Wayfair (NYSE:W) Upgraded at StockNews.com

StockNews.com upgraded shares of Wayfair (NYSE:W) from a sell rating to a hold rating in a report issued on Wednesday morning.

A number of other analysts have also recently issued reports on W. Wedbush reduced their price objective on shares of Wayfair from $50.00 to $45.00 and set an “outperform” rating for the company in a research note on Monday, November 4th. JPMorgan Chase & Co. lowered their target price on shares of Wayfair from $80.00 to $63.00 and set an “overweight” rating on the stock in a report on Friday, August 2nd. Bank of America downgraded Wayfair from a “buy” rating to a “neutral” rating and decreased their target price for the stock from $85.00 to $58.00 in a research report on Thursday, August 1st. Citigroup reduced their target price on shares of Wayfair from $70.00 to $54.00 and set a “buy” rating on the stock in a report on Monday, November 4th. Finally, BMO Capital Markets decreased their target price on shares of Wayfair from $58.00 to $50.00 and set a “market perform” rating on the stock in a research report on Monday, November 4th. Thirteen research analysts have rated the stock with a hold rating, thirteen have given a buy rating and one has given a strong buy rating to the company. Based on data from MarketBeat.com, the company has an average rating of “Moderate Buy” and a consensus target price of $60.28.

Wayfair Stock Performance

Shares of NYSE:W opened at $38.21 on Wednesday. The stock’s 50-day simple moving average is $48.21 and its two-hundred day simple moving average is $51.50. The stock has a market capitalization of $4.79 billion, a price-to-earnings ratio of -8.51 and a beta of 3.46. Wayfair has a 52-week low of $37.35 and a 52-week high of $76.18.

Wayfair (NYSE:W) last released its quarterly earnings results on Friday, November 1st. The company reported $0.22 earnings per share for the quarter, topping the consensus estimate of $0.13 by $0.09. The business had revenue of $2.88 billion during the quarter, compared to the consensus estimate of $2.87 billion. The firm’s revenue was down 2.0% on a year-over-year basis. During the same quarter in the previous year, the business posted ($1.38) earnings per share. As a group, equities analysts forecast that Wayfair will post -2.92 earnings per share for the current fiscal year.

Insider Activity

In other news, CTO Fiona Tan sold 10,040 shares of the business’s stock in a transaction on Wednesday, October 2nd. The shares were sold at an average price of $53.06, for a total transaction of $532,722.40. Following the sale, the chief technology officer now directly owns 84,655 shares of the company’s stock, valued at $4,491,794.30. The trade was a 10.60 % decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, COO Thomas Netzer sold 1,011 shares of the firm’s stock in a transaction on Tuesday, September 17th. The stock was sold at an average price of $49.42, for a total value of $49,963.62. Following the completion of the transaction, the chief operating officer now owns 151,802 shares of the company’s stock, valued at $7,502,054.84. This trade represents a 0.66 % decrease in their position. The disclosure for this sale can be found here. In the last ninety days, insiders have sold 37,868 shares of company stock worth $2,003,248. Corporate insiders own 26.81% of the company’s stock.

Hedge Funds Weigh In On Wayfair

Institutional investors have recently bought and sold shares of the business. Capital Performance Advisors LLP acquired a new stake in Wayfair during the 3rd quarter worth about $29,000. Point72 Asia Singapore Pte. Ltd. acquired a new stake in Wayfair during the third quarter worth about $44,000. Brooklyn Investment Group purchased a new position in Wayfair during the third quarter valued at approximately $50,000. International Assets Investment Management LLC acquired a new position in Wayfair in the second quarter valued at approximately $58,000. Finally, Northwest & Ethical Investments L.P. purchased a new stake in Wayfair in the 3rd quarter worth approximately $67,000. 89.67% of the stock is owned by hedge funds and other institutional investors.

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.