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

Needham & Company LLC reaffirmed their buy rating on shares of Wayfair (NYSE:W) in a research report released on Wednesday morning, MarketBeat Ratings reports. They currently have a $60.00 target price on the stock.

Other equities research analysts have also issued reports about the stock. UBS Group cut their target price on shares of Wayfair from $70.00 to $65.00 and set a “buy” rating on the stock in a report on Tuesday, October 22nd. Citigroup decreased their target price on Wayfair from $85.00 to $70.00 and set a “buy” rating for the company in a research note on Friday, August 2nd. StockNews.com raised Wayfair from a “sell” rating to a “hold” rating in a research report on Monday, August 5th. Truist Financial cut their price objective on Wayfair from $70.00 to $60.00 and set a “buy” rating on the stock in a report on Friday, August 2nd. Finally, Bank of America cut Wayfair from a “buy” rating to a “neutral” rating and lowered their target price for the stock from $85.00 to $58.00 in a research note on Thursday, August 1st. Twelve investment analysts have rated the stock with a hold rating, fourteen have given a buy rating and one has given a strong buy rating to the company. Based on data from MarketBeat.com, Wayfair currently has an average rating of “Moderate Buy” and an average price target of $65.20.

Wayfair Price Performance

Shares of NYSE W opened at $44.39 on Wednesday. Wayfair has a fifty-two week low of $38.02 and a fifty-two week high of $76.18. The firm has a market capitalization of $5.34 billion, a P/E ratio of -8.28 and a beta of 3.42. The company’s 50 day simple moving average is $48.77 and its 200 day simple moving average is $52.95.

Wayfair (NYSE:W) last posted its quarterly earnings results on Thursday, August 1st. The company reported $0.47 earnings per share for the quarter, missing analysts’ consensus estimates of $0.50 by ($0.03). The firm had revenue of $3.18 billion during the quarter, compared to the consensus estimate of $3.18 billion. During the same quarter in the prior year, the business posted ($1.27) earnings per share. The firm’s revenue for the quarter was up .2% compared to the same quarter last year. Sell-side analysts expect that Wayfair will post -2.68 EPS for the current fiscal year.

Insider Buying and Selling

In other news, COO Thomas Netzer sold 1,011 shares of the company’s stock in a transaction dated Tuesday, September 17th. The shares were sold at an average price of $49.42, for a total value of $49,963.62. Following the sale, the chief operating officer now directly owns 151,802 shares of the company’s stock, valued at approximately $7,502,054.84. This represents a 0.00 % decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. In other news, COO Thomas Netzer sold 1,011 shares of Wayfair stock in a transaction that occurred on Tuesday, September 17th. The stock was sold at an average price of $49.42, for a total transaction of $49,963.62. Following the completion of the transaction, the chief operating officer now directly owns 151,802 shares in the company, valued at approximately $7,502,054.84. The trade was a 0.00 % decrease in their position. The sale was disclosed in a legal filing with the SEC, which can be accessed through this link. Also, insider Jon Blotner sold 6,055 shares of the stock in a transaction on Wednesday, October 2nd. The shares were sold at an average price of $53.07, for a total value of $321,338.85. Following the completion of the sale, the insider now owns 62,817 shares in the company, valued at approximately $3,333,698.19. This trade represents a 0.00 % decrease in their position. The disclosure for this sale can be found here. Over the last three months, insiders have sold 37,891 shares of company stock worth $2,007,213. Insiders own 26.81% of the company’s stock.

Institutional Trading of Wayfair

Several hedge funds and other institutional investors have recently modified their holdings of W. Vanguard Group Inc. boosted its stake in Wayfair by 4.5% in the 1st quarter. Vanguard Group Inc. now owns 8,467,900 shares of the company’s stock valued at $574,801,000 after purchasing an additional 363,948 shares during the period. SageView Advisory Group LLC bought a new stake in shares of Wayfair in the first quarter valued at about $937,000. Mirae Asset Global Investments Co. Ltd. grew its stake in shares of Wayfair by 250.1% in the first quarter. Mirae Asset Global Investments Co. Ltd. now owns 167,170 shares of the company’s stock valued at $11,347,000 after acquiring an additional 119,415 shares in the last quarter. Sei Investments Co. increased its position in Wayfair by 14.6% during the first quarter. Sei Investments Co. now owns 100,447 shares of the company’s stock worth $6,818,000 after acquiring an additional 12,809 shares during the period. Finally, Highland Peak Capital LLC acquired a new stake in Wayfair in the 2nd quarter worth about $5,165,000. 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.