Wayfair (NYSE:W) Coverage Initiated at Wedbush

Research analysts at Wedbush started coverage on shares of Wayfair (NYSE:W) in a research note issued to investors on Thursday, Marketbeat reports. The brokerage set a “neutral” rating and a $104.00 price target on the stock. Wedbush’s target price would suggest a potential upside of 16.09% from the company’s current price.

Other analysts have also issued research reports about the stock. Guggenheim restated a “buy” rating and issued a $100.00 price target on shares of Wayfair in a research note on Wednesday, May 20th. Zacks Research upgraded shares of Wayfair from a “hold” rating to a “strong-buy” rating in a research note on Friday, July 3rd. Wells Fargo & Company decreased their price objective on shares of Wayfair from $125.00 to $100.00 and set an “overweight” rating for the company in a report on Friday, May 1st. The Goldman Sachs Group set a $79.00 target price on shares of Wayfair in a research report on Friday, May 1st. Finally, Truist Financial set a $99.00 target price on shares of Wayfair in a research note on Monday, June 8th. Two analysts have rated the stock with a Strong Buy rating, eighteen have assigned a Buy rating, ten have assigned a Hold rating and one has issued a Sell rating to the company. Based on data from MarketBeat.com, Wayfair has a consensus rating of “Moderate Buy” and a consensus target price of $100.36.

Wayfair Stock Down 2.1%

Shares of NYSE W opened at $89.58 on Thursday. Wayfair has a fifty-two week low of $55.01 and a fifty-two week high of $119.98. The business has a 50 day moving average price of $78.82 and a two-hundred day moving average price of $83.69. The firm has a market cap of $11.83 billion, a PE ratio of -38.28, a price-to-earnings-growth ratio of 4.81 and a beta of 2.96.

Wayfair (NYSE:W) last posted its quarterly earnings data on Thursday, April 30th. The company reported $0.26 earnings per share (EPS) for the quarter, hitting the consensus estimate of $0.26. The company had revenue of $2.93 billion for the quarter, compared to the consensus estimate of $2.89 billion. Wayfair had a negative return on equity of 2.20% and a negative net margin of 2.41%.Wayfair’s revenue for the quarter was up 7.4% compared to the same quarter last year. During the same period in the previous year, the business earned $0.10 EPS. On average, analysts anticipate that Wayfair will post 0.63 earnings per share for the current year.

Insider Buying and Selling

In other Wayfair news, CEO Niraj Shah sold 113,863 shares of the stock in a transaction on Thursday, April 23rd. The shares were sold at an average price of $77.49, for a total transaction of $8,823,243.87. Following the sale, the chief executive officer directly owned 435,274 shares of the company’s stock, valued at approximately $33,729,382.26. This represents a 20.73% decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, insider Jon Blotner sold 5,925 shares of the firm’s stock in a transaction dated Thursday, July 2nd. The stock was sold at an average price of $96.29, for a total transaction of $570,518.25. Following the completion of the transaction, the insider owned 117,344 shares in the company, valued at approximately $11,299,053.76. The trade was a 4.81% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. The sale was made to cover tax withholding obligations related to the vesting of equity awards. Insiders have sold 245,925 shares of company stock worth $19,183,749 over the last ninety days. 18.44% of the stock is owned by insiders.

Institutional Investors Weigh In On Wayfair

Institutional investors and hedge funds have recently bought and sold shares of the business. Covenant Asset Management LLC bought a new position in shares of Wayfair in the fourth quarter valued at approximately $4,403,000. North Dakota State Investment Board bought a new stake in Wayfair during the fourth quarter worth approximately $3,636,000. Vanguard Group Inc. lifted its position in Wayfair by 0.8% in the fourth quarter. Vanguard Group Inc. now owns 9,634,757 shares of the company’s stock worth $967,426,000 after purchasing an additional 72,707 shares during the period. M&T Bank Corp lifted its position in Wayfair by 3,713.2% in the fourth quarter. M&T Bank Corp now owns 168,505 shares of the company’s stock worth $16,920,000 after purchasing an additional 164,086 shares during the period. Finally, Artemis Investment Management LLP acquired a new stake in Wayfair in the fourth quarter worth approximately $48,004,000. Institutional investors and hedge funds own 89.67% of the company’s stock.

Wayfair Company Profile

Wayfair Inc (NYSE: W) is an e-commerce company focused on home furnishings and décor. Through its platform, Wayfair offers a broad assortment of furniture, lighting, home textiles, kitchenware and decorative accessories. The company’s portfolio includes flagship sites such as Wayfair.com, as well as specialty retail brands like Joss & Main, AllModern, Birch Lane and Perigold, each catering to distinct design styles and price points.

Founded in 2002 by Niraj Shah and Steve Conine under the name CSN Stores, the business rebranded as Wayfair in 2011 and went public in 2014.