Wayfair (NYSE:W) Shares Gap Down After Analyst Downgrade

Shares of Wayfair Inc. (NYSE:W) gapped down prior to trading on Thursday after Truist Financial lowered their price target on the stock from $53.00 to $36.00. The stock had previously closed at $29.66, but opened at $27.80. Truist Financial currently has a buy rating on the stock. Wayfair shares last traded at $26.82, with a volume of 1,289,665 shares changing hands.

Other analysts also recently issued research reports about the stock. Citigroup downgraded shares of Wayfair from a “buy” rating to a “neutral” rating and cut their price target for the stock from $58.00 to $28.00 in a report on Friday, April 4th. Piper Sandler set a $58.00 price target on shares of Wayfair and gave the company an “overweight” rating in a research note on Friday, February 21st. Canaccord Genuity Group decreased their price objective on shares of Wayfair from $76.00 to $68.00 and set a “buy” rating for the company in a research report on Friday, February 21st. StockNews.com upgraded shares of Wayfair from a “sell” rating to a “hold” rating in a report on Thursday, December 19th. Finally, Royal Bank of Canada dropped their price target on shares of Wayfair from $50.00 to $43.00 and set a “sector perform” rating on the stock in a research report on Monday, February 24th. Fifteen equities research analysts have rated the stock with a hold rating, eleven have issued a buy rating and one has given a strong buy rating to the company. According to data from MarketBeat, the stock has an average rating of “Hold” and a consensus price target of $54.16.

Insiders Place Their Bets

In related news, insider Steven Conine sold 30,000 shares of the firm’s stock in a transaction on Thursday, February 20th. The shares were sold at an average price of $46.33, for a total transaction of $1,389,900.00. Following the completion of the transaction, the insider now directly owns 559,073 shares of the company’s stock, valued at approximately $25,901,852.09. This trade represents a 5.09 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is accessible through this link. Also, insider Jon Blotner sold 5,669 shares of the firm’s stock in a transaction on Monday, January 13th. The shares were sold at an average price of $42.83, for a total transaction of $242,803.27. Following the transaction, the insider now directly owns 57,899 shares of the company’s stock, valued at $2,479,814.17. The trade was a 8.92 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last quarter, insiders have sold 128,532 shares of company stock worth $5,090,232. 23.50% of the stock is currently owned by company insiders.

Hedge Funds Weigh In On Wayfair

Several institutional investors have recently bought and sold shares of W. Rhumbline Advisers lifted its position in Wayfair by 4.3% during the first quarter. Rhumbline Advisers now owns 91,272 shares of the company’s stock valued at $2,923,000 after purchasing an additional 3,725 shares during the last quarter. GAMMA Investing LLC lifted its position in Wayfair by 5,850.4% during the first quarter. GAMMA Investing LLC now owns 42,248 shares of the company’s stock valued at $1,319,000 after purchasing an additional 41,538 shares during the last quarter. California State Teachers Retirement System lifted its position in Wayfair by 0.4% during the fourth quarter. California State Teachers Retirement System now owns 87,089 shares of the company’s stock valued at $3,860,000 after purchasing an additional 383 shares during the last quarter. Employees Retirement System of Texas lifted its position in Wayfair by 28.5% during the fourth quarter. Employees Retirement System of Texas now owns 35,270 shares of the company’s stock valued at $1,563,000 after purchasing an additional 7,813 shares during the last quarter. Finally, Polar Asset Management Partners Inc. lifted its position in Wayfair by 142.3% during the fourth quarter. Polar Asset Management Partners Inc. now owns 151,653 shares of the company’s stock valued at $6,721,000 after purchasing an additional 89,053 shares during the last quarter. 89.67% of the stock is owned by hedge funds and other institutional investors.

Wayfair Stock Performance

The company’s fifty day moving average price is $37.29 and its 200-day moving average price is $43.83. The stock has a market cap of $3.51 billion, a P/E ratio of -6.88 and a beta of 3.72.

Wayfair (NYSE:W) last posted its earnings results on Thursday, February 20th. The company reported ($0.96) EPS for the quarter, missing analysts’ consensus estimates of $0.05 by ($1.01). The business had revenue of $3.12 billion for the quarter, compared to analyst estimates of $3.07 billion. Analysts anticipate 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.