Wayfair (NYSE:W) Lowered to “Neutral” at BNP Paribas

Wayfair (NYSE:WGet Rating) was downgraded by analysts at BNP Paribas from an “outperform” rating to a “neutral” rating in a report issued on Tuesday, Briefing.com reports.

W has been the topic of a number of other research reports. Wells Fargo & Company reduced their target price on Wayfair from $65.00 to $50.00 and set an “underweight” rating on the stock in a report on Wednesday, June 8th. DA Davidson dropped their price target on Wayfair from $360.00 to $165.00 in a research report on Friday, February 25th. Royal Bank of Canada dropped their price target on Wayfair from $158.00 to $137.00 and set a “sector perform” rating on the stock in a research report on Friday, February 25th. StockNews.com upgraded Wayfair to a “sell” rating in a research report on Tuesday, May 17th. Finally, Piper Sandler cut Wayfair from an “overweight” rating to a “neutral” rating and lowered their target price for the company from $200.00 to $65.00 in a research report on Thursday, May 5th. Ten analysts have rated the stock with a sell rating, seven have assigned a hold rating and eight have assigned a buy rating to the company’s stock. According to data from MarketBeat.com, the company currently has a consensus rating of “Hold” and a consensus price target of $142.38.

Shares of NYSE:W opened at $45.80 on Tuesday. The company has a market capitalization of $4.82 billion, a P/E ratio of -10.02 and a beta of 2.90. The stock’s fifty day simple moving average is $68.95 and its 200-day simple moving average is $123.99. Wayfair has a 52-week low of $43.72 and a 52-week high of $328.21.

Wayfair (NYSE:WGet Rating) last posted its earnings results on Thursday, May 5th. The company reported ($3.03) earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of ($2.59) by ($0.44). Wayfair had a negative net margin of 3.54% and a negative return on equity of 10.52%. The company had revenue of $3 billion during the quarter, compared to analyst estimates of $2.99 billion. During the same quarter last year, the business posted $0.24 EPS. Wayfair’s quarterly revenue was down 13.7% compared to the same quarter last year. Sell-side analysts forecast that Wayfair will post -11.47 EPS for the current year.

In related news, CFO Michael D. Fleisher sold 6,101 shares of Wayfair stock in a transaction dated Tuesday, April 19th. The stock was sold at an average price of $101.97, for a total transaction of $622,118.97. Following the sale, the chief financial officer now directly owns 58,788 shares of the company’s stock, valued at $5,994,612.36. The transaction was disclosed in a document filed with the SEC, which can be accessed through this link. Also, CTO Fiona Tan sold 2,618 shares of Wayfair stock in a transaction dated Monday, April 4th. The stock was sold at an average price of $115.78, for a total value of $303,112.04. Following the sale, the chief technology officer now directly owns 18,797 shares in the company, valued at $2,176,316.66. The disclosure for this sale can be found here. Over the last 90 days, insiders have sold 12,268 shares of company stock worth $1,169,897. Corporate insiders own 27.04% of the company’s stock.

A number of hedge funds and other institutional investors have recently added to or reduced their stakes in W. Vulcan Value Partners LLC boosted its holdings in Wayfair by 30.8% during the fourth quarter. Vulcan Value Partners LLC now owns 3,680,883 shares of the company’s stock valued at $699,258,000 after purchasing an additional 867,799 shares in the last quarter. Ruane Cunniff & Goldfarb L.P. boosted its holdings in Wayfair by 32.5% during the fourth quarter. Ruane Cunniff & Goldfarb L.P. now owns 3,154,288 shares of the company’s stock valued at $599,220,000 after purchasing an additional 773,999 shares in the last quarter. Norges Bank acquired a new position in shares of Wayfair in the 4th quarter worth approximately $127,897,000. Stockbridge Partners LLC boosted its holdings in shares of Wayfair by 49.6% in the 1st quarter. Stockbridge Partners LLC now owns 1,171,862 shares of the company’s stock worth $129,819,000 after acquiring an additional 388,622 shares in the last quarter. Finally, Wishbone Management LP boosted its holdings in shares of Wayfair by 214.7% in the 4th quarter. Wishbone Management LP now owns 535,000 shares of the company’s stock worth $101,634,000 after acquiring an additional 365,000 shares in the last quarter. 85.89% of the stock is currently owned by institutional investors.

About Wayfair (Get Rating)

Wayfair Inc engages in the e-commerce business in the United States and internationally. The company provides approximately thirty-three million products for the home sector under various brands. It offers online selections of furniture, décor, housewares, and home improvement products through its sites, including Wayfair, Joss & Main, AllModern, Birch Lane, and Perigold brands.

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