Shares of Wayfair Inc. (NYSE:W – Get Rating) were down 12.5% during trading on Tuesday after Morgan Stanley lowered their price target on the stock from $70.00 to $65.00. Morgan Stanley currently has an underweight rating on the stock. Wayfair traded as low as $62.69 and last traded at $62.90. Approximately 71,628 shares traded hands during mid-day trading, a decline of 98% from the average daily volume of 3,245,306 shares. The stock had previously closed at $71.85.
A number of other research firms have also recently issued reports on W. Truist Financial lowered their price objective on shares of Wayfair from $130.00 to $120.00 and set a “buy” rating for the company in a research report on Monday, August 1st. William Blair began coverage on Wayfair in a research report on Tuesday, August 2nd. They set an “outperform” rating on the stock. Loop Capital dropped their target price on Wayfair from $90.00 to $70.00 in a research report on Friday, May 6th. JPMorgan Chase & Co. lowered their price objective on Wayfair from $108.00 to $70.00 and set an “underweight” rating for the company in a research note on Tuesday, April 26th. Finally, Cowen cut their target price on shares of Wayfair from $140.00 to $84.00 in a research report on Monday, August 1st. Ten analysts have rated the stock with a sell rating, eight have issued a hold rating and eight have given a buy rating to the stock. Based on data from MarketBeat.com, Wayfair has an average rating of “Hold” and an average target price of $96.38.
Insiders Place Their Bets
In related news, insider Steve Oblak sold 1,283 shares of the stock in a transaction that occurred on Monday, July 18th. The stock was sold at an average price of $53.98, for a total transaction of $69,256.34. Following the completion of the sale, the insider now directly owns 158,769 shares of the company’s stock, valued at $8,570,350.62. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this hyperlink. In other Wayfair news, COO Thomas Netzer sold 2,170 shares of the business’s stock in a transaction dated Tuesday, August 2nd. The shares were sold at an average price of $56.45, for a total value of $122,496.50. Following the transaction, the chief operating officer now directly owns 51,125 shares in the company, valued at $2,886,006.25. The transaction was disclosed in a filing with the SEC, which can be accessed through this hyperlink. Also, insider Steve Oblak sold 1,283 shares of the stock in a transaction that occurred on Monday, July 18th. The shares were sold at an average price of $53.98, for a total transaction of $69,256.34. Following the transaction, the insider now directly owns 158,769 shares of the company’s stock, valued at $8,570,350.62. The disclosure for this sale can be found here. In the last ninety days, insiders sold 20,251 shares of company stock valued at $994,669. Corporate insiders own 27.04% of the company’s stock.
Institutional Inflows and Outflows
Several institutional investors and hedge funds have recently made changes to their positions in the company. Duality Advisers LP purchased a new stake in shares of Wayfair during the 2nd quarter valued at approximately $1,778,000. Walleye Capital LLC lifted its position in shares of Wayfair by 1,909.1% during the second quarter. Walleye Capital LLC now owns 60,273 shares of the company’s stock worth $2,625,000 after acquiring an additional 57,273 shares in the last quarter. Banco Bilbao Vizcaya Argentaria S.A. boosted its holdings in shares of Wayfair by 282.5% in the second quarter. Banco Bilbao Vizcaya Argentaria S.A. now owns 10,839 shares of the company’s stock worth $492,000 after acquiring an additional 8,005 shares during the period. State Board of Administration of Florida Retirement System boosted its holdings in shares of Wayfair by 15.6% in the second quarter. State Board of Administration of Florida Retirement System now owns 103,365 shares of the company’s stock worth $4,503,000 after acquiring an additional 13,931 shares during the period. Finally, Landscape Capital Management L.L.C. grew its position in shares of Wayfair by 609.1% in the second quarter. Landscape Capital Management L.L.C. now owns 18,755 shares of the company’s stock valued at $817,000 after purchasing an additional 16,110 shares in the last quarter. Institutional investors own 85.89% of the company’s stock.
Wayfair Stock Performance
The business has a 50 day moving average of $53.13 and a 200-day moving average of $88.89. The company has a market capitalization of $6.65 billion, a P/E ratio of -6.88 and a beta of 2.92.
Wayfair (NYSE:W – Get Rating) last issued its quarterly earnings data on Thursday, August 4th. The company reported ($1.94) EPS for the quarter, missing the consensus estimate of ($1.89) by ($0.05). The company had revenue of $3.28 billion for the quarter, compared to the consensus estimate of $3.19 billion. During the same period in the prior year, the company posted $1.23 earnings per share. The company’s quarterly revenue was down 14.9% compared to the same quarter last year. As a group, equities analysts forecast that Wayfair Inc. will post -11.69 EPS for the current fiscal year.
Wayfair Company Profile
Wayfair Inc engages in the e-commerce business in the United States and internationally. The company provides approximately thirty-three million products for the home sector under various brands. It offers online selections of furniture, décor, housewares, and home improvement products through its sites, including Wayfair, Joss & Main, AllModern, Birch Lane, and Perigold brands.