Wayfair Stock Plunges After Downgrade to "Sell"

Year-over-year, W is down more than 59%

Digital Content Manager
Mar 30, 2022 at 10:00 AM
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Wayfair Inc (NYSE:W) is on the hot seat this morning, after Loop Capital downgraded the e-tailer to "sell" from "hold." The analyst in coverage noted the impact the Federal Reserve's tightening economy policy will have on the furniture and home decor name. As a result, W was last seen down 6.6% at $121.

Loop Capital is the latest to join a mostly bearish brokerage bunch. Coming into today, 13 of 21 analysts in question called W a tepid "hold" or worse. Short sellers have been piling on, too, with short interest up 15% over the last two reporting periods. Now, the 17.82 million shares sold short account for 28.5% of the security's available float, or more than eight days' worth of pent-up buying power. 

The options pits have also jumped on the bearish bandwagon. Over at the International Securities Exchange (ISE), Cboe Options Exchange (CBOE), and NASDAQ OMX PHLX (PHLX), Wayfair stock's 50-day put/call volume ratio of 1.37 ranks higher than 92% of annual readings. This means long puts have been getting picked up at a quicker-than-usual clip over the last 10 weeks.   

Wayfair stock has had a rough last few months on the charts. The security has been chopping lower since the $300 level rejected its late-November rally, though recently the shares appear to have found a floor at the $120 mark. Year-over-year, W is down 59.1%.




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