Wayfair (NYSE:W) Receives “Buy” Rating from Needham & Company LLC

Needham & Company LLC reaffirmed their buy rating on shares of Wayfair (NYSE:W) in a report issued on Friday morning,Benzinga reports. Needham & Company LLC currently has a $50.00 price objective on the stock.

A number of other equities research analysts have also issued reports on the stock. Piper Sandler reduced 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. Canaccord Genuity Group reduced their price objective on Wayfair from $76.00 to $68.00 and set a “buy” rating on the stock in a research note on Friday. Bank of America lowered their target price on Wayfair from $52.00 to $50.00 and set a “neutral” rating for the company in a research note on Friday. Truist Financial reduced their price target on Wayfair from $60.00 to $55.00 and set a “buy” rating on the stock in a research report on Monday, November 4th. Finally, Citigroup lowered their price objective on Wayfair from $70.00 to $54.00 and set a “buy” rating for the company in a research report on Monday, November 4th. Fourteen 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. Based on data from MarketBeat.com, Wayfair has a consensus rating of “Moderate Buy” and an average price target of $58.80.

Wayfair Trading Down 9.0 %

W stock opened at $41.92 on Friday. The business’s fifty day moving average price is $46.42 and its 200 day moving average price is $46.50. Wayfair has a 12-month low of $37.35 and a 12-month high of $76.18.

Wayfair (NYSE:W) last issued its quarterly 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 business had revenue of $3.12 billion for the quarter, compared to the consensus estimate of $3.07 billion. As a group, equities analysts anticipate that Wayfair will post -2.54 earnings per share for the current fiscal year.

Insider Activity at Wayfair

In related news, 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 owns 632,573 shares in the company, valued at $33,614,929.22. This represents a 4.53 % decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. Also, COO Thomas Netzer sold 1,039 shares of the firm’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 transaction, the chief operating officer now directly owns 171,790 shares in the company, valued at $8,701,163.50. The trade was a 0.60 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold a total of 164,228 shares of company stock valued at $7,830,018 in the last three months. 26.81% of the stock is currently owned by company insiders.

Institutional Trading of Wayfair

Institutional investors and hedge funds have recently added to or reduced their stakes in the stock. Creative Planning increased its stake in shares of Wayfair by 2.1% during the third quarter. Creative Planning now owns 13,261 shares of the company’s stock worth $745,000 after acquiring an additional 272 shares during the period. International Assets Investment Management LLC boosted its holdings in Wayfair by 3,988.6% in the 3rd quarter. International Assets Investment Management LLC now owns 45,056 shares of the company’s stock valued at $2,531,000 after purchasing an additional 43,954 shares in the last quarter. Wealth Enhancement Advisory Services LLC acquired a new position in Wayfair during the 3rd quarter worth approximately $304,000. Semanteon Capital Management LP purchased a new position in shares of Wayfair during the 3rd quarter worth approximately $277,000. Finally, Nisa Investment Advisors LLC raised its stake in shares of Wayfair by 801.5% during the 3rd quarter. Nisa Investment Advisors LLC now owns 42,460 shares of the company’s stock worth $2,385,000 after buying an additional 37,750 shares in the last quarter. 89.67% of the stock is owned by hedge funds and other institutional investors.

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.