Wayfair (NYSE:W) Price Target Cut to $36.00 by Analysts at Truist Financial

Wayfair (NYSE:W) had its price target reduced by stock analysts at Truist Financial from $53.00 to $36.00 in a report released on Thursday,Benzinga reports. The firm currently has a “buy” rating on the stock. Truist Financial’s price objective would indicate a potential upside of 29.61% from the stock’s current price.

A number of other brokerages have also recently issued reports on W. Royal Bank of Canada decreased their target price on Wayfair from $50.00 to $43.00 and set a “sector perform” rating for the company in a report on Monday, February 24th. Guggenheim reaffirmed a “buy” rating and issued a $60.00 target price on shares of Wayfair in a report on Monday, March 10th. StockNews.com upgraded Wayfair from a “sell” rating to a “hold” rating in a report on Thursday, December 19th. Canaccord Genuity Group dropped their target price on shares of Wayfair from $76.00 to $68.00 and set a “buy” rating on the stock in a research report on Friday, February 21st. Finally, Stifel Nicolaus cut their price objective on shares of Wayfair from $47.00 to $46.00 and set a “hold” rating for the company in a research report on Friday, February 21st. Fifteen investment analysts have rated the stock with a hold rating, eleven have issued a buy rating and one has issued a strong buy rating to the company’s stock. According to data from MarketBeat, Wayfair currently has an average rating of “Hold” and an average price target of $54.16.

Wayfair Stock Performance

Shares of W opened at $27.78 on Thursday. Wayfair has a fifty-two week low of $20.41 and a fifty-two week high of $76.18. The company’s fifty day moving average is $37.29 and its 200 day moving average is $43.83. The stock has a market capitalization of $3.52 billion, a PE ratio of -6.91 and a beta of 3.72.

Wayfair (NYSE:W) last issued its quarterly 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 company had revenue of $3.12 billion for the quarter, compared to the consensus estimate of $3.07 billion. As a group, research analysts forecast that Wayfair will post -2.54 earnings per share for the current year.

Insider Transactions at Wayfair

In other Wayfair news, insider Jon Blotner sold 5,669 shares of the company’s stock in a transaction 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 directly owns 57,899 shares in the company, valued at approximately $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 can be accessed through the SEC website. Also, CFO Kate Gulliver sold 19,296 shares of the firm’s stock in a transaction on Wednesday, April 2nd. The stock was sold at an average price of $31.67, for a total value of $611,104.32. Following the completion of the transaction, the chief financial officer now directly owns 144,474 shares in the company, valued at approximately $4,575,491.58. This represents a 11.78 % decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last three months, insiders sold 128,532 shares of company stock worth $5,090,232. 23.50% of the stock is owned by company insiders.

Hedge Funds Weigh In On Wayfair

A number of large investors have recently bought and sold shares of the business. True Wealth Design LLC lifted its position in Wayfair by 207.1% in the fourth quarter. True Wealth Design LLC now owns 565 shares of the company’s stock valued at $25,000 after acquiring an additional 381 shares during the last quarter. Jones Financial Companies Lllp boosted its holdings in Wayfair by 577.0% in the fourth quarter. Jones Financial Companies Lllp now owns 589 shares of the company’s stock valued at $26,000 after purchasing an additional 502 shares during the last quarter. J.Safra Asset Management Corp raised its position in shares of Wayfair by 71.3% during the 4th 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 in the last quarter. GAMMA Investing LLC raised its holdings in shares of Wayfair by 65.5% during the fourth quarter. GAMMA Investing LLC now owns 710 shares of the company’s stock valued at $31,000 after buying an additional 281 shares during the last quarter. Finally, Aster Capital Management DIFC Ltd bought a new stake in shares of Wayfair during the 4th quarter worth about $41,000. 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.