Wayfair (NYSE:W) Shares Down 6.1% – Here’s Why

Wayfair Inc. (NYSE:W) shares fell 6.1% during trading on Tuesday . The stock traded as low as $45.21 and last traded at $45.33. 2,438,593 shares changed hands during trading, a decline of 45% from the average session volume of 4,444,002 shares. The stock had previously closed at $48.27.

Analyst Upgrades and Downgrades

Several equities research analysts have recently weighed in on W shares. Piper Sandler decreased their price target on Wayfair from $67.00 to $63.00 and set an “overweight” rating for the company in a research note on Monday, October 28th. Mizuho decreased their price objective on shares of Wayfair from $65.00 to $60.00 and set an “outperform” rating for the company in a research report on Monday, November 4th. Bank of America cut Wayfair from a “buy” rating to a “neutral” rating and cut their price target for the stock from $85.00 to $58.00 in a report on Thursday, August 1st. Guggenheim reaffirmed a “buy” rating and issued a $70.00 target price on shares of Wayfair in a research report on Thursday, September 26th. Finally, BMO Capital Markets dropped their price objective on shares of Wayfair from $58.00 to $50.00 and set a “market perform” rating on the stock in a research note on Monday, November 4th. One investment analyst has rated the stock with a sell rating, twelve have issued a hold rating, thirteen have issued a buy rating and one has assigned a strong buy rating to the company. According to MarketBeat, the stock presently has an average rating of “Moderate Buy” and an average price target of $60.28.

Wayfair Stock Performance

The business has a 50 day moving average of $47.66 and a 200-day moving average of $50.21.

Wayfair (NYSE:W) last announced its quarterly earnings results on Friday, November 1st. The company reported $0.22 earnings per share for the quarter, beating the consensus estimate of $0.13 by $0.09. The company had revenue of $2.88 billion for the quarter, compared to the consensus estimate of $2.87 billion. During the same quarter in the prior year, the company earned ($1.38) earnings per share. The company’s quarterly revenue was down 2.0% on a year-over-year basis. On average, research analysts anticipate that Wayfair Inc. will post -2.89 earnings per share for the current year.

Insider Activity

In related news, insider Steven Conine sold 30,000 shares of the company’s stock in a transaction on Wednesday, November 20th. The shares were sold at an average price of $42.31, for a total value of $1,269,300.00. Following the completion of the transaction, the insider now directly owns 179,073 shares in the company, valued at approximately $7,576,578.63. The trade was a 14.35 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, insider Jon Blotner sold 4,600 shares of the firm’s stock in a transaction dated Monday, October 14th. The shares were sold at an average price of $53.60, for a total value of $246,560.00. Following the sale, the insider now owns 52,078 shares in the company, valued at $2,791,380.80. The trade was a 8.12 % decrease in their position. The disclosure for this sale can be found here. Insiders sold 67,868 shares of company stock worth $3,272,548 in the last three months. Corporate insiders own 26.81% of the company’s stock.

Institutional Investors Weigh In On Wayfair

A number of institutional investors have recently made changes to their positions in W. Renaissance Technologies LLC grew its holdings in shares of Wayfair by 28.0% in the second quarter. Renaissance Technologies LLC now owns 3,086,569 shares of the company’s stock worth $162,755,000 after purchasing an additional 675,271 shares during the last quarter. Wolf Hill Capital Management LP raised its stake in shares of Wayfair by 22.9% during the second quarter. Wolf Hill Capital Management LP now owns 2,322,906 shares of the company’s stock valued at $122,487,000 after acquiring an additional 432,404 shares during the last quarter. Geode Capital Management LLC boosted its holdings in shares of Wayfair by 2.4% during the third quarter. Geode Capital Management LLC now owns 1,524,854 shares of the company’s stock worth $85,690,000 after purchasing an additional 35,268 shares during the period. Southpoint Capital Advisors LP bought a new stake in shares of Wayfair in the third quarter worth about $78,652,000. Finally, Holocene Advisors LP increased its holdings in Wayfair by 5,699.8% during the 3rd quarter. Holocene Advisors LP now owns 1,235,193 shares of the company’s stock valued at $69,393,000 after purchasing an additional 1,213,896 shares during the period. Hedge funds and other institutional investors own 89.67% 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.