Wayfair (NYSE:W) Shares Down 6.1% – What’s Next?

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

Analyst Ratings Changes

W has been the topic of several recent analyst reports. Needham & Company LLC reiterated a “buy” rating and issued a $60.00 target price on shares of Wayfair in a research note on Friday, November 1st. Piper Sandler cut their target price on shares of Wayfair from $67.00 to $63.00 and set an “overweight” rating on the stock in a report on Monday, October 28th. Citigroup reduced their price target on Wayfair from $70.00 to $54.00 and set a “buy” rating on the stock in a report on Monday, November 4th. Robert W. Baird cut their target price on shares of Wayfair from $56.00 to $50.00 and set a “neutral” rating on the stock in a research note on Monday, November 4th. Finally, UBS Group decreased their price objective on Wayfair from $70.00 to $65.00 and set a “buy” rating for the company in a report on Tuesday, October 22nd. One research 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’s stock. According to MarketBeat, Wayfair currently has a consensus rating of “Moderate Buy” and an average price target of $60.28.

Wayfair Stock Down 6.2 %

The business’s 50 day moving average is $47.87 and its 200-day moving average is $50.42.

Wayfair (NYSE:W) last released its earnings results on Friday, November 1st. The company reported $0.22 EPS 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 analyst estimates of $2.87 billion. The firm’s quarterly revenue was down 2.0% on a year-over-year basis. During the same period in the previous year, the business posted ($1.38) EPS. On average, analysts expect that Wayfair Inc. will post -2.92 EPS for the current year.

Insider Buying and Selling

In related news, insider Jon Blotner sold 4,600 shares of the company’s stock in a transaction on Monday, October 14th. The shares were sold at an average price of $53.60, for a total transaction of $246,560.00. Following the completion of the transaction, the insider now directly owns 52,078 shares in the company, valued at $2,791,380.80. This represents a 8.12 % decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. Also, insider Steven Conine sold 30,000 shares of Wayfair stock in a transaction that occurred on Wednesday, November 20th. The stock was sold at an average price of $42.31, for a total value of $1,269,300.00. Following the sale, the insider now directly owns 179,073 shares in the company, valued at $7,576,578.63. The trade was a 14.35 % decrease in their position. The disclosure for this sale can be found here. Insiders have sold 67,868 shares of company stock worth $3,272,548 in the last ninety days. 23.50% of the stock is currently owned by corporate insiders.

Institutional Investors Weigh In On Wayfair

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