Wayfair (NYSE:W) Earns Neutral Rating from Wedbush

Key Points

• Wedbush reiterated a neutral rating on Wayfair and set a $104 price target, implying about 13.4% upside from the current price.
• Wayfair’s latest quarterly results were in line with expectations, with EPS of $0.26 and revenue of $2.93 billion, topping estimates slightly and marking 7.4% year-over-year revenue growth.
• The stock was trading around $91.69, and recent insider activity included sales by CEO Niraj Shah and insider Jon Blotner, while analysts overall rate the shares a Moderate Buy with an average target of $100.36.

Wayfair (NYSE:W - Get Free Report)'s stock had its "neutral" rating reiterated by equities researchers at Wedbush in a report issued on Thursday,Benzinga reports. They presently have a $104.00 price objective on the stock. Wedbush's target price suggests a potential upside of 13.42% from the company's current price.

W has been the subject of a number of other research reports. Benchmark started coverage on shares of Wayfair in a report on Tuesday, July 7th. They issued a "hold" rating for the company. Truist Financial set a $99.00 price target on Wayfair in a research report on Monday, June 8th. The Goldman Sachs Group set a $79.00 price target on Wayfair in a report on Friday, May 1st. UBS Group lowered their price objective on Wayfair from $130.00 to $115.00 and set a "buy" rating on the stock in a research note on Friday, May 1st. Finally, TD Cowen cut their target price on Wayfair from $88.00 to $75.00 and set a "hold" rating for the company in a research note on Thursday, April 30th. Two investment analysts have rated the stock with a Strong Buy rating, eighteen have assigned a Buy rating, ten have issued a Hold rating and one has given a Sell rating to the company. According to MarketBeat, the stock has an average rating of "Moderate Buy" and an average price target of $100.36.

Wayfair Trading Up 3.3%

Shares of Wayfair stock opened at $91.69 on Thursday. Wayfair has a twelve month low of $53.85 and a twelve month high of $119.98. The firm has a market capitalization of $12.10 billion, a PE ratio of -39.19, a P/E/G ratio of 4.67 and a beta of 2.96. The firm's 50-day moving average price is $77.85 and its 200 day moving average price is $83.73.

Wayfair (NYSE:W - Get Free Report) last issued its quarterly earnings results on Thursday, April 30th. The company reported $0.26 EPS for the quarter, hitting the consensus estimate of $0.26. The firm had revenue of $2.93 billion during the quarter, compared to analysts' expectations of $2.89 billion. Wayfair had a negative return on equity of 2.20% and a negative net margin of 2.41%.The firm's revenue for the quarter was up 7.4% on a year-over-year basis. During the same period in the previous year, the business earned $0.10 earnings per share. On average, sell-side analysts predict that Wayfair will post 0.63 EPS for the current fiscal year.

Insider Buying and Selling at Wayfair

In other Wayfair news, CEO Niraj Shah sold 113,863 shares of the company's stock in a transaction on Thursday, April 23rd. The stock was sold at an average price of $77.49, for a total transaction of $8,823,243.87. Following the transaction, the chief executive officer directly owned 435,274 shares in the company, valued at $33,729,382.26. This represents a 20.73% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, insider Jon Blotner sold 5,925 shares of Wayfair stock in a transaction on Thursday, July 2nd. The shares were sold at an average price of $96.29, for a total value of $570,518.25. Following the completion of the sale, the insider directly owned 117,344 shares of the company's stock, valued at $11,299,053.76. The trade was a 4.81% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. The sale was made to cover tax withholding obligations related to the vesting of equity awards. Insiders have sold 245,925 shares of company stock valued at $19,183,749 over the last 90 days. 18.44% of the stock is owned by insiders.

Institutional Trading of Wayfair

Institutional investors and hedge funds have recently bought and sold shares of the business. Capital World Investors grew its holdings in shares of Wayfair by 0.6% in the fourth quarter. Capital World Investors now owns 13,457,158 shares of the company's stock valued at $1,351,237,000 after purchasing an additional 82,584 shares in the last quarter. Vanguard Group Inc. grew its stake in shares of Wayfair by 0.8% in the fourth quarter. Vanguard Group Inc. now owns 9,634,757 shares of the company's stock worth $967,426,000 after acquiring an additional 72,707 shares in the last quarter. Renaissance Technologies LLC grew its stake in shares of Wayfair by 3.5% in the fourth quarter. Renaissance Technologies LLC now owns 5,407,325 shares of the company's stock worth $542,950,000 after acquiring an additional 180,558 shares in the last quarter. Janus Henderson Group PLC increased its position in shares of Wayfair by 8.3% during the first quarter. Janus Henderson Group PLC now owns 3,866,708 shares of the company's stock worth $290,813,000 after acquiring an additional 296,233 shares during the period. Finally, Arrowstreet Capital Limited Partnership raised its stake in shares of Wayfair by 0.3% in the fourth quarter. Arrowstreet Capital Limited Partnership now owns 2,825,654 shares of the company's stock valued at $283,724,000 after acquiring an additional 8,598 shares in the last quarter. 89.67% of the stock is currently owned by hedge funds and other institutional investors.

About Wayfair

Wayfair Inc NYSE: W is an e-commerce company focused on home furnishings and décor. Through its platform, Wayfair offers a broad assortment of furniture, lighting, home textiles, kitchenware and decorative accessories. The company's portfolio includes flagship sites such as Wayfair.com, as well as specialty retail brands like Joss & Main, AllModern, Birch Lane and Perigold, each catering to distinct design styles and price points.

Founded in 2002 by Niraj Shah and Steve Conine under the name CSN Stores, the business rebranded as Wayfair in 2011 and went public in 2014.

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