Wayfair (NYSE:W) Price Target Lowered to $60.00 at Truist Financial

Wayfair (NYSE:W) had its price target decreased by research analysts at Truist Financial from $70.00 to $60.00 in a note issued to investors on Friday, Benzinga reports. The brokerage currently has a “buy” rating on the stock. Truist Financial’s price objective points to a potential upside of 24.97% from the company’s previous close.

Other equities analysts have also issued research reports about the stock. Sanford C. Bernstein lifted their price target on shares of Wayfair from $50.00 to $55.00 and gave the company a “market perform” rating in a research report on Friday, May 3rd. StockNews.com lowered Wayfair from a “hold” rating to a “sell” rating in a research note on Sunday, June 23rd. Wedbush decreased their target price on Wayfair from $70.00 to $60.00 and set an “outperform” rating for the company in a research note on Friday. Argus raised Wayfair from a “hold” rating to a “buy” rating and set a $83.00 price target on the stock in a research report on Thursday, May 16th. Finally, Piper Sandler reiterated an “overweight” rating and set a $91.00 price target (up from $88.00) on shares of Wayfair in a report on Friday, May 3rd. One equities research analyst has rated the stock with a sell rating, ten have assigned a hold rating, seventeen have issued a buy rating and one has issued a strong buy rating to the company. According to data from MarketBeat.com, Wayfair has an average rating of “Moderate Buy” and an average price target of $76.93.

Wayfair Trading Down 4.0 %

Shares of NYSE:W opened at $48.01 on Friday. The business has a fifty day simple moving average of $54.22 and a 200 day simple moving average of $57.20. Wayfair has a 1 year low of $38.37 and a 1 year high of $90.71. The firm has a market cap of $5.78 billion, a price-to-earnings ratio of -8.96 and a beta of 3.43.

Wayfair (NYSE:W) last posted its quarterly earnings results on Thursday, May 2nd. The company reported ($1.38) earnings per share for the quarter, topping analysts’ consensus estimates of ($1.49) by $0.11. The firm had revenue of $2.73 billion for the quarter, compared to analysts’ expectations of $2.64 billion. On average, sell-side analysts forecast that Wayfair will post -2.93 EPS for the current year.

Insider Transactions at Wayfair

In other Wayfair news, insider Steven Conine sold 10,000 shares of the business’s stock in a transaction dated Friday, June 7th. The shares were sold at an average price of $56.79, for a total value of $567,900.00. Following the completion of the transaction, the insider now directly owns 219,073 shares of the company’s stock, valued at $12,441,155.67. The sale was disclosed in a legal filing with the SEC, which is available at this hyperlink. In other Wayfair news, insider Jon Blotner sold 4,395 shares of the company’s stock in a transaction dated Monday, July 15th. The shares were sold at an average price of $56.09, for a total transaction of $246,515.55. Following the transaction, the insider now directly owns 43,926 shares in the company, valued at approximately $2,463,809.34. The transaction was disclosed in a filing with the SEC, which is accessible through the SEC website. Also, insider Steven Conine sold 10,000 shares of Wayfair stock in a transaction that occurred on Friday, June 7th. The stock was sold at an average price of $56.79, for a total transaction of $567,900.00. Following the sale, the insider now owns 219,073 shares of the company’s stock, valued at approximately $12,441,155.67. The disclosure for this sale can be found here. Over the last 90 days, insiders sold 59,682 shares of company stock valued at $3,306,949. Corporate insiders own 26.81% of the company’s stock.

Hedge Funds Weigh In On Wayfair

Hedge funds and other institutional investors have recently bought and sold shares of the business. WealthPlan Investment Management LLC raised its position in shares of Wayfair by 5.6% during the 1st quarter. WealthPlan Investment Management LLC now owns 5,097 shares of the company’s stock valued at $346,000 after acquiring an additional 271 shares during the last quarter. Treasurer of the State of North Carolina increased its holdings in Wayfair by 1.0% in the fourth quarter. Treasurer of the State of North Carolina now owns 36,486 shares of the company’s stock valued at $2,251,000 after purchasing an additional 360 shares during the last quarter. Amalgamated Bank lifted its stake in Wayfair by 2.8% in the fourth quarter. Amalgamated Bank now owns 14,640 shares of the company’s stock valued at $903,000 after buying an additional 397 shares during the period. QRG Capital Management Inc. boosted its holdings in Wayfair by 12.0% during the first quarter. QRG Capital Management Inc. now owns 3,716 shares of the company’s stock worth $252,000 after buying an additional 399 shares during the last quarter. Finally, Riverview Trust Co acquired a new position in shares of Wayfair during the 1st quarter worth about $27,000. 89.67% of the stock is owned by institutional investors.

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.