Guggenheim Reaffirms “Buy” Rating for Wayfair (NYSE:W)

Guggenheim reaffirmed their buy rating on shares of Wayfair (NYSE:W) in a research report sent to investors on Monday morning,Benzinga reports. Guggenheim currently has a $60.00 target price on the stock.

W has been the topic of several other research reports. Stifel Nicolaus lowered their price objective on shares of Wayfair from $47.00 to $46.00 and set a “hold” rating on the stock in a research note on Friday, February 21st. Canaccord Genuity Group reduced their price target on shares of Wayfair from $76.00 to $68.00 and set a “buy” rating for the company in a report on Friday, February 21st. JPMorgan Chase & Co. dropped their price objective on shares of Wayfair from $63.00 to $50.00 and set an “overweight” rating on the stock in a report on Monday. Jefferies Financial Group upgraded shares of Wayfair from a “hold” rating to a “buy” rating and increased their target price for the company from $45.00 to $47.00 in a research note on Friday, March 7th. Finally, Truist Financial decreased their target price on Wayfair from $55.00 to $53.00 and set a “buy” rating on the stock in a research report on Friday, February 21st. Fourteen analysts have rated the stock with a hold rating, thirteen have issued a buy rating and one has issued a strong buy rating to the company. Based on data from MarketBeat, the company presently has a consensus rating of “Moderate Buy” and an average target price of $56.81.

Wayfair Price Performance

W stock opened at $33.25 on Monday. The stock has a market capitalization of $4.22 billion, a price-to-earnings ratio of -8.27 and a beta of 3.44. The company has a 50-day moving average of $43.96 and a two-hundred day moving average of $46.03. Wayfair has a 52-week low of $32.41 and a 52-week high of $76.18.

Wayfair (NYSE:W) last announced its earnings results on Thursday, February 20th. The company reported ($0.96) earnings per share for the quarter, missing the consensus estimate of $0.05 by ($1.01). The company had revenue of $3.12 billion during the quarter, compared to analysts’ expectations of $3.07 billion. Equities analysts expect that Wayfair will post -2.54 EPS for the current fiscal year.

Insider Activity at Wayfair

In related news, COO Thomas Netzer sold 1,039 shares of the firm’s stock in a transaction dated Tuesday, December 17th. The stock was sold at an average price of $50.65, for a total value of $52,625.35. Following the transaction, the chief operating officer now owns 171,790 shares in the company, valued at $8,701,163.50. This trade represents a 0.60 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. Also, insider Steven Conine sold 30,000 shares of Wayfair stock in a transaction dated Thursday, February 20th. The stock was sold at an average price of $46.33, for a total value of $1,389,900.00. Following the completion of the sale, the insider now owns 559,073 shares of the company’s stock, valued at approximately $25,901,852.09. The trade was a 5.09 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold 134,228 shares of company stock valued at $6,235,818 over the last ninety days. 26.81% of the stock is owned by insiders.

Institutional Inflows and Outflows

Hedge funds have recently modified their holdings of the business. Wealth Enhancement Advisory Services LLC acquired a new position in Wayfair in the third quarter valued at approximately $304,000. Capital Performance Advisors LLP acquired a new position in shares of Wayfair in the 3rd quarter valued at $29,000. State of New Jersey Common Pension Fund D grew its stake in shares of Wayfair by 24.2% during the third quarter. State of New Jersey Common Pension Fund D now owns 44,595 shares of the company’s stock worth $2,505,000 after purchasing an additional 8,675 shares during the period. Entropy Technologies LP increased its holdings in Wayfair by 33.4% in the third quarter. Entropy Technologies LP now owns 31,460 shares of the company’s stock valued at $1,767,000 after purchasing an additional 7,884 shares during the last quarter. Finally, Oppenheimer & Co. Inc. increased its holdings in Wayfair by 18.3% in the third quarter. Oppenheimer & Co. Inc. now owns 9,541 shares of the company’s stock valued at $536,000 after purchasing an additional 1,479 shares during the last quarter. 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.