MKM Partners Initiates Coverage on Wayfair Inc. (W)
Analysts at MKM Partners assumed coverage on shares of Wayfair Inc. (NYSE:W) in a report issued on Wednesday. The firm set a “buy” rating and a $85.00 price target on the stock. MKM Partners’ target price would suggest a potential upside of 26.62% from the company’s current price.
Several other research analysts also recently weighed in 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. Buckingham Research reaffirmed a “buy” rating and set a $95.00 target price on shares of Wayfair in a research note on Thursday, August 10th. Oppenheimer Holdings, Inc. set a $88.00 target price on Wayfair and gave the stock a “buy” rating in a research note on Friday, August 4th. Canaccord Genuity reaffirmed a “buy” rating and set a $90.00 target price on shares of Wayfair in a research note on Sunday, October 1st. Finally, Gordon Haskett downgraded Wayfair from a “buy” rating to an “accumulate” rating and upped their target price for the stock from $70.00 to $85.00 in a research note on Tuesday, June 27th. Nine analysts have rated the stock with a hold rating and fourteen have assigned a buy rating to the company’s stock. Wayfair presently has an average rating of “Buy” and a consensus target price of $77.51.
Wayfair (NYSE W) traded down 0.93% on Wednesday, hitting $67.13. 3,131,444 shares of the company’s stock were exchanged. Wayfair has a 52-week low of $27.60 and a 52-week high of $84.19. The stock’s market cap is $5.85 billion. The firm has a 50 day moving average price of $73.13 and a 200-day moving average price of $66.99.
Wayfair (NYSE:W) last announced its quarterly earnings results on Tuesday, August 8th. The company reported ($0.26) earnings per share (EPS) for the quarter, beating the Zacks’ consensus estimate of ($0.69) by $0.43. Wayfair had a negative return on equity of 335.44% and a negative net margin of 5.10%. The company had revenue of $1.12 billion during the quarter, compared to the consensus estimate of $1.06 billion. During the same period in the previous year, the company posted ($0.43) earnings per share. Wayfair’s revenue for the quarter was up 42.7% on a year-over-year basis. Analysts predict that Wayfair will post ($1.45) earnings per share for the current fiscal year.
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In other Wayfair news, insider Edmond Macri sold 600 shares of the company’s stock in a transaction on Tuesday, July 25th. The stock was sold at an average price of $76.61, for a total value of $45,966.00. Following the completion of the sale, the insider now directly owns 500 shares in the company, valued at approximately $38,305. The sale was disclosed in a document filed with the SEC, which can be accessed through this link. Also, CFO Michael D. Fleisher sold 4,656 shares of the company’s stock in a transaction on Friday, July 21st. The shares were sold at an average price of $76.34, for a total value of $355,439.04. Following the completion of the sale, the chief financial officer now owns 40,769 shares of the company’s stock, valued at $3,112,305.46. The disclosure for this sale can be found here. Insiders have sold 663,087 shares of company stock valued at $48,669,412 over the last quarter. 56.93% of the stock is owned by company insiders.
A number of large investors have recently modified their holdings of the business. Lord Abbett & CO. LLC purchased a new stake in Wayfair in the 2nd quarter valued at $27,345,000. Dynamic Technology Lab Private Ltd purchased a new stake in Wayfair in the 2nd quarter valued at $277,000. Verition Fund Management LLC purchased a new stake in Wayfair in the 2nd quarter valued at $251,000. California State Teachers Retirement System grew its holdings in Wayfair by 10.0% in the 2nd quarter. California State Teachers Retirement System now owns 68,366 shares of the company’s stock valued at $5,256,000 after buying an additional 6,224 shares in the last quarter. Finally, BlueCrest Capital Management Ltd purchased a new stake in Wayfair in the 2nd quarter valued at $3,466,000. Institutional investors own 65.93% of the company’s stock.
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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