Canaccord Genuity Reaffirms “Buy” Rating for Wayfair Inc. (W)
Wayfair Inc. (NYSE:W)‘s stock had its “buy” rating reissued by equities researchers at Canaccord Genuity in a note issued to investors on Tuesday.
The analysts wrote, “We were encouraged by higher acquisition activity during the quarter, which should help offset the expected continuation of volume headwinds that much of the industry is experiencing.””
A number of other equities analysts have also issued reports on the company. Piper Jaffray Companies set a $87.00 target price on Wayfair and gave the stock a “buy” rating in a research note on Friday, July 28th. Oppenheimer Holdings, Inc. set a $88.00 target price on Wayfair and gave the stock a “buy” rating in a research note on Friday. Gordon Haskett lowered Wayfair from a “buy” rating to an “accumulate” rating and raised their target price for the stock from $70.00 to $85.00 in a research note on Tuesday, June 27th. CIBC upgraded Wayfair from a “market perform” rating to an “outperform” rating in a research note on Friday, June 2nd. Finally, Maxim Group restated a “buy” rating and issued a $53.00 target price (up previously from $45.00) on shares of Wayfair in a research note on Tuesday, May 2nd. Ten investment analysts have rated the stock with a hold rating, eleven have given a buy rating and one has given a strong buy rating to the company’s stock. The stock currently has an average rating of “Buy” and an average price target of $66.78.
Wayfair (W) traded down 6.27% during mid-day trading on Tuesday, hitting $75.52. The company’s stock had a trading volume of 4,644,859 shares. The company’s market cap is $6.54 billion. The firm’s 50-day moving average is $75.55 and its 200-day moving average is $54.28. Wayfair has a 12-month low of $27.60 and a 12-month high of $80.50.
Wayfair (NYSE:W) last issued its quarterly earnings data on Tuesday, August 8th. The company reported ($0.26) EPS for the quarter, beating the consensus estimate of ($0.69) by $0.43. Wayfair had a negative return on equity of 215.36% and a negative net margin of 5.84%. The firm had revenue of $1.12 billion during the quarter, compared to analyst estimates of $1.06 billion. During the same quarter in the prior year, the business posted ($0.43) EPS. The business’s revenue for the quarter was up 42.7% compared to the same quarter last year. Analysts predict that Wayfair will post ($1.55) EPS for the current fiscal year.
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In other news, COO James Savarese sold 37,437 shares of the firm’s stock in a transaction dated Friday, August 4th. The stock was sold at an average price of $80.15, for a total transaction of $3,000,575.55. Following the sale, the chief operating officer now directly owns 552,663 shares in the company, valued at approximately $44,295,939.45. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, insider John Champlin Mulliken sold 3,700 shares of the firm’s stock in a transaction dated Friday, August 4th. The shares were sold at an average price of $78.95, for a total value of $292,115.00. Following the sale, the insider now owns 190,015 shares in the company, valued at $15,001,684.25. The disclosure for this sale can be found here. Insiders have sold a total of 722,808 shares of company stock worth $52,990,225 over the last 90 days. Insiders own 63.94% of the company’s stock.
Large investors have recently bought and sold shares of the stock. Renaissance Technologies LLC bought a new position in shares of Wayfair during the fourth quarter worth $880,000. Guggenheim Capital LLC raised its position in shares of Wayfair by 48.7% in the fourth quarter. Guggenheim Capital LLC now owns 15,491 shares of the company’s stock worth $543,000 after buying an additional 5,073 shares in the last quarter. Teachers Advisors LLC raised its position in shares of Wayfair by 5.7% in the fourth quarter. Teachers Advisors LLC now owns 126,565 shares of the company’s stock worth $4,436,000 after buying an additional 6,865 shares in the last quarter. Nationwide Fund Advisors raised its position in shares of Wayfair by 2.1% in the first quarter. Nationwide Fund Advisors now owns 33,721 shares of the company’s stock worth $1,365,000 after buying an additional 709 shares in the last quarter. Finally, Hamilton Lane Advisors LLC raised its position in shares of Wayfair by 41.0% in the first quarter. Hamilton Lane Advisors LLC now owns 45,381 shares of the company’s stock worth $1,837,000 after buying an additional 13,191 shares in the last quarter.
Wayfair Inc (Wayfair) offers browsing, merchandising and product discovery for a range of products from various suppliers. The Company operates through two segments: U.S. and International. The U.S. segment consists of amounts earned through product sales through the Company’s five sites in the United States and through sites operated by third parties in the United States.
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