Wayfair Inc. (NYSE:W) Stock Rating Reaffirmed by Canaccord Genuity

Canaccord Genuity reiterated their buy rating on shares of Wayfair Inc. (NYSE:W) in a report issued on Tuesday.

“We were encouraged by higher acquisition activity during the quarter, which should help offset the expected continuation of volume headwinds that much of the industry is experiencing.”,” the firm’s analyst commented.

Several other research analysts have also recently weighed in on the company. Piper Jaffray Companies set a $87.00 target price on Wayfair and gave the stock a buy rating in a report on Friday, July 28th. Oppenheimer Holdings, Inc. set a $88.00 target price on Wayfair and gave the stock a buy rating in a report on Friday, August 4th. Gordon Haskett cut Wayfair from a buy rating to an accumulate rating and boosted their target price for the stock from $70.00 to $85.00 in a report on Tuesday, June 27th. CIBC upgraded Wayfair from a market perform rating to an outperform rating in a report on Friday, June 2nd. Finally, Maxim Group restated a buy rating and set a $53.00 target price (up from $45.00) on shares of Wayfair in a report on Tuesday, May 2nd. Eleven equities research analysts have rated the stock with a hold rating, ten have given a buy rating and one has assigned a strong buy rating to the company’s stock. The stock currently has an average rating of Buy and an average price target of $69.15.

Shares of Wayfair (NYSE:W) traded up 0.99% during trading on Tuesday, reaching $69.69. The company had a trading volume of 1,198,634 shares. The stock’s 50-day moving average price is $75.74 and its 200-day moving average price is $55.96. The company’s market capitalization is $6.08 billion. Wayfair has a 52 week low of $27.60 and a 52 week high of $82.19.

Wayfair (NYSE:W) last posted its quarterly earnings data on Tuesday, August 8th. The company reported ($0.26) EPS for the quarter, topping the Thomson Reuters’ consensus estimate of ($0.69) by $0.43. Wayfair had a negative return on equity of 335.44% and a negative net margin of 5.10%. The company had revenue of $1.12 billion during the quarter, compared to analyst estimates of $1.06 billion. During the same period in the previous year, the business earned ($0.43) EPS. Wayfair’s quarterly revenue was up 42.7% on a year-over-year basis. On average, equities analysts expect that Wayfair will post ($1.46) EPS for the current fiscal year.

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In other Wayfair news, COO James Savarese sold 21,663 shares of the company’s stock in a transaction on Monday, August 7th. The stock was sold at an average price of $80.32, for a total transaction of $1,739,972.16. Following the transaction, the chief operating officer now directly owns 533,821 shares in the company, valued at $42,876,502.72. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, SVP Steve Oblak sold 643 shares of the company’s stock in a transaction on Thursday, June 1st. The stock was sold at an average price of $63.41, for a total value of $40,772.63. Following the transaction, the senior vice president now owns 116,930 shares in the company, valued at $7,414,531.30. The disclosure for this sale can be found here. Insiders sold 806,351 shares of company stock worth $59,444,295 over the last quarter. 63.94% of the stock is currently owned by insiders.

Several hedge funds have recently bought and sold shares of W. NJ State Employees Deferred Compensation Plan acquired a new position in Wayfair during the first quarter valued at approximately $445,000. Ameriprise Financial Inc. purchased a new position in shares of Wayfair during the first quarter valued at about $1,650,000. Pacer Advisors Inc. raised its position in shares of Wayfair by 45.6% in the first quarter. Pacer Advisors Inc. now owns 4,124 shares of the company’s stock valued at $167,000 after buying an additional 1,292 shares during the last quarter. Clough Capital Partners L P raised its position in shares of Wayfair by 46.1% in the first quarter. Clough Capital Partners L P now owns 318,664 shares of the company’s stock valued at $11,716,000 after buying an additional 100,482 shares during the last quarter. Finally, American International Group Inc. raised its position in shares of Wayfair by 7.0% in the first quarter. American International Group Inc. now owns 19,411 shares of the company’s stock valued at $786,000 after buying an additional 1,273 shares during the last quarter.

About Wayfair

Wayfair Inc (Wayfair) offers browsing, merchandising and product discovery for a range of products from various suppliers. The Company operates through two segments: U.S. and International. The U.S. segment consists of amounts earned through product sales through the Company’s five sites in the United States and through sites operated by third parties in the United States.

Analyst Recommendations for Wayfair (NYSE:W)

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