Cowen Downgrades Wayfair (NYSE:W) to Market Perform

Cowen downgraded shares of Wayfair (NYSE:WGet Rating) from an outperform rating to a market perform rating in a research note released on Monday, Marketbeat reports. The brokerage currently has $38.00 price target on the stock, down from their prior price target of $80.00.

Several other research firms have also commented on W. Credit Suisse Group lowered their price target on shares of Wayfair from $150.00 to $122.00 and set an outperform rating on the stock in a report on Monday, October 31st. Barclays lowered their price target on shares of Wayfair from $50.00 to $34.00 and set an underweight rating on the stock in a report on Sunday, November 6th. Moffett Nathanson initiated coverage on shares of Wayfair in a report on Tuesday, November 15th. They issued an underperform rating and a $20.00 price target on the stock. The Goldman Sachs Group upped their price objective on shares of Wayfair from $36.00 to $40.00 and gave the stock a neutral rating in a research report on Friday, November 4th. Finally, StockNews.com upgraded shares of Wayfair to a sell rating in a research report on Wednesday, November 16th. Ten investment 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.com, Wayfair has an average rating of Hold and a consensus price target of $74.37.

Wayfair Stock Down 0.4 %

NYSE:W opened at $32.91 on Monday. Wayfair has a one year low of $28.11 and a one year high of $298.00. The firm’s fifty day moving average is $35.27 and its two-hundred day moving average is $47.70.

Insider Buying and Selling at Wayfair

In other Wayfair news, CFO Michael D. Fleisher sold 5,617 shares of the stock in a transaction dated Tuesday, October 18th. The shares were sold at an average price of $35.02, for a total value of $196,707.34. Following the completion of the sale, the chief financial officer now owns 74,797 shares in the company, valued at approximately $2,619,390.94. The transaction was disclosed in a legal filing with the SEC, which can be accessed through this hyperlink. In other news, insider Steve Oblak sold 1,687 shares of the stock in a transaction that occurred on Friday, September 16th. The shares were 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 of the company’s stock, valued at approximately $7,489,156.14. The transaction was disclosed in a filing with the SEC, which is accessible through this link. Also, CFO Michael D. Fleisher sold 5,617 shares of the stock in a transaction that occurred on Tuesday, October 18th. The shares were sold at an average price of $35.02, for a total transaction of $196,707.34. Following the completion of the sale, the chief financial officer now directly owns 74,797 shares of the company’s stock, valued at approximately $2,619,390.94. The disclosure for this sale can be found here. In the last quarter, insiders sold 28,309 shares of company stock worth $1,054,126. Insiders own 26.81% of the company’s stock.

Institutional Trading of Wayfair

Several hedge funds have recently made changes to their positions in the company. Vanguard Group Inc. grew its stake in shares of Wayfair by 2.1% in the 1st quarter. Vanguard Group Inc. now owns 6,540,088 shares of the company’s stock valued at $724,512,000 after buying an additional 132,647 shares during the period. Bares Capital Management Inc. boosted its position in shares of Wayfair by 8.0% during the 2nd quarter. Bares Capital Management Inc. now owns 4,914,119 shares of the company’s stock worth $214,059,000 after purchasing an additional 362,256 shares during the period. Capital World Investors boosted its position in shares of Wayfair by 2.8% during the 1st quarter. Capital World Investors now owns 3,681,729 shares of the company’s stock worth $407,862,000 after purchasing an additional 100,946 shares during the period. Ruane Cunniff & Goldfarb L.P. boosted its position in shares of Wayfair by 9.1% during the 1st quarter. Ruane Cunniff & Goldfarb L.P. now owns 3,440,017 shares of the company’s stock worth $381,085,000 after purchasing an additional 285,729 shares during the period. Finally, Renaissance Technologies LLC boosted its position in shares of Wayfair by 12.2% during the 3rd quarter. Renaissance Technologies LLC now owns 2,522,500 shares of the company’s stock worth $82,107,000 after purchasing an additional 273,400 shares during the period. Hedge funds and other institutional investors own 91.05% of the company’s stock.

About Wayfair

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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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