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

Shares of Wayfair Inc. (NYSE:W) dropped 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. Approximately 726,497 shares were traded during mid-day trading, a decline of 83% from the average daily volume of 4,217,250 shares. The stock had previously closed at $57.75.

Other equities analysts have also issued research reports about the stock. Wedbush restated an “outperform” rating and issued a $70.00 target price on shares of Wayfair in a report on Monday. Stifel Nicolaus boosted their target price on shares of Wayfair from $52.00 to $55.00 and gave the company a “hold” rating in a report on Tuesday, January 9th. BMO Capital Markets initiated coverage on shares of Wayfair in a research note on Tuesday, January 9th. They issued a “market perform” rating and a $57.00 price target for the company. Truist Financial cut their price objective on shares of Wayfair from $65.00 to $63.00 and set a “buy” rating on the stock in a research report on Friday, February 23rd. Finally, Deutsche Bank Aktiengesellschaft increased their price objective on shares of Wayfair from $63.00 to $79.00 and gave the stock a “buy” rating in a research report on Wednesday, April 10th. Ten equities research analysts have rated the stock with a hold rating, seventeen have given a buy rating and one has assigned a strong buy rating to the company’s stock. According to data from MarketBeat, Wayfair presently has an average rating of “Moderate Buy” and an average price target of $76.21.

Insider Buying and Selling

In other Wayfair news, insider Jon Blotner sold 4,144 shares of the stock in a transaction dated Monday, April 15th. The shares were sold at an average price of $60.52, for a total value of $250,794.88. Following the completion of the sale, the insider now owns 37,957 shares in the company, valued at approximately $2,297,157.64. The transaction was disclosed in a document filed with the SEC, which is available at this link. In other Wayfair news, COO Thomas Netzer sold 20,000 shares of the stock in a transaction dated Friday, March 1st. The shares were sold at an average price of $59.72, for a total value of $1,194,400.00. Following the completion of the sale, the chief operating officer now owns 116,622 shares in the company, valued at approximately $6,964,665.84. The transaction was disclosed in a document filed with the SEC, which is available at this link. Also, insider Jon Blotner sold 4,144 shares of the stock in a transaction dated Monday, April 15th. The shares were sold at an average price of $60.52, for a total transaction of $250,794.88. Following the completion of the sale, the insider now owns 37,957 shares of the company’s stock, valued at approximately $2,297,157.64. The disclosure for this sale can be found here. Insiders have sold 89,808 shares of company stock worth $5,445,222 in the last quarter. Insiders own 23.50% of the company’s stock.

Institutional Investors Weigh In On Wayfair

Institutional investors and hedge funds have recently added to or reduced their stakes in the company. Riverview Trust Co bought a new position in shares of Wayfair during the 1st quarter valued at approximately $27,000. McGlone Suttner Wealth Management Inc. bought a new position in shares of Wayfair during the 4th quarter valued at approximately $29,000. GAMMA Investing LLC bought a new position in shares of Wayfair during the 4th quarter valued at approximately $31,000. BluePath Capital Management LLC bought a new position in shares of Wayfair during the 3rd quarter valued at approximately $34,000. Finally, DekaBank Deutsche Girozentrale bought a new position in shares of Wayfair during the 3rd quarter valued at approximately $34,000. Hedge funds and other institutional investors own 89.67% of the company’s stock.

Wayfair Trading Down 8.4 %

The company’s fifty day moving average is $59.62 and its 200 day moving average is $55.07. The company has a market capitalization of $6.37 billion, a P/E ratio of -8.12 and a beta of 3.29.

Wayfair (NYSE:W) last released its quarterly earnings data on Thursday, February 22nd. The company reported ($1.46) EPS for the quarter, topping the consensus estimate of ($1.54) by $0.08. The business had revenue of $3.11 billion during the quarter, compared to the consensus estimate of $3.10 billion. Equities research analysts predict that Wayfair Inc. will post -3.37 EPS 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.