FY2024 Earnings Forecast for Wayfair Inc. Issued By Wedbush (NYSE:W)

Wayfair Inc. (NYSE:W) – Investment analysts at Wedbush lowered their FY2024 EPS estimates for shares of Wayfair in a research note issued on Wednesday, September 25th. Wedbush analyst S. Basham now expects that the company will post earnings of ($2.51) per share for the year, down from their prior forecast of ($2.42). Wedbush currently has a “Outperform” rating and a $60.00 target price on the stock. The consensus estimate for Wayfair’s current full-year earnings is ($2.68) per share. Wedbush also issued estimates for Wayfair’s Q4 2024 earnings at ($0.50) EPS, FY2025 earnings at ($2.12) EPS and FY2026 earnings at ($1.38) EPS.

Wayfair (NYSE:W) last released its earnings results on Thursday, August 1st. The company reported $0.47 earnings per share for the quarter, missing analysts’ consensus estimates of $0.50 by ($0.03). The company had revenue of $3.18 billion for the quarter, compared to the consensus estimate of $3.18 billion. During the same quarter last year, the business posted ($1.27) EPS. The business’s quarterly revenue was up .2% compared to the same quarter last year.

A number of other research analysts have also recently commented on the company. Bank of America cut Wayfair from a “buy” rating to a “neutral” rating and lowered their price target for the stock from $85.00 to $58.00 in a report on Thursday, August 1st. StockNews.com upgraded shares of Wayfair from a “sell” rating to a “hold” rating in a report on Monday, August 5th. Truist Financial dropped their price objective on shares of Wayfair from $70.00 to $60.00 and set a “buy” rating for the company in a report on Friday, August 2nd. Piper Sandler reduced their price objective on Wayfair from $91.00 to $67.00 and set an “overweight” rating on the stock in a research note on Friday, August 2nd. Finally, Barclays decreased their price target on shares of Wayfair from $58.00 to $51.00 and set an “equal weight” rating on the stock in a research note on Monday, August 5th. Twelve research analysts have rated the stock with a hold rating, thirteen have issued a buy rating and one has assigned a strong buy rating to the stock. According to MarketBeat.com, the company has a consensus rating of “Moderate Buy” and an average target price of $65.83.

Wayfair Stock Down 5.2 %

Shares of Wayfair stock opened at $53.24 on Monday. The company has a market capitalization of $6.57 billion, a price-to-earnings ratio of -9.93 and a beta of 3.40. The stock’s 50-day simple moving average is $46.61 and its 200-day simple moving average is $54.49. Wayfair has a 52 week low of $38.02 and a 52 week high of $76.18.

Institutional Inflows and Outflows

Hedge funds have recently bought and sold shares of the stock. Teachers Retirement System of The State of Kentucky boosted its position in Wayfair by 12.3% in the second quarter. Teachers Retirement System of The State of Kentucky now owns 126,552 shares of the company’s stock valued at $6,673,000 after buying an additional 13,832 shares during the last quarter. Truist Financial Corp boosted its holdings in shares of Wayfair by 46.6% in the 2nd quarter. Truist Financial Corp now owns 9,527 shares of the company’s stock valued at $502,000 after acquiring an additional 3,028 shares during the last quarter. Quarry LP increased its stake in shares of Wayfair by 880.0% in the second quarter. Quarry LP now owns 2,548 shares of the company’s stock worth $134,000 after acquiring an additional 2,288 shares during the period. The Manufacturers Life Insurance Company lifted its position in Wayfair by 8.1% during the second quarter. The Manufacturers Life Insurance Company now owns 17,981 shares of the company’s stock valued at $948,000 after purchasing an additional 1,355 shares during the period. Finally, Maverick Capital Ltd. boosted its holdings in Wayfair by 46.2% in the second quarter. Maverick Capital Ltd. now owns 721,618 shares of the company’s stock valued at $38,051,000 after purchasing an additional 227,908 shares during the last quarter. Institutional investors and hedge funds own 89.67% of the company’s stock.

Insider Activity

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 shares were sold at an average price of $49.42, for a total value of $49,963.62. Following the completion of the sale, the chief operating officer now owns 151,802 shares of the company’s stock, valued at approximately $7,502,054.84. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through the SEC website. In related news, insider Jon Blotner sold 4,395 shares of the stock in a transaction that occurred on Monday, July 15th. The shares were sold at an average price of $56.09, for a total transaction of $246,515.55. Following the completion of the sale, the insider now owns 43,926 shares of the company’s stock, valued at $2,463,809.34. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, COO Thomas Netzer sold 1,011 shares of Wayfair stock in a transaction 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 disclosure for this sale can be found here. Over the last quarter, insiders sold 15,826 shares of company stock valued at $842,890. Corporate insiders own 26.81% 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.