Wayfair (NYSE:W) Shares Down 3.6% After Analyst Downgrade

Wayfair Inc. (NYSE:W - Get Free Report)'s stock price fell 3.6% during mid-day trading on Wednesday after Royal Bank of Canada lowered their price target on the stock from $62.00 to $61.00. Royal Bank of Canada currently has a sector perform rating on the stock. Wayfair traded as low as $55.26 and last traded at $55.68. 726,497 shares traded hands during mid-day trading, a decline of 83% from the average session volume of 4,217,250 shares. The stock had previously closed at $57.75.

A number of other analysts have also recently weighed in on W. Morgan Stanley restated an "overweight" rating and issued a $80.00 price target on shares of Wayfair in a research note on Monday, March 25th. Truist Financial reduced their target price on Wayfair from $65.00 to $63.00 and set a "buy" rating for the company in a report on Friday, February 23rd. Evercore ISI raised Wayfair from an "in-line" rating to an "outperform" rating and boosted their target price for the company from $65.00 to $80.00 in a report on Thursday, April 4th. Mizuho assumed coverage on Wayfair in a report on Tuesday, March 19th. They issued a "buy" rating and a $72.00 target price for the company. Finally, Raymond James raised Wayfair from a "market perform" rating to a "strong-buy" rating and set a $65.00 target price for the company in a report on Friday, February 16th. Ten research analysts have rated the stock with a hold rating, seventeen have given a buy rating and one has issued a strong buy rating to the company's stock. According to data from MarketBeat.com, the stock presently has an average rating of "Moderate Buy" and a consensus target price of $76.21.

Insider Buying and Selling at Wayfair

In other Wayfair news, insider Jon Blotner sold 3,492 shares of the stock in a transaction on Monday, February 5th. The stock was sold at an average price of $50.34, for a total transaction of $175,787.28. Following the sale, the insider now owns 32,118 shares in the company, valued at approximately $1,616,820.12. The sale was disclosed in a legal filing with the SEC, which is available through this link. In related news, CFO Kate Gulliver sold 3,395 shares of the stock in a transaction on Thursday, April 4th. The stock was sold at an average price of $65.04, for a total value of $220,810.80. Following the transaction, the chief financial officer now directly owns 82,560 shares of the company's stock, valued at approximately $5,369,702.40. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available at this link. Also, insider Jon Blotner sold 3,492 shares of the firm's stock in a transaction dated Monday, February 5th. The shares were sold at an average price of $50.34, for a total value of $175,787.28. Following the completion of the transaction, the insider now directly owns 32,118 shares in the company, valued at $1,616,820.12. The disclosure for this sale can be found here. In the last 90 days, insiders have sold 89,808 shares of company stock worth $5,445,222. 23.50% of the stock is owned by insiders.

Institutional Trading of Wayfair

Large investors have recently modified their holdings of the business. Riverview Trust Co acquired a new position in Wayfair in the first quarter valued at approximately $27,000. McGlone Suttner Wealth Management Inc. purchased a new position in Wayfair during the 4th quarter worth approximately $29,000. GAMMA Investing LLC purchased a new position in Wayfair during the 4th quarter worth approximately $31,000. BluePath Capital Management LLC purchased a new position in shares of Wayfair during the 3rd quarter valued at $34,000. Finally, DekaBank Deutsche Girozentrale purchased a new position in shares of Wayfair during the 3rd quarter valued at $34,000. 89.67% of the stock is currently owned by institutional investors and hedge funds.

Wayfair Stock Performance

The firm's 50 day moving average is $59.62 and its 200-day moving average is $55.07. The firm has a market cap of $6.37 billion, a price-to-earnings ratio of -8.12 and a beta of 3.29.

Wayfair (NYSE:W - Get Free Report) last announced its quarterly earnings data on Thursday, February 22nd. The company reported ($1.46) EPS for the quarter, beating analysts' consensus estimates of ($1.54) by $0.08. The company had revenue of $3.11 billion for the quarter, compared to analyst estimates of $3.10 billion. As a group, research analysts predict that Wayfair Inc. will post -3.37 EPS for the current year.

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.