JPMorgan Chase & Co. Cuts Wayfair (NYSE:W) Price Target to $50.00

Wayfair (NYSE:W) had its price target trimmed by JPMorgan Chase & Co. from $63.00 to $50.00 in a research note issued to investors on Monday,Benzinga reports. The brokerage currently has an overweight rating on the stock.

W has been the topic of several other reports. Piper Sandler set a $58.00 price objective on shares of Wayfair and gave the company an “overweight” rating in a report on Friday, February 21st. StockNews.com raised shares of Wayfair from a “sell” rating to a “hold” rating in a report on Thursday, December 19th. Loop Capital lowered their price target on shares of Wayfair from $55.00 to $45.00 and set a “hold” rating on the stock in a report on Friday, February 21st. Bank of America reduced their price objective on Wayfair from $52.00 to $50.00 and set a “neutral” rating for the company in a report on Friday, February 21st. Finally, Royal Bank of Canada decreased their target price on Wayfair from $50.00 to $43.00 and set a “sector perform” rating on the stock in a research report on Monday, February 24th. Fourteen investment analysts have rated the stock with a hold rating, thirteen have issued a buy rating and one has issued a strong buy rating to the company. According to MarketBeat, Wayfair has a consensus rating of “Moderate Buy” and an average target price of $56.81.

Wayfair Stock Performance

Wayfair stock opened at $33.25 on Monday. The stock has a 50-day simple moving average of $43.96 and a 200 day simple moving average of $46.03. The stock has a market capitalization of $4.22 billion, a P/E ratio of -8.27 and a beta of 3.44. Wayfair has a 52 week low of $32.41 and a 52 week high of $76.18.

Wayfair (NYSE:W) last issued its earnings results on Thursday, February 20th. The company reported ($0.96) EPS for the quarter, missing the consensus estimate of $0.05 by ($1.01). The firm had revenue of $3.12 billion during the quarter, compared to the consensus estimate of $3.07 billion. Research analysts forecast that Wayfair will post -2.54 earnings per share for the current year.

Insider Buying and Selling at Wayfair

In related news, insider Jon Blotner sold 5,669 shares of the stock in a transaction that occurred on Monday, January 13th. The shares were sold at an average price of $42.83, for a total value of $242,803.27. Following the completion of the transaction, the insider now owns 57,899 shares of the company’s stock, valued at $2,479,814.17. This represents a 8.92 % decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. Also, CFO Kate Gulliver sold 5,974 shares of the firm’s stock in a transaction that occurred on Friday, January 3rd. The shares were sold at an average price of $44.95, for a total transaction of $268,531.30. Following the completion of the sale, the chief financial officer now owns 129,964 shares in the company, valued at $5,841,881.80. This represents a 4.39 % decrease in their position. The disclosure for this sale can be found here. Insiders sold a total of 134,228 shares of company stock worth $6,235,818 over the last three months. Corporate insiders own 26.81% of the company’s stock.

Institutional Investors Weigh In On Wayfair

Several hedge funds have recently modified their holdings of W. True Wealth Design LLC raised its holdings in Wayfair by 207.1% in the 4th quarter. True Wealth Design LLC now owns 565 shares of the company’s stock valued at $25,000 after buying an additional 381 shares during the last quarter. J.Safra Asset Management Corp raised its stake in shares of Wayfair by 71.3% during the fourth quarter. J.Safra Asset Management Corp now owns 586 shares of the company’s stock valued at $26,000 after acquiring an additional 244 shares during the last quarter. Jones Financial Companies Lllp raised its stake in shares of Wayfair by 577.0% during the fourth quarter. Jones Financial Companies Lllp now owns 589 shares of the company’s stock valued at $26,000 after acquiring an additional 502 shares during the last quarter. Capital Performance Advisors LLP acquired a new position in shares of Wayfair during the third quarter worth $29,000. Finally, GAMMA Investing LLC grew its stake in shares of Wayfair by 65.5% in the fourth quarter. GAMMA Investing LLC now owns 710 shares of the company’s stock worth $31,000 after purchasing an additional 281 shares during the last quarter. Institutional investors and hedge funds own 89.67% of the company’s stock.

Wayfair Company Profile

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.