Wayfair (NYSE:W) Stock Price Down 7.4%

Wayfair Inc. (NYSE:W) dropped 7.4% during mid-day trading on Wednesday . The stock traded as low as $48.58 and last traded at $48.72. Approximately 2,175,189 shares changed hands during mid-day trading, a decline of 48% from the average daily volume of 4,175,754 shares. The stock had previously closed at $52.62.

Analyst Ratings Changes

W has been the subject of several research reports. Evercore ISI raised shares of Wayfair from an “in-line” rating to an “outperform” rating and lifted their price target for the company from $65.00 to $80.00 in a research report on Thursday, April 4th. Morgan Stanley lifted their price objective on shares of Wayfair from $85.00 to $90.00 and gave the stock an “overweight” rating in a report on Monday, May 13th. Piper Sandler reaffirmed an “overweight” rating and set a $91.00 price objective (up from $88.00) on shares of Wayfair in a report on Friday, May 3rd. Truist Financial lifted their price objective on shares of Wayfair from $63.00 to $70.00 and gave the stock a “buy” rating in a report on Friday, May 3rd. Finally, StockNews.com downgraded shares of Wayfair from a “hold” rating to a “sell” rating in a report on Sunday, June 23rd. One investment analyst has rated the stock with a sell rating, eight have assigned a hold rating, eighteen have given a buy rating and one has assigned a strong buy rating to the company. Based on data from MarketBeat.com, Wayfair currently has a consensus rating of “Moderate Buy” and a consensus price target of $78.44.

Wayfair Stock Down 8.7 %

The company has a 50-day moving average price of $56.19 and a two-hundred day moving average price of $57.38. The stock has a market capitalization of $5.78 billion, a P/E ratio of -8.96 and a beta of 3.43.

Wayfair (NYSE:W) last issued its quarterly earnings data on Thursday, May 2nd. The company reported ($1.38) EPS for the quarter, topping the consensus estimate of ($1.49) by $0.11. The business had revenue of $2.73 billion for the quarter, compared to analysts’ expectations of $2.64 billion. On average, sell-side analysts expect that Wayfair Inc. will post -2.93 earnings per share for the current year.

Insider Transactions at Wayfair

In other Wayfair news, CEO Niraj Shah sold 10,000 shares of the company’s stock in a transaction that occurred on Monday, July 8th. The stock was sold at an average price of $52.62, for a total value of $526,200.00. Following the completion of the sale, the chief executive officer now owns 209,137 shares of the company’s stock, valued at $11,004,788.94. The sale was disclosed in a legal filing with the SEC, which can be accessed through this link. In other Wayfair news, CEO Niraj Shah sold 10,000 shares of the company’s stock in a transaction that occurred on Monday, July 8th. The stock was sold at an average price of $52.62, for a total value of $526,200.00. Following the completion of the sale, the chief executive officer now owns 209,137 shares of the company’s stock, valued at $11,004,788.94. The sale was disclosed in a legal filing with the SEC, which can be accessed through this link. Also, insider Jon Blotner sold 4,801 shares of the company’s stock in a transaction that occurred on Tuesday, July 2nd. The stock was sold at an average price of $50.95, for a total value of $244,610.95. Following the completion of the sale, the insider now directly owns 53,152 shares of the company’s stock, valued at approximately $2,708,094.40. The disclosure for this sale can be found here. Over the last 90 days, insiders sold 60,030 shares of company stock valued at $3,327,414. 26.81% of the stock is owned by corporate insiders.

Institutional Trading of Wayfair

Several hedge funds and other institutional investors have recently bought and sold shares of W. Riverview Trust Co bought a new position in shares of Wayfair during the first quarter valued at approximately $27,000. McGlone Suttner Wealth Management Inc. bought a new position in shares of Wayfair during the fourth quarter valued at approximately $29,000. GAMMA Investing LLC bought a new position in shares of Wayfair during the fourth quarter valued at approximately $31,000. ORG Partners LLC bought a new position in shares of Wayfair during the first quarter valued at approximately $37,000. Finally, BI Asset Management Fondsmaeglerselskab A S bought a new position in shares of Wayfair during 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.