Wayfair (NYSE:W) Downgraded to “Market Perform” at Cowen

Cowen lowered shares of Wayfair (NYSE:WGet Rating) from an outperform rating to a market perform rating in a report published on Monday, The Fly reports. The brokerage currently has $38.00 price objective on the stock, down from their prior price objective of $80.00.

Several other analysts also recently commented on the company. StockNews.com raised Wayfair to a sell rating in a research note on Wednesday, November 16th. UBS Group lowered their price objective on Wayfair from $65.00 to $45.00 and set a neutral rating for the company in a research note on Friday, September 23rd. Cowen lowered their price objective on Wayfair from $84.00 to $80.00 in a research note on Thursday, October 27th. Royal Bank of Canada lowered their price objective on Wayfair from $62.00 to $35.00 and set a sector perform rating for the company in a research note on Monday, November 7th. Finally, Credit Suisse Group reduced their target price on Wayfair from $150.00 to $122.00 and set an outperform rating for the company in a report on Monday, October 31st. Ten equities research analysts have rated the stock with a sell rating, ten have issued a hold rating and six have assigned a buy rating to the company’s stock. According to MarketBeat.com, Wayfair presently has a consensus rating of Hold and a consensus target price of $74.37.

Wayfair Price Performance

Shares of Wayfair stock opened at $32.91 on Monday. Wayfair has a 52 week low of $28.11 and a 52 week high of $298.00. The business has a 50 day moving average price of $35.27 and a 200-day moving average price of $47.70.

Insiders Place Their Bets

In related news, insider Steve Oblak sold 2,923 shares of the stock in a transaction on Wednesday, November 2nd. The stock was sold at an average price of $37.33, for a total value of $109,115.59. Following the sale, the insider now owns 168,715 shares in the company, valued at $6,298,130.95. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. In related news, CTO Fiona Tan sold 4,294 shares of the stock in a transaction on Tuesday, October 4th. The stock was sold at an average price of $36.73, for a total value of $157,718.62. Following the sale, the chief technology officer now owns 28,380 shares in the company, valued at $1,042,397.40. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. Also, insider Steve Oblak sold 2,923 shares of the stock in a transaction on Wednesday, November 2nd. The stock was sold at an average price of $37.33, for a total value of $109,115.59. Following the completion of the sale, the insider now owns 168,715 shares in the company, valued at approximately $6,298,130.95. The disclosure for this sale can be found here. Insiders have sold a total of 28,309 shares of company stock worth $1,054,126 over the last 90 days. Corporate insiders own 26.81% of the company’s stock.

Institutional Investors Weigh In On Wayfair

A number of institutional investors and hedge funds have recently made changes to their positions in the business. Captrust Financial Advisors raised its position in Wayfair by 24.1% during the second quarter. Captrust Financial Advisors now owns 968 shares of the company’s stock valued at $42,000 after purchasing an additional 188 shares in the last quarter. Elequin Capital LP purchased a new stake in Wayfair during the first quarter valued at about $45,000. CWM LLC raised its position in Wayfair by 186.3% during the second quarter. CWM LLC now owns 1,088 shares of the company’s stock valued at $47,000 after purchasing an additional 708 shares in the last quarter. Skylands Capital LLC purchased a new stake in Wayfair during the third quarter valued at about $49,000. Finally, Canada Pension Plan Investment Board purchased a new stake in Wayfair during the third quarter valued at about $59,000. Hedge funds and other institutional investors own 91.05% of the company’s stock.

About Wayfair

(Get Rating)

Wayfair Inc engages in the e-commerce business in the United States and internationally. The company provides approximately thirty-three million products for the home sector under various brands. It offers online selections of furniture, décor, housewares, and home improvement products through its sites, including Wayfair, Joss & Main, AllModern, Birch Lane, and Perigold brands.

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