Wayfair (NYSE:W) Rating Lowered to Neutral at Bank of America

Bank of America downgraded shares of Wayfair (NYSE:W) from a buy rating to a neutral rating in a research note released on Thursday morning, MarketBeat.com reports. They currently have $58.00 target price on the stock, down from their previous target price of $85.00.

A number of other brokerages have also weighed in on W. BMO Capital Markets raised their target price on shares of Wayfair from $57.00 to $61.00 and gave the company a market perform rating in a research report on Friday, May 3rd. Truist Financial raised their price objective on Wayfair from $63.00 to $70.00 and gave the company a buy rating in a report on Friday, May 3rd. Piper Sandler restated an overweight rating and set a $91.00 price objective (up previously from $88.00) on shares of Wayfair in a research report on Friday, May 3rd. Loop Capital dropped their target price on Wayfair from $60.00 to $50.00 and set a hold rating for the company in a research report on Friday, June 21st. Finally, Argus upgraded Wayfair from a hold rating to a buy rating and set a $83.00 price target on the stock in a report on Thursday, May 16th. One investment analyst has rated the stock with a sell rating, ten have issued a hold rating, sixteen have given a buy rating and one has issued a strong buy rating to the company’s stock. According to MarketBeat.com, the stock currently has an average rating of Moderate Buy and a consensus price target of $68.92.

Wayfair Price Performance

W opened at $47.77 on Thursday. The company has a market capitalization of $5.75 billion, a PE ratio of -8.91 and a beta of 3.43. The business has a fifty day simple moving average of $53.95 and a 200 day simple moving average of $57.26. Wayfair has a 1 year low of $38.37 and a 1 year high of $90.71.

Wayfair (NYSE:W) last released its quarterly earnings results on Thursday, May 2nd. The company reported ($1.38) EPS for the quarter, topping analysts’ consensus estimates of ($1.49) by $0.11. The business had revenue of $2.73 billion for the quarter, compared to the consensus estimate of $2.64 billion. Equities analysts anticipate that Wayfair will post -2.93 earnings per share for the current fiscal year.

Insider Buying and Selling at Wayfair

In other Wayfair news, CEO Niraj Shah sold 10,000 shares of Wayfair stock in a transaction that occurred on Monday, July 8th. The shares were sold at an average price of $52.62, for a total transaction of $526,200.00. Following the transaction, the chief executive officer now owns 209,137 shares of the company’s stock, valued at approximately $11,004,788.94. The transaction was disclosed in a legal filing with the SEC, which is available through this link. In related news, CEO Niraj Shah sold 10,000 shares of the stock in a transaction dated Monday, July 8th. The shares were sold at an average price of $52.62, for a total transaction of $526,200.00. Following the completion of the transaction, the chief executive officer now owns 209,137 shares in the company, valued at $11,004,788.94. The transaction was disclosed in a document filed with the SEC, which is available through this link. Also, CFO Kate Gulliver sold 5,825 shares of Wayfair stock in a transaction dated Tuesday, July 2nd. The stock was sold at an average price of $50.82, for a total transaction of $296,026.50. Following the completion of the sale, the chief financial officer now directly owns 100,933 shares in the company, valued at approximately $5,129,415.06. The disclosure for this sale can be found here. In the last three months, insiders have sold 59,682 shares of company stock worth $3,306,949. Corporate insiders own 26.81% of the company’s stock.

Hedge Funds Weigh In On Wayfair

A number of institutional investors and hedge funds have recently added to or reduced their stakes in W. Riverview Trust Co purchased a new position in shares of Wayfair in the first quarter valued at $27,000. GAMMA Investing LLC purchased a new position in Wayfair during the 4th quarter valued at about $31,000. ORG Partners LLC purchased a new position in Wayfair during the 1st quarter valued at about $37,000. International Assets Investment Management LLC purchased a new stake in shares of Wayfair in the second quarter worth about $58,000. Finally, BI Asset Management Fondsmaeglerselskab A S bought a new position in shares of Wayfair in the fourth quarter valued at approximately $74,000. 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.