The Goldman Sachs Group Cuts Wayfair (NYSE:W) Price Target to $31.00

Wayfair (NYSE:W) had its price target cut by analysts at The Goldman Sachs Group from $50.00 to $31.00 in a research report issued on Tuesday,Benzinga reports. The brokerage presently has a “neutral” rating on the stock. The Goldman Sachs Group’s target price suggests a potential upside of 14.74% from the stock’s previous close.

A number of other equities research analysts also recently commented on the company. Royal Bank of Canada reduced 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. Truist Financial lowered their price target on Wayfair from $53.00 to $36.00 and set a “buy” rating for the company in a research report on Thursday, April 10th. Jefferies Financial Group upgraded shares of Wayfair from a “hold” rating to a “buy” rating and lifted their target price for the company from $45.00 to $47.00 in a report on Friday, March 7th. JPMorgan Chase & Co. dropped their price objective on shares of Wayfair from $63.00 to $50.00 and set an “overweight” rating on the stock in a research note on Monday, March 10th. Finally, Canaccord Genuity Group cut their price target on shares of Wayfair from $76.00 to $68.00 and set a “buy” rating on the stock in a report on Friday, February 21st. Sixteen research analysts have rated the stock with a hold rating, ten have assigned a buy rating and one has assigned a strong buy rating to the stock. Based on data from MarketBeat, the stock currently has a consensus rating of “Hold” and an average target price of $52.00.

Wayfair Trading Up 4.7 %

NYSE:W traded up $1.21 during trading hours on Tuesday, hitting $27.02. The company’s stock had a trading volume of 843,482 shares, compared to its average volume of 4,604,161. Wayfair has a 52-week low of $20.41 and a 52-week high of $76.18. The stock has a market capitalization of $3.43 billion, a P/E ratio of -6.68 and a beta of 3.72. The stock has a fifty day moving average of $34.16 and a 200-day moving average of $42.21.

Wayfair (NYSE:W) last issued its quarterly earnings data on Thursday, February 20th. The company reported ($0.96) earnings per share (EPS) for the quarter, missing the consensus estimate 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. On average, sell-side analysts forecast that Wayfair will post -2.54 earnings per share for the current year.

Insider Activity

In other Wayfair news, insider Jon Blotner sold 19,257 shares of Wayfair stock in a transaction on Wednesday, April 2nd. The stock was sold at an average price of $31.68, for a total value of $610,061.76. Following the completion of the transaction, the insider now owns 78,308 shares in the company, valued at approximately $2,480,797.44. The trade was a 19.74 % decrease in their position. The sale was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. Also, insider Steven Conine sold 30,000 shares of the firm’s stock in a transaction on Thursday, February 20th. The shares were sold at an average price of $46.33, for a total value of $1,389,900.00. Following the completion of the sale, the insider now owns 559,073 shares of the company’s stock, valued at approximately $25,901,852.09. This trade represents a 5.09 % decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last ninety days, insiders have sold 92,863 shares of company stock worth $3,393,929. Company insiders own 21.91% of the company’s stock.

Institutional Investors Weigh In On Wayfair

A number of hedge funds have recently added to or reduced their stakes in W. Tidal Investments LLC increased its holdings in shares of Wayfair by 18.1% in the third quarter. Tidal Investments LLC now owns 21,665 shares of the company’s stock valued at $1,217,000 after purchasing an additional 3,320 shares in the last quarter. 272 Capital LP increased its stake in shares of Wayfair by 15.7% in the 3rd quarter. 272 Capital LP now owns 44,053 shares of the company’s stock valued at $2,475,000 after buying an additional 5,965 shares during the period. GAMMA Investing LLC raised its position in shares of Wayfair by 65.5% during the fourth quarter. GAMMA Investing LLC now owns 710 shares of the company’s stock worth $31,000 after acquiring an additional 281 shares during the last quarter. Assenagon Asset Management S.A. acquired a new position in shares of Wayfair during the fourth quarter valued at $6,799,000. Finally, Ameritas Advisory Services LLC acquired a new stake in Wayfair in the fourth quarter worth about $229,000. Institutional investors 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.