Wayfair (NYSE:W) Stock Price Down 5.5% – Here’s What Happened

Wayfair Inc. (NYSE:W) shares fell 5.5% on Tuesday . The company traded as low as $33.60 and last traded at $34.59. 4,644,221 shares traded hands during mid-day trading, an increase of 23% from the average session volume of 3,770,709 shares. The stock had previously closed at $36.62.

Analyst Upgrades and Downgrades

W has been the subject of a number of analyst reports. Stifel Nicolaus lowered their target price on shares of Wayfair from $47.00 to $46.00 and set a “hold” rating for the company in a research note on Friday, February 21st. Truist Financial lowered their price objective on Wayfair from $55.00 to $53.00 and set a “buy” rating for the company in a research 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. Loop Capital lowered their price target on Wayfair from $55.00 to $45.00 and set a “hold” rating for the company in a report on Friday, February 21st. Finally, Deutsche Bank Aktiengesellschaft lowered their target price on shares of Wayfair from $69.00 to $46.00 and set a “buy” rating for the company in a report on Monday, November 4th. Fourteen investment analysts have rated the stock with a hold rating, twelve have assigned a buy rating and one has issued a strong buy rating to the company’s stock. Based on data from MarketBeat, the stock has an average rating of “Moderate Buy” and an average price target of $58.12.

Wayfair Stock Down 8.4 %

The stock has a market capitalization of $4.20 billion, a PE ratio of -8.34 and a beta of 3.43. The firm’s fifty day moving average is $45.44 and its 200-day moving average is $46.53.

Wayfair (NYSE:W) last issued its earnings results on Thursday, February 20th. The company reported ($0.96) earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $0.05 by ($1.01). The firm had revenue of $3.12 billion during the quarter, compared to analyst estimates of $3.07 billion. On average, analysts expect that Wayfair Inc. will post -2.54 EPS for the current year.

Insiders Place Their Bets

In other Wayfair news, COO Thomas Netzer sold 1,039 shares of the business’s stock in a transaction on Tuesday, December 17th. The stock was sold at an average price of $50.65, for a total transaction of $52,625.35. Following the sale, the chief operating officer now directly owns 171,790 shares in the company, valued at approximately $8,701,163.50. The trade was a 0.60 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. Also, insider Steven Conine sold 30,000 shares of the company’s stock in a transaction on Friday, December 6th. The shares were sold at an average price of $53.14, for a total value of $1,594,200.00. Following the completion of the sale, the insider now directly owns 632,573 shares in the company, valued at $33,614,929.22. This trade represents a 4.53 % decrease in their position. The disclosure for this sale can be found here. Over the last quarter, insiders sold 164,228 shares of company stock worth $7,830,018. 26.81% of the stock is owned by corporate insiders.

Institutional Investors Weigh In On Wayfair

A number of large investors have recently added to or reduced their stakes in the business. Tabor Asset Management LP lifted its holdings in shares of Wayfair by 11.3% in the third quarter. Tabor Asset Management LP now owns 156,871 shares of the company’s stock valued at $8,813,000 after purchasing an additional 15,932 shares in the last quarter. Groupama Asset Managment raised its position in shares of Wayfair by 100.0% during the 3rd quarter. Groupama Asset Managment now owns 1,000,000 shares of the company’s stock worth $56,180,000 after purchasing an additional 500,000 shares during the last quarter. Assenagon Asset Management S.A. purchased a new stake in Wayfair in the 4th quarter valued at approximately $6,799,000. Wellington Management Group LLP grew its holdings in Wayfair by 22.4% during the 3rd quarter. Wellington Management Group LLP now owns 1,097,822 shares of the company’s stock valued at $61,676,000 after buying an additional 201,157 shares during the last quarter. Finally, Cerity Partners LLC purchased a new position in Wayfair during the third quarter worth $1,070,000. 89.67% of the stock is owned by institutional investors and hedge funds.

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.