Wayfair (NYSE:W) Upgraded by Zacks Investment Research to Hold

Zacks Investment Research upgraded shares of Wayfair (NYSE:W) from a sell rating to a hold rating in a research note published on Friday, Zacks.com reports. They currently have $131.00 price objective on the stock.

According to Zacks, “Wayfair’s second-quarter revenues are driven by strong direct retail business across international regions. Additionally, expanding active customer base is a tailwind. Further, the company stays confident about growth prospects in markets, namely the U.K. and Germany. This can be attributed to efforts to expand house-brand offerings in these countries. Further, the company is aggressively investing in international regions in order to bolster international presence, which remains a tailwind. Notably, the stock has outperformed the industry it belongs to over a year. However, the company is currently suffering from mounting investment expenses which are weighing on margin expansion. Further, rising competition from e-commerce giant poses threat to the company’s market position.”

Several other research firms have also recently commented on W. Berenberg Bank initiated coverage on shares of Wayfair in a research report on Thursday, May 9th. They issued a sell rating and a $121.00 price objective on the stock. Wedbush cut their price objective on shares of Wayfair from $140.00 to $130.00 and set a neutral rating on the stock in a research report on Friday, August 2nd. Deutsche Bank cut their price objective on shares of Wayfair from $175.00 to $160.00 and set a buy rating on the stock in a research report on Friday, August 2nd. Jefferies Financial Group started coverage on shares of Wayfair in a research report on Friday, May 17th. They set a buy rating and a $192.00 price target on the stock. Finally, Credit Suisse Group cut their price target on shares of Wayfair from $195.00 to $165.00 and set an outperform rating on the stock in a research report on Tuesday, July 30th. One analyst has rated the stock with a sell rating, twelve have issued a hold rating and thirteen have assigned a buy rating to the company. The stock presently has an average rating of Hold and a consensus price target of $155.74.

W opened at $110.42 on Friday. The stock has a market capitalization of $10.35 billion, a P/E ratio of -19.68 and a beta of 1.88. Wayfair has a 12 month low of $76.60 and a 12 month high of $173.72. The firm’s fifty day simple moving average is $137.14 and its 200 day simple moving average is $145.49.

Wayfair (NYSE:W) last posted its quarterly earnings data on Thursday, August 1st. The company reported ($1.35) EPS for the quarter, beating the consensus estimate of ($1.97) by $0.62. The company had revenue of $2.34 billion during the quarter, compared to the consensus estimate of $2.26 billion. The company’s revenue was up 41.6% compared to the same quarter last year. During the same period in the prior year, the firm posted ($0.77) earnings per share. As a group, equities research analysts predict that Wayfair will post -9.36 EPS for the current fiscal year.

In other news, insider James R. Miller sold 231 shares of the company’s stock in a transaction dated Thursday, August 1st. The shares were sold at an average price of $126.96, for a total value of $29,327.76. Following the sale, the insider now directly owns 7,021 shares of the company’s stock, valued at approximately $891,386.16. The sale was disclosed in a legal filing with the SEC, which can be accessed through the SEC website. Also, insider Edmond Macri sold 300 shares of the company’s stock in a transaction dated Tuesday, May 28th. The shares were sold at an average price of $144.42, for a total transaction of $43,326.00. Following the completion of the sale, the insider now directly owns 950 shares in the company, valued at $137,199. The disclosure for this sale can be found here. Insiders have sold a total of 36,244 shares of company stock worth $5,417,173 over the last three months. Insiders own 33.86% of the company’s stock.

Several hedge funds have recently modified their holdings of the company. CSat Investment Advisory L.P. acquired a new position in Wayfair in the 2nd quarter valued at about $25,000. PNC Financial Services Group Inc. grew its stake in Wayfair by 40.0% in the 1st quarter. PNC Financial Services Group Inc. now owns 294 shares of the company’s stock valued at $45,000 after buying an additional 84 shares during the last quarter. Investors Research Corp acquired a new position in Wayfair in the 1st quarter valued at about $52,000. Catamount Wealth Management acquired a new position in Wayfair in the 1st quarter valued at about $74,000. Finally, Strs Ohio acquired a new position in Wayfair in the 1st quarter valued at about $102,000. 80.30% of the stock is currently owned by institutional investors.

Wayfair Company Profile

Wayfair Inc engages in the e-commerce business in the United States, Europe, and internationally. It provides approximately 14 million products for the home sector under various brands. The company offers selection of furniture, décor, decorative accents, housewares, seasonal décor, and other home goods through its sites, including Wayfair, Joss & Main, AllModern, Birch Lane, and Perigold.

See Also: Do equity income investments outperform growth and income investments?

Get a free copy of the Zacks research report on Wayfair (W)

For more information about research offerings from Zacks Investment Research, visit Zacks.com

Analyst Recommendations for Wayfair (NYSE:W)

Receive News & Ratings for Wayfair Daily - Enter your email address below to receive a concise daily summary of the latest news and analysts' ratings for Wayfair and related companies with MarketBeat.com's FREE daily email newsletter.