Wayfair (NYSE:W) Shares Down 3.6% After Analyst Downgrade

Wayfair Inc. (NYSE:W) shares traded down 3.6% during mid-day trading on Wednesday after Royal Bank of Canada lowered their price target on the stock from $62.00 to $61.00. Royal Bank of Canada currently has a sector perform rating on the stock. Wayfair traded as low as $55.26 and last traded at $55.68. 726,497 shares traded hands during trading, a decline of 83% from the average session volume of 4,217,250 shares. The stock had previously closed at $57.75.

Other equities research analysts have also issued reports about the company. Deutsche Bank Aktiengesellschaft upped their price objective on Wayfair from $63.00 to $79.00 and gave the company a “buy” rating in a research note on Wednesday, April 10th. Loop Capital upped their price objective on Wayfair from $55.00 to $65.00 and gave the company a “hold” rating in a research note on Tuesday, April 2nd. BMO Capital Markets started coverage on Wayfair in a research note on Tuesday, January 9th. They issued a “market perform” rating and a $57.00 price objective on the stock. Evercore ISI upgraded Wayfair from an “in-line” rating to an “outperform” rating and upped their price objective for the company from $65.00 to $80.00 in a research note on Thursday, April 4th. Finally, Wedbush reissued an “outperform” rating and issued a $70.00 target price on shares of Wayfair in a report on Monday. Ten analysts have rated the stock with a hold rating, seventeen have assigned a buy rating and one has given a strong buy rating to the stock. Based on data from MarketBeat.com, the company presently has a consensus rating of “Moderate Buy” and a consensus price target of $76.21.

Insider Buying and Selling at Wayfair

In other Wayfair news, insider Jon Blotner sold 3,492 shares of the company’s stock in a transaction on Monday, February 5th. The shares were sold at an average price of $50.34, for a total transaction of $175,787.28. Following the completion of the sale, the insider now owns 32,118 shares in the company, valued at approximately $1,616,820.12. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. In other Wayfair news, insider Jon Blotner sold 3,492 shares of the company’s stock in a transaction on Monday, February 5th. The shares were sold at an average price of $50.34, for a total transaction of $175,787.28. Following the completion of the sale, the insider now owns 32,118 shares in the company, valued at approximately $1,616,820.12. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, CEO Niraj Shah sold 1,700 shares of the company’s stock in a transaction on Thursday, February 8th. The shares were sold at an average price of $52.02, for a total transaction of $88,434.00. Following the sale, the chief executive officer now owns 267,437 shares of the company’s stock, valued at approximately $13,912,072.74. The disclosure for this sale can be found here. In the last 90 days, insiders sold 89,808 shares of company stock worth $5,445,222. Insiders own 23.50% of the company’s stock.

Institutional Trading of Wayfair

A number of large investors have recently made changes to their positions in the company. Assenagon Asset Management S.A. bought a new stake in shares of Wayfair in the 1st quarter valued at $10,664,000. Fifth Third Bancorp increased its holdings in Wayfair by 34.4% during the 1st quarter. Fifth Third Bancorp now owns 6,891 shares of the company’s stock worth $468,000 after purchasing an additional 1,763 shares in the last quarter. Raymond James Financial Services Advisors Inc. increased its holdings in Wayfair by 180.2% during the 1st quarter. Raymond James Financial Services Advisors Inc. now owns 34,947 shares of the company’s stock worth $2,372,000 after purchasing an additional 22,473 shares in the last quarter. Check Capital Management Inc. CA increased its holdings in Wayfair by 9.7% during the 1st quarter. Check Capital Management Inc. CA now owns 162,721 shares of the company’s stock worth $11,045,000 after purchasing an additional 14,417 shares in the last quarter. Finally, Allspring Global Investments Holdings LLC increased its holdings in Wayfair by 29.0% during the 1st quarter. Allspring Global Investments Holdings LLC now owns 514,441 shares of the company’s stock worth $34,920,000 after purchasing an additional 115,646 shares in the last quarter. Institutional investors own 89.67% of the company’s stock.

Wayfair Stock Performance

The stock has a fifty day simple moving average of $59.62 and a 200-day simple moving average of $55.07. The stock has a market cap of $6.37 billion, a P/E ratio of -8.12 and a beta of 3.29.

Wayfair (NYSE:W) last released its earnings results on Thursday, February 22nd. The company reported ($1.46) earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of ($1.54) by $0.08. The firm had revenue of $3.11 billion for the quarter, compared to the consensus estimate of $3.10 billion. On average, research analysts anticipate that Wayfair Inc. will post -3.37 earnings per share for the current 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.