Wayfair (NYSE:W) Sets New 12-Month Low on Analyst Downgrade

Wayfair Inc. (NYSE:W)’s stock price reached a new 52-week low 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 changing hands. The stock had previously closed at $35.01.

A number of other research analysts also recently weighed in on the stock. Needham & Company LLC reaffirmed a “buy” rating and issued a $50.00 target price on shares of Wayfair in a research report on Friday, February 21st. Bank of America decreased their price objective on shares of Wayfair from $52.00 to $50.00 and set a “neutral” rating on the stock in a research note on Friday, February 21st. BMO Capital Markets boosted their price target on Wayfair from $50.00 to $55.00 and gave the stock a “market perform” rating in a report on Friday, February 21st. Jefferies Financial Group raised Wayfair from a “hold” rating to a “buy” rating and boosted their target price for the stock from $45.00 to $47.00 in a research note on Friday. Finally, Truist Financial reduced 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. Fourteen 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 MarketBeat.com, Wayfair currently has an average rating of “Moderate Buy” and an average price target of $56.81.

Insider Activity at Wayfair

In other Wayfair news, COO Thomas Netzer sold 1,039 shares of the stock in a transaction on Tuesday, December 17th. The shares were sold at an average price of $50.65, for a total transaction of $52,625.35. Following the completion of the transaction, the chief operating officer now owns 171,790 shares in the company, valued at $8,701,163.50. This trade represents a 0.60 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. Also, insider Steven Conine sold 30,000 shares of the stock in a transaction on Friday, December 20th. The shares were sold at an average price of $45.75, for a total value of $1,372,500.00. Following the sale, the insider now owns 602,573 shares in the company, valued at $27,567,714.75. The trade was a 4.74 % decrease in their position. The disclosure for this sale can be found here. Over the last ninety days, insiders sold 134,228 shares of company stock worth $6,235,818. 26.81% of the stock is owned by company insiders.

Institutional Investors Weigh In On Wayfair

A number of institutional investors and hedge funds have recently modified their holdings of the company. Capital Performance Advisors LLP acquired a new position in shares of Wayfair during the 3rd quarter worth approximately $29,000. True Wealth Design LLC lifted its holdings in Wayfair by 207.1% during the fourth quarter. True Wealth Design LLC now owns 565 shares of the company’s stock valued at $25,000 after purchasing an additional 381 shares in the last quarter. J.Safra Asset Management Corp lifted its holdings in Wayfair by 71.3% during the fourth quarter. J.Safra Asset Management Corp now owns 586 shares of the company’s stock valued at $26,000 after purchasing an additional 244 shares in the last quarter. Jones Financial Companies Lllp increased its stake in shares of Wayfair by 577.0% during the fourth quarter. Jones Financial Companies Lllp now owns 589 shares of the company’s stock worth $26,000 after purchasing an additional 502 shares in the last quarter. Finally, GAMMA Investing LLC lifted its stake in Wayfair by 65.5% in the 4th quarter. GAMMA Investing LLC now owns 710 shares of the company’s stock valued at $31,000 after buying an additional 281 shares in the last quarter. Institutional investors and hedge funds own 89.67% of the company’s stock.

Wayfair Stock Down 6.3 %

The firm has a 50-day moving average price of $44.61 and a two-hundred day moving average price of $46.26. The firm has a market cap of $4.16 billion, a PE ratio of -8.16 and a beta of 3.44.

Wayfair (NYSE:W) last announced its earnings results on Thursday, February 20th. The company reported ($0.96) earnings per share for the quarter, missing the consensus estimate of $0.05 by ($1.01). The business had revenue of $3.12 billion for the quarter, compared to the consensus estimate of $3.07 billion. Research analysts forecast that Wayfair Inc. will post -2.54 earnings per share for the current fiscal 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.