Wayfair (NYSE:W) Lowered to Neutral Rating by Citigroup

Citigroup lowered shares of Wayfair (NYSE:W) from a buy rating to a neutral rating in a report published on Friday, MarketBeat Ratings reports. The firm currently has $28.00 target price on the stock, down from their previous target price of $58.00.

A number of other research analysts have also issued reports on W. Truist Financial dropped their target price on Wayfair from $55.00 to $53.00 and set a “buy” rating on the stock in a report on Friday, February 21st. Loop Capital dropped their price objective on shares of Wayfair from $55.00 to $45.00 and set a “hold” rating on the stock in a research note on Friday, February 21st. Wedbush reaffirmed a “neutral” rating and issued a $46.00 target price (up previously from $44.00) on shares of Wayfair in a report on Friday, February 21st. Canaccord Genuity Group dropped their price target on shares of Wayfair from $76.00 to $68.00 and set a “buy” rating on the stock in a research note on Friday, February 21st. Finally, Guggenheim restated a “buy” rating and issued a $60.00 price objective on shares of Wayfair in a research report on Monday, March 10th. Fifteen equities research analysts have rated the stock with a hold rating, eleven have issued a buy rating and one has given a strong buy rating to the company’s stock. Based on data from MarketBeat, the company currently has an average rating of “Hold” and a consensus price target of $54.84.

Wayfair Stock Performance

Shares of Wayfair stock opened at $25.95 on Friday. The company’s fifty day moving average is $39.50 and its two-hundred day moving average is $44.72. Wayfair has a 1 year low of $20.41 and a 1 year high of $76.18. The company has a market capitalization of $3.29 billion, a P/E ratio of -6.46 and a beta of 3.72.

Wayfair (NYSE:W) last released 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 company had revenue of $3.12 billion during the quarter, compared to analysts’ expectations of $3.07 billion. As a group, equities analysts expect that Wayfair will post -2.54 earnings per share for the current year.

Insider Transactions at Wayfair

In other news, insider Steven Conine sold 30,000 shares of the firm’s stock in a transaction on Tuesday, January 21st. The stock was sold at an average price of $48.45, for a total transaction of $1,453,500.00. Following the sale, the insider now owns 589,073 shares in the company, valued at $28,540,586.85. This trade represents a 4.85 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. Also, CTO Fiona Tan sold 23,835 shares of the company’s stock in a transaction on Wednesday, April 2nd. The shares were sold at an average price of $31.92, for a total value of $760,813.20. Following the completion of the transaction, the chief technology officer now owns 111,128 shares of the company’s stock, valued at $3,547,205.76. The trade was a 17.66 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold a total of 146,388 shares of company stock valued at $5,930,556 over the last three months. 26.81% of the stock is currently owned by insiders.

Institutional Inflows and Outflows

Institutional investors and hedge funds have recently modified their holdings of the stock. Vanguard Group Inc. boosted its position in shares of Wayfair by 3.6% in the fourth quarter. Vanguard Group Inc. now owns 9,315,337 shares of the company’s stock worth $412,856,000 after acquiring an additional 327,603 shares during the last quarter. Tabor Asset Management LP raised its stake in Wayfair by 11.3% during the third quarter. Tabor Asset Management LP now owns 156,871 shares of the company’s stock worth $8,813,000 after purchasing an additional 15,932 shares during the period. Groupama Asset Managment boosted its holdings in shares of Wayfair by 100.0% in the 3rd quarter. Groupama Asset Managment now owns 1,000,000 shares of the company’s stock valued at $56,180,000 after purchasing an additional 500,000 shares during the last quarter. Assenagon Asset Management S.A. purchased a new stake in shares of Wayfair during the 4th quarter valued at $6,799,000. Finally, Wellington Management Group LLP grew its stake in shares of 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 period. Institutional investors and hedge funds own 89.67% of the company’s stock.

Wayfair Company Profile

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.