgan Chase & Co. currently has an overweight rating on the stock. Wayfair traded as low as $32.41 and last traded at $32.85, with a volume of 1889856 shares trading hands. The stock had previously closed at $35.01.

A number of other analysts have also recently commented on the company. Royal Bank of Canada cut their target price on Wayfair from $50.00 to $43.00 and set a “sector perform” rating on the stock in a research report on Monday, February 24th. Canaccord Genuity Group decreased their price objective on shares of Wayfair from $76.00 to $68.00 and set a “buy” rating on the stock in a report on Friday, February 21st. Truist Financial lowered their price objective on shares of Wayfair from $55.00 to $53.00 and set a “buy” rating on the stock in a research note on Friday, February 21st. BMO Capital Markets boosted their price objective on shares of Wayfair from $50.00 to $55.00 and gave the company a “market perform” rating in a research note on Friday, February 21st. Finally, Raymond James set a $60.00 target price on shares of Wayfair and gave the stock a “strong-buy” rating in a research report on Friday, February 21st. Fourteen research analysts have rated the stock with a hold rating, thirteen have assigned a buy rating and one has issued a strong buy rating to the company’s stock. According to MarketBeat, Wayfair presently has a consensus rating of “Moderate Buy” and a consensus target price of $56.81.

Insider Buying and Selling

In other Wayfair news, insider Steven Conine sold 30,000 shares of the stock in a transaction dated Tuesday, January 21st. The stock was 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 approximately $28,540,586.85. This represents a 4.85 % decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Also, COO Thomas Netzer sold 1,039 shares of the business’s stock in a transaction dated Tuesday, December 17th. The shares were sold at an average price of $50.65, for a total value of $52,625.35. Following the completion of the sale, the chief operating officer now owns 171,790 shares in the company, valued at approximately $8,701,163.50. This trade represents a 0.60 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold a total of 134,228 shares of company stock worth $6,235,818 in the last three months. Insiders own 26.81% of the company’s stock.

Institutional Investors Weigh In On Wayfair

Several institutional investors and hedge funds have recently added to or reduced their stakes in the business. Capital World Investors boosted its stake in Wayfair by 6.2% in the fourth quarter. Capital World Investors now owns 13,506,200 shares of the company’s stock valued at $598,596,000 after buying an additional 782,757 shares in the last quarter. Vanguard Group Inc. boosted its position in Wayfair by 3.6% during the fourth quarter. Vanguard Group Inc. now owns 9,315,337 shares of the company’s stock valued at $412,856,000 after acquiring an additional 327,603 shares during the last quarter. Baillie Gifford & Co. grew its holdings in Wayfair by 13.6% during the 4th quarter. Baillie Gifford & Co. now owns 6,179,761 shares of the company’s stock worth $273,887,000 after acquiring an additional 740,641 shares during the period. Renaissance Technologies LLC lifted its stake in shares of Wayfair by 17.9% in the 4th quarter. Renaissance Technologies LLC now owns 3,834,667 shares of the company’s stock valued at $169,952,000 after purchasing an additional 581,000 shares during the period. Finally, Southpoint Capital Advisors LP lifted its stake in Wayfair by 100.0% in the fourth quarter. Southpoint Capital Advisors LP now owns 2,800,000 shares of the company’s stock valued at $124,096,000 after buying an additional 1,400,000 shares during the period. 89.67% of the stock is owned by institutional investors.

Wayfair Price Performance

The firm’s fifty day moving average price is $44.61 and its two-hundred day moving average price is $46.26. The stock has a market cap of $4.16 billion, a price-to-earnings ratio of -8.16 and a beta of 3.44.

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

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.