Shares of Wayfair Inc. (NYSE:W – Get Rating) traded down 13.1% on Friday after Morgan Stanley lowered their price target on the stock from $65.00 to $30.00. Morgan Stanley currently has an underweight rating on the stock. Wayfair traded as low as $32.56 and last traded at $32.56. 133,164 shares changed hands during trading, a decline of 97% from the average session volume of 4,147,130 shares. The stock had previously closed at $37.46.
Several other brokerages have also commented on W. UBS Group dropped their price target on shares of Wayfair from $65.00 to $45.00 and set a “neutral” rating on the stock in a research note on Friday, September 23rd. The Goldman Sachs Group assumed coverage on shares of Wayfair in a research note on Monday, October 10th. They issued a “neutral” rating and a $36.00 price target on the stock. Barclays dropped their price target on shares of Wayfair from $57.00 to $50.00 and set an “underweight” rating on the stock in a research note on Friday, August 5th. Credit Suisse Group dropped their price target on shares of Wayfair from $150.00 to $122.00 and set an “outperform” rating on the stock in a research note on Monday. Finally, Piper Sandler dropped their price target on shares of Wayfair from $65.00 to $55.00 and set a “neutral” rating on the stock in a research note on Wednesday, July 20th. Ten research analysts have rated the stock with a sell rating, nine have issued a hold rating and eight have given a buy rating to the company. According to data from MarketBeat.com, the stock currently has a consensus rating of “Hold” and a consensus price target of $88.89.
Insider Buying and Selling
In related news, CFO Michael D. Fleisher sold 5,617 shares of Wayfair stock in a transaction dated Tuesday, October 18th. The stock was sold at an average price of $35.02, for a total transaction of $196,707.34. Following the completion of the sale, the chief financial officer now owns 74,797 shares in the company, valued at approximately $2,619,390.94. The transaction was disclosed in a document filed with the SEC, which is available at the SEC website. In other Wayfair news, insider Steve Oblak sold 1,687 shares of the firm’s stock in a transaction dated Friday, September 16th. The stock was sold at an average price of $46.59, for a total value of $78,597.33. Following the sale, the insider now directly owns 160,746 shares of the company’s stock, valued at approximately $7,489,156.14. The sale was disclosed in a filing with the SEC, which can be accessed through this link. Also, CFO Michael D. Fleisher sold 5,617 shares of the firm’s stock in a transaction dated Tuesday, October 18th. The stock was sold at an average price of $35.02, for a total value of $196,707.34. Following the completion of the sale, the chief financial officer now directly owns 74,797 shares in the company, valued at $2,619,390.94. The disclosure for this sale can be found here. In the last quarter, insiders sold 28,309 shares of company stock worth $1,054,126. 26.81% of the stock is owned by corporate insiders.
Institutional Trading of Wayfair
Hedge funds have recently added to or reduced their stakes in the business. Captrust Financial Advisors lifted its stake in shares of Wayfair by 24.1% in the 2nd quarter. Captrust Financial Advisors now owns 968 shares of the company’s stock valued at $42,000 after purchasing an additional 188 shares in the last quarter. Envestnet Asset Management Inc. lifted its stake in shares of Wayfair by 2.3% in the 1st quarter. Envestnet Asset Management Inc. now owns 9,324 shares of the company’s stock valued at $1,033,000 after purchasing an additional 209 shares in the last quarter. Sciencast Management LP lifted its stake in shares of Wayfair by 3.7% in the 1st quarter. Sciencast Management LP now owns 5,990 shares of the company’s stock valued at $625,000 after purchasing an additional 215 shares in the last quarter. Candriam Luxembourg S.C.A. lifted its stake in shares of Wayfair by 5.0% in the 1st quarter. Candriam Luxembourg S.C.A. now owns 5,854 shares of the company’s stock valued at $648,000 after purchasing an additional 281 shares in the last quarter. Finally, HighTower Advisors LLC lifted its stake in shares of Wayfair by 16.9% in the 1st quarter. HighTower Advisors LLC now owns 2,360 shares of the company’s stock valued at $259,000 after purchasing an additional 342 shares in the last quarter. 91.05% of the stock is owned by institutional investors and hedge funds.
Wayfair Trading Down 13.0 %
The firm has a market capitalization of $3.46 billion, a price-to-earnings ratio of -3.61 and a beta of 2.92. The firm has a 50 day moving average price of $40.15 and a two-hundred day moving average price of $52.98.
Wayfair (NYSE:W – Get Rating) last released its quarterly earnings results on Thursday, August 4th. The company reported ($3.21) EPS for the quarter, topping the consensus estimate of ($3.24) by $0.03. The company had revenue of $3.28 billion for the quarter, compared to analyst estimates of $3.19 billion. The business’s revenue was down 14.9% on a year-over-year basis. During the same period last year, the firm posted $1.23 earnings per share. As a group, research analysts forecast that Wayfair Inc. will post -12.29 earnings per share for the current year.
About Wayfair
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.