Wayfair (NYSE:W) Reaches New 52-Week Low After Analyst Downgrade

Wayfair Inc. (NYSE:W) shares reached a new 52-week low during trading on Monday after JPMorgan Chase & Co. lowered their price target on the stock from $63.00 to $50.00. JPMorgan Chase & Co. currently has an overweight rating on the stock. Wayfair traded as low as $32.41 and last traded at $32.85, with a volume of 1889856 shares. The stock had previously closed at $35.01.

A number of other analysts also recently issued reports on W. Needham & Company LLC reaffirmed a “buy” rating and set a $50.00 price objective on shares of Wayfair in a report on Friday, February 21st. Truist Financial decreased their price target on shares of Wayfair from $55.00 to $53.00 and set a “buy” rating for the company in a research note on Friday, February 21st. Raymond James set a $60.00 price target on shares of Wayfair and gave the stock a “strong-buy” rating in a research note on Friday, February 21st. BMO Capital Markets upped their price objective on shares of Wayfair from $50.00 to $55.00 and gave the stock a “market perform” rating in a report on Friday, February 21st. Finally, Loop Capital cut their price objective on shares of Wayfair from $55.00 to $45.00 and set a “hold” rating on the stock in a report on Friday, February 21st. Fourteen equities research analysts have rated the stock with a hold rating, thirteen have issued a buy rating and one has given a strong buy rating to the stock. According to data from MarketBeat.com, the stock presently has a consensus rating of “Moderate Buy” and an average price target of $56.81.

Insiders Place Their Bets

In related news, CFO Kate Gulliver sold 5,974 shares of the firm’s stock in a transaction on Friday, January 3rd. The shares were sold at an average price of $44.95, for a total transaction of $268,531.30. Following the completion of the transaction, the chief financial officer now directly owns 129,964 shares of the company’s stock, valued at approximately $5,841,881.80. This trade represents a 4.39 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is accessible through this link. Also, insider Steven Conine sold 30,000 shares of the firm’s stock in a transaction on Thursday, February 20th. The shares were sold at an average price of $46.33, for a total transaction of $1,389,900.00. Following the transaction, the insider now directly owns 559,073 shares of the company’s stock, valued at $25,901,852.09. The trade was a 5.09 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last ninety days, insiders have sold 134,228 shares of company stock worth $6,235,818. Company insiders own 26.81% of the company’s stock.

Hedge Funds Weigh In On Wayfair

Institutional investors and hedge funds have recently made changes to their positions in the business. Employees Retirement System of Texas boosted its stake in shares of Wayfair by 28.5% during the 4th quarter. Employees Retirement System of Texas now owns 35,270 shares of the company’s stock worth $1,563,000 after purchasing an additional 7,813 shares during the period. Polar Asset Management Partners Inc. raised its holdings in shares of Wayfair by 142.3% in the 4th quarter. Polar Asset Management Partners Inc. now owns 151,653 shares of the company’s stock valued at $6,721,000 after purchasing an additional 89,053 shares in the last quarter. Toronto Dominion Bank bought a new stake in shares of Wayfair in the 4th quarter valued at about $1,536,000. Neo Ivy Capital Management bought a new stake in shares of Wayfair in the 4th quarter valued at about $3,560,000. Finally, Southpoint Capital Advisors LP grew its position in shares of Wayfair by 100.0% in the 4th quarter. Southpoint Capital Advisors LP now owns 2,800,000 shares of the company’s stock worth $124,096,000 after buying an additional 1,400,000 shares during the last quarter. 89.67% of the stock is owned by hedge funds and other institutional investors.

Wayfair Trading Down 4.4 %

The business’s 50-day moving average price is $44.39 and its 200-day moving average price is $46.20. The stock has a market cap of $4.25 billion, a PE ratio of -8.32 and a beta of 3.44.

Wayfair (NYSE:W) last released its earnings results on Thursday, February 20th. The company reported ($0.96) earnings per share for the quarter, missing the consensus estimate 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, analysts predict that Wayfair Inc. will post -2.54 earnings per share for the current year.

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.