Wayfair (NYSE:W) Shares Down 7.2% – What’s Next?

Shares of Wayfair Inc. (NYSE:W) dropped 7.2% during trading on Friday . The company traded as low as $32.85 and last traded at $33.06. Approximately 1,200,816 shares traded hands during trading, a decline of 72% from the average daily volume of 4,235,734 shares. The stock had previously closed at $35.61.

Analyst Ratings Changes

Several equities research analysts have recently weighed in on W shares. Royal Bank of Canada reduced their price objective on Wayfair from $50.00 to $43.00 and set a “sector perform” rating for the company in a research report on Monday, February 24th. StockNews.com upgraded shares of Wayfair from a “sell” rating to a “hold” rating in a research report on Thursday, December 19th. Truist Financial dropped their price objective on shares of Wayfair from $55.00 to $53.00 and set a “buy” rating on the stock in a report on Friday, February 21st. Needham & Company LLC reissued a “buy” rating and set a $50.00 target price on shares of Wayfair in a research report on Friday, February 21st. Finally, Bank of America lowered their price target on Wayfair from $52.00 to $50.00 and set a “neutral” rating on the stock in a research note on Friday, February 21st. Fourteen research analysts have rated the stock with a hold rating, thirteen have given a buy rating and one has given a strong buy rating to the stock. According to data from MarketBeat.com, the company has an average rating of “Moderate Buy” and a consensus target price of $56.81.

Wayfair Price Performance

The business has a 50 day simple moving average of $41.29 and a 200 day simple moving average of $45.28. The company has a market cap of $4.29 billion, a price-to-earnings ratio of -8.42 and a beta of 3.44.

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

Insider Transactions at Wayfair

In other news, insider Steven Conine sold 30,000 shares of the firm’s stock in a transaction dated Tuesday, January 21st. The shares were sold at an average price of $48.45, for a total value of $1,453,500.00. Following the transaction, the insider now owns 589,073 shares of the company’s stock, valued at approximately $28,540,586.85. This trade represents a 4.85 % decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through this hyperlink. Also, insider Jon Blotner sold 5,669 shares of the business’s stock in a transaction that occurred on Monday, January 13th. The stock was sold at an average price of $42.83, for a total transaction of $242,803.27. Following the sale, the insider now directly owns 57,899 shares of the company’s stock, valued at approximately $2,479,814.17. This trade represents a 8.92 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last three months, insiders have sold 103,189 shares of company stock worth $4,810,693. Corporate insiders own 26.81% of the company’s stock.

Hedge Funds Weigh In On Wayfair

A number of hedge funds and other institutional investors have recently bought and sold shares of W. California State Teachers Retirement System lifted its stake in 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 during the period. Employees Retirement System of Texas raised its position in shares of Wayfair by 28.5% in the 4th quarter. Employees Retirement System of Texas now owns 35,270 shares of the company’s stock valued at $1,563,000 after acquiring an additional 7,813 shares during the period. Polar Asset Management Partners Inc. boosted its stake in Wayfair by 142.3% during the 4th quarter. Polar Asset Management Partners Inc. now owns 151,653 shares of the company’s stock worth $6,721,000 after acquiring an additional 89,053 shares during the last quarter. Toronto Dominion Bank acquired a new position in Wayfair during the fourth quarter valued at approximately $1,536,000. Finally, Neo Ivy Capital Management bought a new stake in Wayfair in the fourth quarter valued at approximately $3,560,000. 89.67% of the stock is owned by institutional investors.

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.