Wayfair (NYSE:W) Downgraded to Hold at Argus

Argus downgraded shares of Wayfair (NYSE:W) from a buy rating to a hold rating in a research report released on Monday, MarketBeat Ratings reports.

A number of other brokerages also recently commented on W. The Goldman Sachs Group lowered their price objective on Wayfair from $67.00 to $54.00 and set a neutral rating for the company in a research report on Friday, August 2nd. Guggenheim lowered their price target on Wayfair from $80.00 to $70.00 and set a buy rating for the company in a report on Friday, August 2nd. Wedbush lowered their price target on Wayfair from $70.00 to $60.00 and set an outperform rating for the company in a report on Friday, August 2nd. Needham & Company LLC reaffirmed a buy rating and issued a $75.00 price target on shares of Wayfair in a report on Thursday, May 16th. Finally, Barclays lowered their price target on Wayfair from $58.00 to $51.00 and set an equal weight rating for the company in a report on Monday, August 5th. Twelve analysts have rated the stock with a hold rating, thirteen have given a buy rating and one has assigned a strong buy rating to the company. According to data from MarketBeat.com, the company has an average rating of Moderate Buy and an average target price of $65.63.

Wayfair Price Performance

Shares of NYSE:W opened at $42.42 on Monday. The firm has a market capitalization of $5.24 billion, a PE ratio of -7.91 and a beta of 3.43. The firm’s 50-day moving average is $48.75 and its two-hundred day moving average is $55.90. Wayfair has a 1 year low of $38.02 and a 1 year high of $76.18.

Wayfair (NYSE:W) last issued its quarterly earnings results on Thursday, August 1st. The company reported $0.47 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $0.50 by ($0.03). The business had revenue of $3.18 billion for the quarter, compared to the consensus estimate of $3.18 billion. During the same quarter in the previous year, the business earned ($1.27) EPS. Wayfair’s revenue for the quarter was up .2% on a year-over-year basis. Analysts expect that Wayfair will post -2.66 EPS for the current fiscal year.

Insider Transactions at Wayfair

In other news, COO Thomas Netzer sold 6,625 shares of the company’s stock in a transaction that occurred on Tuesday, July 2nd. The stock was sold at an average price of $50.74, for a total transaction of $336,152.50. Following the completion of the sale, the chief operating officer now owns 157,239 shares in the company, valued at $7,978,306.86. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. In other Wayfair news, insider Steven Conine sold 10,000 shares of the stock in a transaction on Friday, June 7th. The stock was sold at an average price of $56.79, for a total value of $567,900.00. Following the completion of the transaction, the insider now owns 219,073 shares in the company, valued at $12,441,155.67. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at this hyperlink. Also, COO Thomas Netzer sold 6,625 shares of the stock in a transaction on Tuesday, July 2nd. The stock was sold at an average price of $50.74, for a total value of $336,152.50. Following the completion of the transaction, the chief operating officer now owns 157,239 shares of the company’s stock, valued at approximately $7,978,306.86. The disclosure for this sale can be found here. Insiders sold 50,102 shares of company stock worth $2,644,559 over the last 90 days. 26.81% of the stock is currently owned by insiders.

Institutional Trading of Wayfair

Several large investors have recently bought and sold shares of W. International Assets Investment Management LLC grew its holdings in Wayfair by 8,977.8% in the fourth quarter. International Assets Investment Management LLC now owns 67,993 shares of the company’s stock valued at $4,195,000 after purchasing an additional 67,244 shares during the last quarter. Handelsbanken Fonder AB grew its holdings in Wayfair by 5.6% in the fourth quarter. Handelsbanken Fonder AB now owns 17,100 shares of the company’s stock valued at $1,055,000 after purchasing an additional 900 shares during the last quarter. GAMMA Investing LLC acquired a new stake in Wayfair in the fourth quarter valued at $31,000. Truist Financial Corp acquired a new stake in Wayfair in the fourth quarter valued at $504,000. Finally, Magnus Financial Group LLC acquired a new stake in Wayfair in the fourth quarter valued at $200,000. Institutional investors and hedge funds own 89.67% of the company’s stock.

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.