Zacks Investment Research Upgrades Wayfair Inc. (W) to “Hold”
Wayfair Inc. (NYSE:W) was upgraded by Zacks Investment Research from a “sell” rating to a “hold” rating in a report released on Wednesday.
According to Zacks, “Wayfair Inc. engages in the e-commerce business. It offers bedroom, living room, kitchen and dining, home entertainment, home office, game room and bar, patio, hallway and entryway, and bathroom furniture. The Company operates under the Wayfair.com, Joss & Main, AllModern, DwellStudio, and Birch Lane brands. It offers products and services primarily in the United States. Wayfair LLC is headquartered in Boston, Massachusetts. “
Other research analysts also recently issued research reports about the company. Canaccord Genuity reissued a “buy” rating and set a $55.00 target price on shares of Wayfair in a research note on Tuesday, October 4th. Vetr raised Wayfair from a “buy” rating to a “strong-buy” rating and set a $42.28 target price for the company in a research note on Wednesday, September 14th. Pacific Crest reissued an “equal weight” rating on shares of Wayfair in a research note on Sunday, August 14th. Oppenheimer Holdings Inc. reaffirmed a “sector perform” rating on shares of Wayfair in a research note on Sunday, August 14th. Finally, Wedbush lowered their price objective on Wayfair from $60.00 to $55.00 and set an “outperform” rating for the company in a research note on Wednesday, August 10th. Fourteen investment analysts have rated the stock with a hold rating, seven have issued a buy rating and one has given a strong buy rating to the company’s stock. The company presently has a consensus rating of “Hold” and a consensus price target of $51.42.
Wayfair (NYSE:W) traded up 2.27% during mid-day trading on Wednesday, reaching $37.01. 160,204 shares of the company’s stock traded hands. Wayfair has a 1-year low of $28.85 and a 1-year high of $50.00. The stock’s market cap is $3.15 billion. The firm has a 50-day moving average price of $39.58 and a 200-day moving average price of $40.10.
Wayfair (NYSE:W) last posted its quarterly earnings data on Tuesday, August 9th. The company reported ($0.43) earnings per share for the quarter, missing the Thomson Reuters’ consensus estimate of ($0.41) by $0.02. Wayfair had a negative return on equity of 56.95% and a negative net margin of 4.20%. The firm had revenue of $755.70 million for the quarter, compared to the consensus estimate of $782.43 million. During the same period in the prior year, the company earned ($0.15) EPS. The company’s revenue for the quarter was up 60.0% compared to the same quarter last year. Equities research analysts anticipate that Wayfair will post ($1.67) EPS for the current fiscal year.
In related news, major shareholder Great Hill Equity Partners Iv sold 300,000 shares of the stock in a transaction on Monday, August 29th. The stock was sold at an average price of $38.10, for a total value of $11,430,000.00. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through this hyperlink. Also, insider Steven Conine sold 2,008 shares of the stock in a transaction on Monday, July 25th. The shares were sold at an average price of $40.10, for a total value of $80,520.80. Following the completion of the sale, the insider now directly owns 2,008 shares of the company’s stock, valued at $80,520.80. The disclosure for this sale can be found here. 63.94% of the stock is owned by corporate insiders.
Large investors have recently added to or reduced their stakes in the stock. TIAA CREF Investment Management LLC raised its stake in Wayfair by 27.0% in the first quarter. TIAA CREF Investment Management LLC now owns 144,046 shares of the company’s stock worth $6,226,000 after buying an additional 30,651 shares during the last quarter. Teachers Advisors Inc. raised its stake in shares of Wayfair by 2.3% in the first quarter. Teachers Advisors Inc. now owns 30,241 shares of the company’s stock valued at $1,307,000 after buying an additional 691 shares in the last quarter. BlackRock Institutional Trust Company N.A. raised its stake in shares of Wayfair by 4.8% in the first quarter. BlackRock Institutional Trust Company N.A. now owns 555,160 shares of the company’s stock valued at $23,994,000 after buying an additional 25,347 shares in the last quarter. Quadrature Capital Ltd acquired a new stake in shares of Wayfair during the first quarter valued at about $291,000. Finally, AXA acquired a new stake in shares of Wayfair during the first quarter valued at about $3,631,000. 71.84% of the stock is owned by institutional investors and hedge funds.
Wayfair Inc (Wayfair) offers browsing, merchandising, product discovery and prices for a range of products from suppliers across various brands, including Wayfair.com, Joss & Main, AllModern, DwellStudio and Birch Lane. The Company offers a range of furniture, home furnishings, decor and goods. Wayfair produces editorial content both in-house and through third parties.
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