Needham & Company LLC Reiterates Buy Rating for Wayfair (NYSE:W)

Wayfair (NYSE:W)‘s stock had its “buy” rating restated by equities research analysts at Needham & Company LLC in a research report issued on Wednesday, Marketbeat reports. They presently have a $60.00 target price on the stock. Needham & Company LLC’s price target would indicate a potential upside of 32.39% from the stock’s previous close.

W has been the topic of a number of other research reports. Wedbush dropped their target price on Wayfair from $70.00 to $60.00 and set an “outperform” rating on the stock in a report on Friday, August 2nd. Truist Financial dropped their target price on Wayfair from $70.00 to $60.00 and set a “buy” rating on the stock in a report on Friday, August 2nd. Piper Sandler dropped their target price on Wayfair from $91.00 to $67.00 and set an “overweight” rating on the stock in a report on Friday, August 2nd. Bank of America downgraded Wayfair from a “buy” rating to a “neutral” rating and dropped their target price for the company from $85.00 to $58.00 in a report on Thursday, August 1st. Finally, Loop Capital upped their target price on Wayfair from $45.00 to $55.00 and gave the company a “hold” rating in a report on Thursday, September 26th. Twelve equities research analysts have rated the stock with a hold rating, fourteen have assigned a buy rating and one has assigned a strong buy rating to the company’s stock. According to data from MarketBeat, the stock has an average rating of “Moderate Buy” and an average target price of $65.20.

Wayfair Trading Down 2.4 %

NYSE W opened at $45.32 on Wednesday. The stock’s 50-day moving average price is $48.77 and its two-hundred day moving average price is $53.19. The company has a market cap of $5.60 billion, a PE ratio of -8.57 and a beta of 3.42. Wayfair has a 1 year low of $38.02 and a 1 year high of $76.18.

Wayfair (NYSE:W) last posted its quarterly earnings data on Thursday, August 1st. The company reported $0.47 earnings per share (EPS) for the quarter, missing the consensus estimate of $0.50 by ($0.03). The business had revenue of $3.18 billion during the quarter, compared to analysts’ expectations of $3.18 billion. The company’s revenue for the quarter was up .2% on a year-over-year basis. During the same quarter in the previous year, the firm posted ($1.27) EPS. Research analysts forecast that Wayfair will post -2.68 EPS for the current fiscal year.

Insider Transactions at Wayfair

In other news, COO Thomas Netzer sold 1,011 shares of the company’s stock in a transaction that occurred on Tuesday, September 17th. The stock was sold at an average price of $49.42, for a total transaction of $49,963.62. Following the completion of the transaction, the chief operating officer now directly owns 151,802 shares in the company, valued at $7,502,054.84. The trade was a 0.00 % decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through the SEC website. In related news, insider Jon Blotner sold 4,600 shares of the company’s stock in a transaction on Monday, October 14th. The stock was sold at an average price of $53.60, for a total value of $246,560.00. Following the completion of the transaction, the insider now directly owns 52,078 shares in the company, valued at approximately $2,791,380.80. This represents a 0.00 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is available through this hyperlink. Also, COO Thomas Netzer sold 1,011 shares of the company’s stock in a transaction on Tuesday, September 17th. The shares were sold at an average price of $49.42, for a total value of $49,963.62. Following the completion of the transaction, the chief operating officer now owns 151,802 shares of the company’s stock, valued at $7,502,054.84. The trade was a 0.00 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold a total of 37,891 shares of company stock worth $2,007,213 over the last three months. 26.81% of the stock is currently owned by insiders.

Institutional Inflows and Outflows

Large investors have recently modified their holdings of the company. Capital World Investors raised its stake in Wayfair by 0.9% during the first quarter. Capital World Investors now owns 12,145,579 shares of the company’s stock worth $824,442,000 after acquiring an additional 103,369 shares in the last quarter. Vanguard Group Inc. raised its stake in Wayfair by 4.5% during the first quarter. Vanguard Group Inc. now owns 8,467,900 shares of the company’s stock worth $574,801,000 after acquiring an additional 363,948 shares in the last quarter. Renaissance Technologies LLC raised its stake in Wayfair by 28.0% during the second quarter. Renaissance Technologies LLC now owns 3,086,569 shares of the company’s stock worth $162,755,000 after acquiring an additional 675,271 shares in the last quarter. Wolf Hill Capital Management LP raised its stake in Wayfair by 22.9% during the second quarter. Wolf Hill Capital Management LP now owns 2,322,906 shares of the company’s stock worth $122,487,000 after acquiring an additional 432,404 shares in the last quarter. Finally, Maverick Capital Ltd. raised its stake in Wayfair by 46.2% during the second quarter. Maverick Capital Ltd. now owns 721,618 shares of the company’s stock worth $38,051,000 after acquiring an additional 227,908 shares in the last quarter. 89.67% of the stock is currently owned by institutional investors and hedge funds.

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.