Wayfair (NYSE:W) Trading Down 7.2% – Here’s What Happened

Wayfair Inc. (NYSE:W)’s share price dropped 7.2% during mid-day trading on Friday . The company traded as low as $32.85 and last traded at $33.06. Approximately 1,200,816 shares traded hands during trading, a decline of 72% from the average daily volume of 4,235,734 shares. The stock had previously closed at $35.61.

Analyst Ratings Changes

A number of equities analysts recently weighed in on the company. StockNews.com upgraded Wayfair from a “sell” rating to a “hold” rating in a research report on Thursday, December 19th. Needham & Company LLC reiterated a “buy” rating and issued a $50.00 target price on shares of Wayfair in a report on Friday, February 21st. Guggenheim reissued a “buy” rating and issued a $60.00 target price on shares of Wayfair in a research report on Monday, March 10th. Bank of America reduced their price target on shares of Wayfair from $52.00 to $50.00 and set a “neutral” rating for the company in a research report on Friday, February 21st. Finally, Jefferies Financial Group raised shares of Wayfair from a “hold” rating to a “buy” rating and raised their price objective for the stock from $45.00 to $47.00 in a research note on Friday, March 7th. Fourteen research analysts have rated the stock with a hold rating, thirteen have given a buy rating and one has issued a strong buy rating to the company’s stock. According to data from MarketBeat.com, Wayfair presently has a consensus rating of “Moderate Buy” and a consensus target price of $56.81.

Wayfair Price Performance

The company has a fifty day simple moving average of $41.51 and a two-hundred day simple moving average of $45.33. The company has a market capitalization of $4.32 billion, a P/E ratio of -8.42 and a beta of 3.44.

Wayfair (NYSE:W) last issued its quarterly earnings data on Thursday, February 20th. The company reported ($0.96) earnings per share 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 analyst estimates of $3.07 billion. Equities analysts anticipate that Wayfair Inc. will post -2.54 earnings per share for the current year.

Insider Transactions at Wayfair

In other news, insider Jon Blotner sold 4,521 shares of the company’s stock in a transaction dated Monday, January 6th. The shares were sold at an average price of $46.88, for a total transaction of $211,944.48. Following the completion of the transaction, the insider now owns 63,568 shares of the company’s stock, valued at approximately $2,980,067.84. This represents a 6.64 % decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, insider Steven Conine sold 30,000 shares of Wayfair stock in a transaction that occurred on Tuesday, January 21st. The stock was sold at an average price of $48.45, for a total value of $1,453,500.00. Following the sale, the insider now directly owns 589,073 shares in the company, valued at $28,540,586.85. The trade was a 4.85 % decrease in their position. The disclosure for this sale can be found here. Over the last three months, insiders sold 103,189 shares of company stock worth $4,810,693. 26.81% of the stock is owned by insiders.

Hedge Funds Weigh In On Wayfair

Several hedge funds and other institutional investors have recently modified their holdings of W. Capital World Investors grew its holdings in Wayfair by 6.2% during the 4th quarter. Capital World Investors now owns 13,506,200 shares of the company’s stock worth $598,596,000 after acquiring an additional 782,757 shares during the last quarter. Vanguard Group Inc. increased its stake in shares of Wayfair by 3.6% in the 4th 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. raised its holdings in Wayfair by 13.6% in the fourth quarter. Baillie Gifford & Co. now owns 6,179,761 shares of the company’s stock worth $273,887,000 after purchasing an additional 740,641 shares during the period. Renaissance Technologies LLC raised its stake in Wayfair by 17.9% during the 4th quarter. Renaissance Technologies LLC now owns 3,834,667 shares of the company’s stock worth $169,952,000 after buying an additional 581,000 shares during the period. Finally, Southpoint Capital Advisors LP raised its position in shares of Wayfair by 100.0% during the fourth quarter. Southpoint Capital Advisors LP now owns 2,800,000 shares of the company’s stock worth $124,096,000 after purchasing an additional 1,400,000 shares during the period. 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.