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

Wayfair Inc. (NYSE:W) shares fell 7.2% during trading on Friday . The company traded as low as $32.85 and last traded at $33.06. 1,200,816 shares were traded during trading, a decline of 72% from the average session volume of 4,235,734 shares. The stock had previously closed at $35.61.

Wall Street Analysts Forecast Growth

A number of brokerages recently weighed in on W. JPMorgan Chase & Co. cut their price objective on shares of Wayfair from $63.00 to $50.00 and set an “overweight” rating on the stock in a research note on Monday, March 10th. Royal Bank of Canada reduced their price target on shares of Wayfair from $50.00 to $43.00 and set a “sector perform” rating for the company in a research note on Monday, February 24th. Loop Capital lowered their price objective on shares of Wayfair from $55.00 to $45.00 and set a “hold” rating on the stock in a research note on Friday, February 21st. Needham & Company LLC restated a “buy” rating and issued a $50.00 target price on shares of Wayfair in a research report on Friday, February 21st. Finally, Piper Sandler set a $58.00 price target on Wayfair and gave the company an “overweight” rating in a research report on Friday, February 21st. Fourteen equities research analysts have rated the stock with a hold rating, thirteen have given a buy rating and one has given a strong buy rating to the stock. According to MarketBeat.com, the company has an average rating of “Moderate Buy” and an average price target of $56.81.

Wayfair Price Performance

The firm has a market cap of $4.29 billion, a PE ratio of -8.42 and a beta of 3.44. The business has a fifty day moving average price of $41.29 and a two-hundred day moving average price of $45.28.

Wayfair (NYSE:W) last released 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 during the quarter, compared to the consensus estimate of $3.07 billion. As a group, sell-side analysts forecast that Wayfair Inc. will post -2.54 EPS for the current fiscal year.

Insider Buying and Selling at Wayfair

In other news, insider Jon Blotner sold 4,966 shares of Wayfair stock in a transaction dated Friday, January 3rd. The stock was sold at an average price of $44.93, for a total transaction of $223,122.38. Following the completion of the sale, the insider now directly owns 68,089 shares in the company, valued at $3,059,238.77. The trade was a 6.80 % decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this link. Also, CFO Kate Gulliver sold 5,974 shares of the stock in a transaction that occurred on Friday, January 3rd. The stock was sold at an average price of $44.95, for a total value of $268,531.30. Following the completion of the transaction, the chief financial officer now owns 129,964 shares in the company, valued at $5,841,881.80. This represents a 4.39 % decrease in their position. The disclosure for this sale can be found here. In the last quarter, insiders have sold 103,189 shares of company stock worth $4,810,693. 26.81% of the stock is currently owned by company insiders.

Institutional Investors Weigh In On Wayfair

Several institutional investors and hedge funds have recently modified their holdings of W. Capital World Investors lifted its holdings in Wayfair by 6.2% in the 4th quarter. Capital World Investors now owns 13,506,200 shares of the company’s stock worth $598,596,000 after purchasing an additional 782,757 shares during the last quarter. Vanguard Group Inc. lifted its stake in shares of Wayfair by 3.6% in the fourth quarter. Vanguard Group Inc. now owns 9,315,337 shares of the company’s stock worth $412,856,000 after buying an additional 327,603 shares during the last quarter. Baillie Gifford & Co. boosted its holdings in shares of 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 buying an additional 740,641 shares during the period. Renaissance Technologies LLC grew its stake in 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 buying an additional 581,000 shares during the last quarter. Finally, Southpoint Capital Advisors LP raised its holdings in Wayfair by 100.0% in the 4th quarter. Southpoint Capital Advisors LP now owns 2,800,000 shares of the company’s stock worth $124,096,000 after acquiring an additional 1,400,000 shares during the period. Institutional investors and hedge funds 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.