Wayfair (NYSE:W) Price Target Cut to $53.00

Wayfair (NYSE:W) had its target price lowered by Royal Bank of Canada from $65.00 to $53.00 in a research note issued to investors on Friday morning, Benzinga reports. The brokerage currently has a sector perform rating on the stock.

Several other research analysts have also recently commented on the company. Evercore ISI raised Wayfair from an in-line rating to an outperform rating and increased their price target for the company from $65.00 to $80.00 in a research report on Thursday, April 4th. Barclays cut their price objective on Wayfair from $60.00 to $58.00 and set an equal weight rating for the company in a research report on Friday, July 26th. Argus raised Wayfair from a hold rating to a buy rating and set a $83.00 price objective for the company in a research report on Thursday, May 16th. StockNews.com cut Wayfair from a hold rating to a sell rating in a report on Sunday, June 23rd. Finally, Truist Financial dropped their price target on Wayfair from $70.00 to $60.00 and set a buy rating for the company in a report on Friday. Eleven investment analysts have rated the stock with a hold rating, sixteen have given a buy rating and one has given a strong buy rating to the stock. According to data from MarketBeat, Wayfair presently has a consensus rating of Moderate Buy and a consensus price target of $68.92.

Wayfair Price Performance

Shares of Wayfair stock opened at $44.37 on Friday. Wayfair has a 1 year low of $38.37 and a 1 year high of $85.82. The business has a 50-day moving average of $53.95 and a two-hundred day moving average of $57.26. The company has a market capitalization of $5.34 billion, a P/E ratio of -8.28 and a beta of 3.43.

Wayfair (NYSE:W) last posted its quarterly earnings data on Thursday, August 1st. The company reported $0.47 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $0.50 by ($0.03). The company had revenue of $3.18 billion during the quarter, compared to analyst estimates of $3.18 billion. The business’s quarterly revenue was up .2% compared to the same quarter last year. During the same period in the previous year, the firm posted ($1.27) EPS. On average, equities analysts anticipate that Wayfair will post -2.93 EPS for the current fiscal year.

Insider Transactions at Wayfair

In other Wayfair news, insider Jon Blotner sold 4,395 shares of the firm’s stock in a transaction dated Monday, July 15th. The shares were sold at an average price of $56.09, for a total value of $246,515.55. Following the completion of the sale, the insider now directly owns 43,926 shares in the company, valued at $2,463,809.34. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. In other Wayfair news, insider Steven Conine sold 10,000 shares of Wayfair stock in a transaction that occurred on 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 sale, the insider now owns 219,073 shares of the company’s stock, valued at approximately $12,441,155.67. The transaction was disclosed in a legal filing with the SEC, which is available at the SEC website. Also, insider Jon Blotner sold 4,395 shares of Wayfair stock in a transaction that occurred on Monday, July 15th. The stock was sold at an average price of $56.09, for a total transaction of $246,515.55. Following the completion of the sale, the insider now directly owns 43,926 shares of the company’s stock, valued at approximately $2,463,809.34. The disclosure for this sale can be found here. Over the last ninety days, insiders sold 50,102 shares of company stock worth $2,644,559. Company insiders own 26.81% of the company’s stock.

Institutional Inflows and Outflows

A number of large investors have recently modified their holdings of the company. Raymond James Financial Services Advisors Inc. purchased a new stake in Wayfair in the 4th quarter worth $770,000. Fifth Third Bancorp bought a new position in Wayfair during the 4th quarter valued at about $316,000. Oak Thistle LLC bought a new position in Wayfair in the 4th quarter worth about $266,000. Arizona State Retirement System grew its stake in Wayfair by 2.3% in the 4th quarter. Arizona State Retirement System now owns 22,710 shares of the company’s stock worth $1,401,000 after acquiring an additional 518 shares in the last quarter. Finally, International Assets Investment Management LLC grew its stake in Wayfair by 8,977.8% in the 4th quarter. International Assets Investment Management LLC now owns 67,993 shares of the company’s stock worth $4,195,000 after acquiring an additional 67,244 shares in the last quarter. Hedge funds and other institutional investors 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.