Wayfair (NYSE:W) Downgraded by Cowen to “Market Perform”

Cowen cut shares of Wayfair (NYSE:WGet Rating) to a market perform rating in a research note issued to investors on Monday morning, Stock Target Advisor reports.

W has been the subject of a number of other research reports. Royal Bank of Canada reduced their target price on Wayfair from $62.00 to $35.00 and set a sector perform rating for the company in a report on Monday, November 7th. William Blair assumed coverage on Wayfair in a report on Tuesday, August 2nd. They issued an outperform rating for the company. Cowen lowered Wayfair from an outperform rating to a market perform rating in a report on Monday. The Goldman Sachs Group lifted their price objective on Wayfair from $36.00 to $40.00 and gave the stock a neutral rating in a report on Friday, November 4th. Finally, MKM Partners cut their price objective on Wayfair from $60.00 to $40.00 and set a neutral rating for the company in a report on Wednesday, October 19th. Ten analysts have rated the stock with a sell rating, ten have issued a hold rating and six have assigned a buy rating to the company’s stock. According to data from MarketBeat, the company presently has a consensus rating of Hold and an average price target of $77.48.

Wayfair Trading Down 0.7 %

Wayfair stock opened at $33.00 on Monday. The firm has a market cap of $3.54 billion, a price-to-earnings ratio of -2.94 and a beta of 2.92. The stock has a fifty day simple moving average of $36.25 and a two-hundred day simple moving average of $48.14. Wayfair has a 12 month low of $28.11 and a 12 month high of $298.00.

Insider Activity

In other news, CFO Michael D. Fleisher sold 5,617 shares of the business’s stock in a transaction dated Tuesday, October 18th. The stock was sold at an average price of $35.02, for a total value of $196,707.34. Following the transaction, the chief financial officer now directly owns 74,797 shares in the company, valued at $2,619,390.94. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through this hyperlink. In related news, CFO Michael D. Fleisher sold 5,617 shares of the business’s stock in a transaction dated Tuesday, October 18th. The stock was sold at an average price of $35.02, for a total value of $196,707.34. Following the sale, the chief financial officer now directly owns 74,797 shares in the company, valued at $2,619,390.94. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. Also, insider Steve Oblak sold 1,687 shares of the business’s stock in a transaction dated Friday, September 16th. The stock was sold at an average price of $46.59, for a total value of $78,597.33. Following the completion of the sale, the insider now owns 160,746 shares in the company, valued at $7,489,156.14. The disclosure for this sale can be found here. Insiders have sold 28,309 shares of company stock worth $1,054,126 over the last ninety days. Corporate insiders own 26.81% of the company’s stock.

Institutional Investors Weigh In On Wayfair

A number of hedge funds have recently made changes to their positions in the company. Renaissance Technologies LLC increased its stake in Wayfair by 563.3% during the second quarter. Renaissance Technologies LLC now owns 2,249,100 shares of the company’s stock worth $97,971,000 after acquiring an additional 1,910,000 shares during the last quarter. Federated Hermes Inc. increased its stake in Wayfair by 9,872.2% during the second quarter. Federated Hermes Inc. now owns 474,180 shares of the company’s stock worth $20,655,000 after acquiring an additional 469,425 shares during the last quarter. Stockbridge Partners LLC increased its stake in Wayfair by 49.6% during the first 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 during the last quarter. Bares Capital Management Inc. increased its stake in Wayfair by 8.0% during the second quarter. Bares Capital Management Inc. now owns 4,914,119 shares of the company’s stock worth $214,059,000 after acquiring an additional 362,256 shares during the last quarter. Finally, Ruane Cunniff & Goldfarb L.P. increased its stake in Wayfair by 9.1% during the first quarter. Ruane Cunniff & Goldfarb L.P. now owns 3,440,017 shares of the company’s stock worth $381,085,000 after acquiring an additional 285,729 shares during the last quarter. 91.05% of the stock is currently owned by hedge funds and other institutional investors.

Wayfair Company Profile

(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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Analyst Recommendations for Wayfair (NYSE:W)

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