Wayfair (NYSE:W) Stock Price Down 7.2% – Here’s What Happened

Wayfair Inc. (NYSE:W) traded down 7.2% during trading on Friday . The stock traded as low as $32.85 and last traded at $33.06. 1,200,816 shares changed hands during mid-day trading, a decline of 72% from the average session volume of 4,235,734 shares. The stock had previously closed at $35.61.

Wall Street Analysts Forecast Growth

W has been the topic of a number of research reports. Jefferies Financial Group raised shares of Wayfair from a “hold” rating to a “buy” rating and boosted their price objective for the stock from $45.00 to $47.00 in a research report on Friday, March 7th. Stifel Nicolaus dropped their price objective on Wayfair from $47.00 to $46.00 and set a “hold” rating on the stock in a research note on Friday, February 21st. Wedbush reissued a “neutral” rating and issued a $46.00 price objective (up previously from $44.00) on shares of Wayfair in a 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, Needham & Company LLC reiterated a “buy” rating and issued a $50.00 price target on shares of Wayfair in a research note on Friday, February 21st. Fourteen analysts have rated the stock with a hold rating, thirteen have assigned a buy rating and one has issued a strong buy rating to the company’s stock. According to data from MarketBeat, Wayfair currently has an average rating of “Moderate Buy” and a consensus target price of $56.81.

Wayfair Price Performance

The firm has a 50-day simple moving average of $41.51 and a 200 day simple moving average of $45.33. The stock has a market capitalization of $4.32 billion, a P/E ratio of -8.42 and a beta of 3.44.

Wayfair (NYSE:W) last issued its quarterly earnings data on Thursday, February 20th. The company reported ($0.96) earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $0.05 by ($1.01). The company had revenue of $3.12 billion for the quarter, compared to analyst estimates of $3.07 billion. Sell-side analysts anticipate that Wayfair Inc. will post -2.54 earnings per share for the current fiscal year.

Insider Activity

In other news, CTO Fiona Tan sold 7,581 shares of the company’s stock in a transaction on Monday, January 6th. The shares were sold at an average price of $47.17, for a total value of $357,595.77. Following the sale, the chief technology officer now directly owns 88,976 shares of the company’s stock, valued at approximately $4,196,997.92. This represents a 7.85 % decrease in their position. The transaction was disclosed in a document filed with the SEC, which is available through the SEC website. Also, insider Steven Conine sold 30,000 shares of the stock in a transaction on Thursday, February 20th. The stock was sold at an average price of $46.33, for a total transaction of $1,389,900.00. Following the sale, the insider now 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 disclosure for this sale can be found here. Over the last 90 days, insiders sold 103,189 shares of company stock valued at $4,810,693. Insiders own 26.81% of the company’s stock.

Institutional Trading of Wayfair

A number of institutional investors have recently bought and sold shares of W. Capital World Investors lifted its stake in shares of Wayfair by 6.2% in the 4th quarter. Capital World Investors now owns 13,506,200 shares of the company’s stock valued at $598,596,000 after purchasing an additional 782,757 shares during the period. Vanguard Group Inc. increased its holdings in Wayfair by 3.6% in the fourth quarter. Vanguard Group Inc. now owns 9,315,337 shares of the company’s stock worth $412,856,000 after purchasing an additional 327,603 shares in the last quarter. Baillie Gifford & Co. increased its holdings in Wayfair by 13.6% in the fourth quarter. Baillie Gifford & Co. now owns 6,179,761 shares of the company’s stock worth $273,887,000 after purchasing an additional 740,641 shares in the last quarter. Renaissance Technologies LLC lifted its stake in Wayfair by 17.9% in the fourth quarter. Renaissance Technologies LLC now owns 3,834,667 shares of the company’s stock valued at $169,952,000 after buying an additional 581,000 shares during the period. Finally, Southpoint Capital Advisors LP boosted its holdings in shares of Wayfair by 100.0% during the 4th quarter. Southpoint Capital Advisors LP now owns 2,800,000 shares of the company’s stock worth $124,096,000 after buying an additional 1,400,000 shares in the last quarter. Institutional investors own 89.67% of the company’s stock.

Wayfair Company Profile

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.