Wayfair Inc. (W) Earns Buy Rating from Canaccord Genuity

Canaccord Genuity restated their buy rating on shares of Wayfair Inc. (NYSE:W) in a research report sent to investors 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 equities analysts have also issued reports on the company. Zacks Investment Research raised Wayfair from a hold rating to a buy rating and set a $50.00 price target on the stock in a research note on Thursday, April 27th. Piper Jaffray Companies restated an overweight rating and set a $87.00 price objective (up previously from $70.00) on shares of Wayfair in a report on Wednesday, June 14th. Maxim Group boosted their price objective on Wayfair from $53.00 to $75.00 and gave the company a buy rating in a report on Wednesday, May 10th. CIBC upgraded Wayfair from a market perform rating to an outperform rating in a report on Friday, June 2nd. Finally, Bank of America Corporation upgraded Wayfair from a neutral rating to a buy rating and boosted their price objective for the company from $44.00 to $75.00 in a report on Tuesday, May 9th. Eleven equities research analysts have rated the stock with a hold rating, ten have assigned a buy rating and one has assigned a strong buy rating to the company’s stock. The company has a consensus rating of Buy and an average target price of $69.15.

Shares of Wayfair (NYSE:W) traded up 1.77% during trading on Tuesday, hitting $70.23. 526,374 shares of the stock traded hands. The company has a 50-day moving average of $75.93 and a 200-day moving average of $55.75. Wayfair has a 52 week low of $27.60 and a 52 week high of $82.19. The firm’s market cap is $6.12 billion.

Wayfair (NYSE:W) last issued its quarterly earnings results on Tuesday, August 8th. The company reported ($0.26) earnings per share (EPS) for the quarter, beating 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 firm had revenue of $1.12 billion for the quarter, compared to analyst estimates of $1.06 billion. During the same period in the previous year, the firm earned ($0.43) earnings per share. The company’s revenue was up 42.7% compared to the same quarter last year. On average, analysts forecast that Wayfair will post ($1.46) EPS for the current fiscal year.

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In other news, 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 transaction of $40,772.63. Following the transaction, the senior vice president now owns 116,930 shares of the company’s stock, valued at approximately $7,414,531.30. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this link. Also, CEO Niraj Shah sold 40,000 shares of the company’s stock in a transaction on Tuesday, May 30th. The shares were sold at an average price of $63.97, for a total value of $2,558,800.00. Following the transaction, the chief executive officer now directly owns 209,319 shares in the company, valued at approximately $13,390,136.43. The disclosure for this sale can be found here. In the last three months, insiders sold 800,971 shares of company stock worth $59,065,872. Insiders own 63.94% of the company’s stock.

Hedge funds and other institutional investors have recently modified their holdings of the stock. NJ State Employees Deferred Compensation Plan bought a new stake in shares of Wayfair during the first quarter worth about $445,000. Ameriprise Financial Inc. bought a new stake in shares of Wayfair during the first quarter worth about $1,650,000. Pacer Advisors Inc. boosted its stake in shares of Wayfair by 45.6% in the first quarter. Pacer Advisors Inc. now owns 4,124 shares of the company’s stock worth $167,000 after buying an additional 1,292 shares during the period. Clough Capital Partners L P boosted its stake 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 worth $11,716,000 after buying an additional 100,482 shares during the period. Finally, American International Group Inc. boosted its stake 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 worth $786,000 after buying an additional 1,273 shares during the period.

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.

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