Wayfair (NYSE:W) Price Target Cut to $53.00 by Analysts at Truist Financial

Wayfair (NYSE:W) had its target price cut by Truist Financial from $55.00 to $53.00 in a report published on Friday,Benzinga reports. They currently have a buy rating on the stock.

A number of other equities analysts also recently commented on W. Royal Bank of Canada reduced their target price on shares of Wayfair from $53.00 to $50.00 and set a “sector perform” rating on the stock in a research note on Monday, November 4th. Canaccord Genuity Group reduced their target price on shares of Wayfair from $76.00 to $68.00 and set a “buy” rating on the stock in a research note on Friday. Loop Capital lifted their target price on shares of Wayfair from $50.00 to $55.00 and gave the stock a “hold” rating in a research note on Monday, December 16th. Citigroup reduced their price target on shares of Wayfair from $70.00 to $54.00 and set a “buy” rating on the stock in a research note on Monday, November 4th. Finally, Deutsche Bank Aktiengesellschaft reduced their price target on shares of Wayfair from $69.00 to $46.00 and set a “buy” rating on the stock in a research note on Monday, November 4th. Fourteen investment analysts have rated the stock with a hold rating, twelve have assigned a buy rating and one has given a strong buy rating to the company. According to data from MarketBeat, Wayfair has an average rating of “Moderate Buy” and an average price target of $58.80.

Wayfair Price Performance

Shares of W stock opened at $41.92 on Friday. The firm’s 50-day moving average is $46.42 and its two-hundred day moving average is $46.50. Wayfair has a 12 month low of $37.35 and a 12 month high of $76.18. The company has a market capitalization of $5.25 billion, a PE ratio of -9.34 and a beta of 3.43.

Wayfair (NYSE:W) last issued its earnings results on Thursday, February 20th. The company reported ($0.96) EPS for the quarter, missing analysts’ consensus estimates of $0.05 by ($1.01). The business had revenue of $3.12 billion for the quarter, compared to the consensus estimate of $3.07 billion. Sell-side analysts forecast that Wayfair will post -2.89 EPS for the current year.

Insiders Place Their Bets

In other Wayfair news, insider Steven Conine sold 30,000 shares of the business’s stock in a transaction that occurred on Thursday, February 20th. The shares were sold at an average price of $46.33, for a total transaction of $1,389,900.00. Following the completion of the transaction, the insider now owns 559,073 shares in the company, valued at $25,901,852.09. The trade was a 5.09 % decrease in their position. The transaction was disclosed in a legal filing with the SEC, which is available at this link. Also, insider Jon Blotner sold 5,669 shares of the business’s stock in a transaction that occurred on Monday, January 13th. The stock was sold at an average price of $42.83, for a total transaction of $242,803.27. Following the transaction, the insider now owns 57,899 shares of the company’s stock, valued at $2,479,814.17. This trade represents a 8.92 % decrease in their position. The disclosure for this sale can be found here. Insiders sold 164,228 shares of company stock worth $7,830,018 in the last 90 days. Corporate insiders own 26.81% of the company’s stock.

Institutional Inflows and Outflows

Several large investors have recently modified their holdings of the stock. Capital World Investors boosted its holdings in shares of Wayfair by 6.2% in the 4th quarter. Capital World Investors now owns 13,506,200 shares of the company’s stock valued at $598,596,000 after buying an additional 782,757 shares in the last quarter. Vanguard Group Inc. boosted its stake in Wayfair by 3.6% during the 4th quarter. Vanguard Group Inc. now owns 9,315,337 shares of the company’s stock worth $412,856,000 after purchasing an additional 327,603 shares during the period. Baillie Gifford & Co. boosted its stake in Wayfair by 13.6% during the 4th quarter. Baillie Gifford & Co. now owns 6,179,761 shares of the company’s stock worth $273,887,000 after purchasing an additional 740,641 shares during the period. Renaissance Technologies LLC boosted its stake in Wayfair by 17.9% during the 4th quarter. Renaissance Technologies LLC now owns 3,834,667 shares of the company’s stock worth $169,952,000 after purchasing an additional 581,000 shares during the period. Finally, Southpoint Capital Advisors LP boosted its stake in Wayfair by 100.0% during the 4th quarter. Southpoint Capital Advisors LP now owns 2,800,000 shares of the company’s stock worth $124,096,000 after purchasing an additional 1,400,000 shares during the period. Institutional investors and hedge funds own 89.67% of the company’s stock.

About Wayfair

Wayfair Inc provides e-commerce business in the United States and internationally. The company offers approximately thirty million products for the home sector. It offers online selections of furniture, décor, housewares, and home improvement products through its sites consisting of Wayfair, Joss & Main, AllModern, Birch Lane, Perigold, and Wayfair Professional.