Zacks Investment Research upgraded shares of Wayfair (NYSE:W) from a sell rating to a buy rating in a report published on Monday. The firm currently has $101.00 price objective on the stock.
According to Zacks, “Wayfair is benefiting from its strengthening direct retail business across the United States and international regions. Further growing number of orders from new as well as repeated customers indicates the company’s solid momentum in the market. The company stays confident about its growth in markets, namely, Canada, U.K. and Germany as it has made strong advances to expand its house-brand offerings in these countries. Additionally, the launch of French language site and CastleGate facility in Canada remains positive. Notably, the stock has outperformed the industry it belongs to in the past 12 months. However, increasing advertising expenditures and mounting investment expenses pose a risk to margin expansion.”
Other research analysts have also issued research reports about the stock. William Blair reiterated a market perform rating on shares of Wayfair in a report on Monday, November 5th. Cowen raised their price objective on shares of Wayfair from $120.00 to $130.00 and gave the company a positive rating in a report on Friday, December 7th. Robert W. Baird dropped their price objective on shares of Wayfair from $118.00 to $108.00 and set a neutral rating for the company in a report on Friday, November 2nd. Canaccord Genuity dropped their price objective on shares of Wayfair from $165.00 to $150.00 and set a buy rating for the company in a report on Friday, November 2nd. Finally, Loop Capital set a $155.00 price objective on shares of Wayfair and gave the company a buy rating in a report on Monday, September 10th. One investment analyst has rated the stock with a sell rating, twelve have given a hold rating, nine have issued a buy rating and one has assigned a strong buy rating to the stock. The stock currently has a consensus rating of Hold and an average target price of $121.84.
Shares of Wayfair stock opened at $99.23 on Monday. The stock has a market cap of $8.88 billion, a price-to-earnings ratio of -35.44 and a beta of 1.84. Wayfair has a 12-month low of $60.53 and a 12-month high of $151.20.
Wayfair (NYSE:W) last announced its quarterly earnings data on Thursday, November 1st. The company reported ($1.28) earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of ($1.09) by ($0.19). The business had revenue of $1.71 billion for the quarter, compared to analysts’ expectations of $1.67 billion. During the same quarter last year, the firm earned ($0.65) EPS. The firm’s quarterly revenue was up 42.4% on a year-over-year basis. Equities analysts predict that Wayfair will post -5.72 EPS for the current fiscal year.
In related news, insider Steven Conine sold 800 shares of the business’s stock in a transaction dated Tuesday, December 31st. The stock was sold at an average price of $92.69, for a total value of $74,152.00. Following the sale, the insider now directly owns 77,070 shares in the company, valued at approximately $7,143,618.30. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at this hyperlink. Also, CEO Niraj Shah sold 4,000 shares of the business’s stock in a transaction dated Monday, January 7th. The shares were sold at an average price of $95.53, for a total value of $382,120.00. Following the completion of the sale, the chief executive officer now owns 76,022 shares in the company, valued at $7,262,381.66. The disclosure for this sale can be found here. Insiders have sold a total of 168,340 shares of company stock worth $18,257,200 over the last quarter. Company insiders own 37.75% of the company’s stock.
Several institutional investors and hedge funds have recently made changes to their positions in W. XR Securities LLC purchased a new position in shares of Wayfair during the fourth quarter worth about $229,000. Vanguard Group Inc grew its holdings in shares of Wayfair by 7.5% during the third quarter. Vanguard Group Inc now owns 4,761,964 shares of the company’s stock worth $703,199,000 after purchasing an additional 332,832 shares in the last quarter. Vanguard Group Inc. grew its holdings in shares of Wayfair by 7.5% during the third quarter. Vanguard Group Inc. now owns 4,761,964 shares of the company’s stock worth $703,199,000 after purchasing an additional 332,832 shares in the last quarter. Legal & General Group Plc grew its holdings in shares of Wayfair by 32.9% during the third quarter. Legal & General Group Plc now owns 34,190 shares of the company’s stock worth $5,049,000 after purchasing an additional 8,466 shares in the last quarter. Finally, B. Riley Wealth Management Inc. purchased a new position in shares of Wayfair during the third quarter worth about $251,000. Hedge funds and other institutional investors own 70.86% of the company’s stock.
Wayfair Inc engages in the e-commerce business in the United States, Europe, and internationally. The company offers approximately 10 million products for the home sector under various brands. It offers a selection of furniture, décor, decorative accents, housewares, seasonal décor, and other home goods through its sites, such as Wayfair, Joss & Main, AllModern, DwellStudio, Perigold, and Birch Lane.
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