Wayfair (NYSE:W) Shares Gap Down After Analyst Downgrade

Wayfair Inc. (NYSE:W - Get Free Report)'s share price gapped down prior to trading on Thursday after Truist Financial lowered their price target on the stock from $53.00 to $36.00. The stock had previously closed at $29.66, but opened at $27.80. Truist Financial currently has a buy rating on the stock. Wayfair shares last traded at $26.82, with a volume of 1,289,665 shares traded.

Several other equities research analysts have also commented on W. Citigroup lowered shares of Wayfair from a "buy" rating to a "neutral" rating and lowered their price target for the company from $58.00 to $28.00 in a report on Friday, April 4th. Stifel Nicolaus dropped their target price on Wayfair from $47.00 to $46.00 and set a "hold" rating on the stock in a report on Friday, February 21st. Bank of America decreased their price target on Wayfair from $52.00 to $50.00 and set a "neutral" rating for the company in a report on Friday, February 21st. Loop Capital dropped their target price on Wayfair from $55.00 to $45.00 and set a "hold" rating on the stock in a research report on Friday, February 21st. Finally, BMO Capital Markets increased their price target on Wayfair from $50.00 to $55.00 and gave the stock a "market perform" rating in a research report on Friday, February 21st. Fifteen analysts have rated the stock with a hold rating, eleven have issued a buy rating and one has issued a strong buy rating to the company. Based on data from MarketBeat, the stock presently has an average rating of "Hold" and an average target price of $54.16.

Insider Buying and Selling

In other Wayfair news, insider Steven Conine sold 30,000 shares of the firm's stock in a transaction on Tuesday, January 21st. The stock was sold at an average price of $48.45, for a total value of $1,453,500.00. Following the sale, the insider now directly owns 589,073 shares in the company, valued at $28,540,586.85. This trade represents a 4.85 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, CFO Kate Gulliver sold 19,296 shares of the stock in a transaction dated Wednesday, April 2nd. The shares were sold at an average price of $31.67, for a total value of $611,104.32. Following the completion of the transaction, the chief financial officer now owns 144,474 shares in the company, valued at approximately $4,575,491.58. The trade was a 11.78 % decrease in their position. The disclosure for this sale can be found here. Insiders sold 128,532 shares of company stock valued at $5,090,232 in the last three months. 23.50% of the stock is owned by corporate insiders.

Remove Ads

Institutional Investors Weigh In On Wayfair

Institutional investors and hedge funds have recently bought and sold shares of the stock. Chemistry Wealth Management LLC boosted its stake in shares of Wayfair by 16.1% during the first quarter. Chemistry Wealth Management LLC now owns 39,781 shares of the company's stock worth $1,274,000 after buying an additional 5,526 shares during the period. Rhumbline Advisers raised its stake in shares of Wayfair by 4.3% during the 1st quarter. Rhumbline Advisers now owns 91,272 shares of the company's stock worth $2,923,000 after buying an additional 3,725 shares in the last quarter. GAMMA Investing LLC lifted its holdings in shares of Wayfair by 5,850.4% in the 1st quarter. GAMMA Investing LLC now owns 42,248 shares of the company's stock valued at $1,319,000 after buying an additional 41,538 shares during the period. California State Teachers Retirement System boosted its stake in shares of Wayfair by 0.4% in the fourth quarter. California State Teachers Retirement System now owns 87,089 shares of the company's stock valued at $3,860,000 after buying an additional 383 shares in the last quarter. Finally, Employees Retirement System of Texas grew its holdings in Wayfair by 28.5% during the fourth quarter. Employees Retirement System of Texas now owns 35,270 shares of the company's stock worth $1,563,000 after acquiring an additional 7,813 shares during the period. 89.67% of the stock is owned by hedge funds and other institutional investors.

Wayfair Stock Performance

The firm has a market cap of $3.42 billion, a PE ratio of -6.69 and a beta of 3.72. The stock's fifty day moving average price is $36.48 and its 200-day moving average price is $43.47.

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

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.