Wayfair (NYSE:W) Now Covered by Wedbush

Wedbush assumed coverage on shares of Wayfair (NYSE:W) in a report released on Thursday, MarketBeat reports. The firm issued a neutral rating and a $104.00 price objective on the stock.

A number of other brokerages have also issued reports on W. Needham & Company LLC dropped their price objective on shares of Wayfair from $125.00 to $83.00 and set a “buy” rating for the company in a report on Friday, May 1st. Morgan Stanley set a $110.00 target price on shares of Wayfair in a report on Friday, May 1st. Citigroup decreased their price target on shares of Wayfair from $110.00 to $95.00 and set a “buy” rating for the company in a research report on Tuesday, May 19th. Weiss Ratings raised shares of Wayfair from a “sell (e+)” rating to a “sell (d-)” rating in a research note on Wednesday, June 17th. Finally, Canaccord Genuity Group cut their price target on shares of Wayfair from $125.00 to $115.00 and set a “buy” rating on the stock in a report on Friday, May 1st. Two investment analysts have rated the stock with a Strong Buy rating, eighteen have given a Buy rating, ten have issued a Hold rating and one has assigned a Sell 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 $100.36.

Wayfair Trading Down 0.3%

Wayfair stock opened at $91.37 on Thursday. The company has a market capitalization of $12.06 billion, a PE ratio of -39.05, a P/E/G ratio of 4.82 and a beta of 2.96. Wayfair has a 12 month low of $55.01 and a 12 month high of $119.98. The stock has a 50-day moving average price of $78.35 and a two-hundred day moving average price of $83.65.

Wayfair (NYSE:W) last announced its quarterly earnings results on Thursday, April 30th. The company reported $0.26 EPS for the quarter, meeting analysts’ consensus estimates of $0.26. The firm had revenue of $2.93 billion for the quarter, compared to analyst estimates of $2.89 billion. Wayfair had a negative return on equity of 2.20% and a negative net margin of 2.41%.The business’s revenue for the quarter was up 7.4% on a year-over-year basis. During the same period last year, the firm posted $0.10 earnings per share. As a group, analysts predict that Wayfair will post 0.63 earnings per share for the current fiscal year.

Insider Activity

In related news, Director Steven Conine sold 7,139 shares of Wayfair stock in a transaction on Friday, April 24th. The shares were sold at an average price of $78.55, for a total transaction of $560,768.45. Following the completion of the transaction, the director owned 429,073 shares of the company’s stock, valued at $33,703,684.15. This trade represents a 1.64% decrease in their ownership of the stock. The sale was disclosed in a filing 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, CEO Niraj Shah sold 6,137 shares of the business’s stock in a transaction on Friday, April 24th. The shares were sold at an average price of $78.62, for a total transaction of $482,490.94. Following the completion of the transaction, the chief executive officer owned 429,137 shares in the company, valued at approximately $33,738,750.94. The trade was a 1.41% decrease in their position. The disclosure for this sale is available in the SEC filing. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. In the last three months, insiders have sold 245,925 shares of company stock valued at $19,183,749. 18.44% of the stock is currently owned by insiders.

Institutional Trading of Wayfair

A number of large investors have recently bought and sold shares of the business. Handelsbanken Fonder AB raised its position in shares of Wayfair by 10.9% in the 2nd quarter. Handelsbanken Fonder AB now owns 34,500 shares of the company’s stock worth $3,188,000 after acquiring an additional 3,400 shares in the last quarter. Chemistry Wealth Management LLC boosted its position in shares of Wayfair by 5.9% during the 2nd quarter. Chemistry Wealth Management LLC now owns 45,368 shares of the company’s stock valued at $4,193,000 after purchasing an additional 2,534 shares in the last quarter. Assenagon Asset Management S.A. boosted its position in shares of Wayfair by 42.2% during the 2nd quarter. Assenagon Asset Management S.A. now owns 818,591 shares of the company’s stock valued at $75,654,000 after purchasing an additional 242,791 shares in the last quarter. Versant Capital Management Inc boosted its position in shares of Wayfair by 34.5% during the 2nd quarter. Versant Capital Management Inc now owns 3,411 shares of the company’s stock valued at $315,000 after purchasing an additional 874 shares in the last quarter. Finally, Empowered Funds LLC grew its stake in Wayfair by 67.7% during the first quarter. Empowered Funds LLC now owns 6,829 shares of the company’s stock worth $514,000 after purchasing an additional 2,758 shares during the period. 89.67% of the stock is currently owned by institutional investors and hedge funds.

About Wayfair

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.