Wayfair (NYSE:W) Cut to “Hold” at Zacks Research

Zacks Research lowered shares of Wayfair (NYSE:W) from a strong-buy rating to a hold rating in a report issued on Monday,Zacks.com reports.

Other equities analysts also recently issued reports about the stock. Needham & Company LLC decreased their price target on shares of Wayfair from $125.00 to $83.00 and set a “buy” rating for the company in a research note on Friday, May 1st. Guggenheim reaffirmed a “buy” rating and set a $100.00 price objective on shares of Wayfair in a research report on Wednesday, May 20th. Weiss Ratings upgraded Wayfair from a “sell (e+)” rating to a “sell (d-)” rating in a report on Wednesday, June 17th. Canaccord Genuity Group reduced their target price on Wayfair from $125.00 to $115.00 and set a “buy” rating on the stock in a report on Friday, May 1st. Finally, TD Cowen decreased their target price on Wayfair from $88.00 to $75.00 and set a “hold” rating for the company in a research report on Thursday, April 30th. One analyst has rated the stock with a Strong Buy rating, eighteen have given a Buy rating, eleven have given a Hold rating and one has given a Sell rating to the company. According to data from MarketBeat, the stock has an average rating of “Moderate Buy” and an average target price of $100.36.

Wayfair Trading Down 0.6%

Shares of Wayfair stock opened at $84.32 on Monday. Wayfair has a 12-month low of $55.60 and a 12-month high of $119.98. The company has a market cap of $11.13 billion, a P/E ratio of -36.03, a PEG ratio of 4.70 and a beta of 2.96. The company’s fifty day simple moving average is $80.32 and its two-hundred day simple moving average is $83.25.

Wayfair (NYSE:W) last posted its earnings results on Thursday, April 30th. The company reported $0.26 EPS for the quarter, hitting the consensus estimate of $0.26. The firm had revenue of $2.93 billion during the quarter, compared to analysts’ expectations of $2.89 billion. Wayfair had a negative net margin of 2.41% and a negative return on equity of 2.20%. The company’s quarterly revenue was up 7.4% compared to the same quarter last year. During the same period last year, the company posted $0.10 EPS. Analysts predict that Wayfair will post 0.6 EPS for the current fiscal year.

Insider Buying and Selling

In related news, CEO Niraj Shah sold 6,137 shares of Wayfair stock in a transaction dated 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 directly owned 429,137 shares of the company’s stock, valued at $33,738,750.94. This trade represents a 1.41% decrease in their position. The sale was disclosed in a legal filing with the SEC, which is available at this hyperlink. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, insider Jon Blotner sold 5,925 shares of the business’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 sale, the insider directly owned 117,344 shares in the company, valued at $11,299,053.76. The trade was a 4.81% 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. The sale was made to cover tax withholding obligations related to the vesting of equity awards. Insiders sold a total of 19,201 shares of company stock worth $1,613,778 in the last three months. 18.44% of the stock is owned by corporate insiders.

Institutional Investors Weigh In On Wayfair

Several hedge funds have recently added to or reduced their stakes in W. Arrowstreet Capital Limited Partnership raised its position in shares of Wayfair by 826.0% in the 3rd quarter. Arrowstreet Capital Limited Partnership now owns 2,817,056 shares of the company’s stock worth $251,648,000 after purchasing an additional 2,512,854 shares during the last quarter. Voloridge Investment Management LLC bought a new stake in shares of Wayfair in the 3rd quarter worth $108,125,000. Norges Bank bought a new stake in Wayfair in the 4th quarter worth about $117,973,000. AQR Capital Management LLC boosted its holdings in shares of Wayfair by 197.3% during the 2nd quarter. AQR Capital Management LLC now owns 1,557,937 shares of the company’s stock valued at $79,673,000 after acquiring an additional 1,033,865 shares during the last quarter. Finally, Holocene Advisors LP grew its stake in shares of Wayfair by 351.9% in the second quarter. Holocene Advisors LP now owns 1,294,057 shares of the company’s stock worth $66,178,000 after acquiring an additional 1,007,676 shares during the period. 89.67% of the stock is owned by institutional investors.

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.