Truist Financial Issues Pessimistic Forecast for Wayfair (NYSE:W) Stock Price

Wayfair (NYSE:W) had its price objective cut by Truist Financial from $60.00 to $55.00 in a research note published on Monday morning, Benzinga reports. They currently have a buy rating on the stock.

W has been the subject of a number of other reports. UBS Group decreased their price objective on Wayfair from $70.00 to $65.00 and set a “buy” rating for the company in a report on Tuesday, October 22nd. Gordon Haskett cut Wayfair from a “buy” rating to a “hold” rating in a research note on Thursday, August 1st. Guggenheim restated a “buy” rating and set a $70.00 price objective on shares of Wayfair in a research note on Thursday, September 26th. JPMorgan Chase & Co. decreased their target price on shares of Wayfair from $80.00 to $63.00 and set an “overweight” rating for the company in a research report on Friday, August 2nd. Finally, Argus cut shares of Wayfair from a “buy” rating to a “hold” rating in a research note on Monday, August 26th. Thirteen analysts have rated the stock with a hold rating, thirteen have given a buy rating and one has issued a strong buy rating to the stock. According to data from MarketBeat, Wayfair has an average rating of “Moderate Buy” and a consensus target price of $60.28.

Wayfair Stock Performance

W stock traded up $1.06 during mid-day trading on Monday, reaching $42.99. The company had a trading volume of 178,786 shares, compared to its average volume of 4,340,918. Wayfair has a one year low of $38.02 and a one year high of $76.18. The stock’s 50-day simple moving average is $48.64 and its two-hundred day simple moving average is $52.26.

Wayfair (NYSE:W) last issued its quarterly earnings data on Friday, November 1st. The company reported $0.22 earnings per share for the quarter, beating the consensus estimate of $0.13 by $0.09. The firm had revenue of $2.88 billion during the quarter, compared to the consensus estimate of $2.87 billion. During the same quarter in the prior year, the business earned ($1.38) earnings per share. The company’s revenue for the quarter was down 2.0% compared to the same quarter last year. On average, research analysts predict that Wayfair will post -2.68 EPS for the current year.

Insider Buying and Selling at Wayfair

In other news, CTO Fiona Tan sold 10,040 shares of Wayfair stock in a transaction that occurred on Wednesday, October 2nd. The shares were sold at an average price of $53.06, for a total value of $532,722.40. Following the transaction, the chief technology officer now directly owns 84,655 shares of the company’s stock, valued at $4,491,794.30. This trade represents a 0.00 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is available at this link. In related news, insider Jon Blotner sold 4,600 shares of the stock in a transaction dated Monday, October 14th. The stock was sold at an average price of $53.60, for a total value of $246,560.00. Following the completion of the sale, the insider now directly owns 52,078 shares of the company’s stock, valued at approximately $2,791,380.80. This represents a 0.00 % decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, CTO Fiona Tan sold 10,040 shares of Wayfair stock in a transaction dated Wednesday, October 2nd. The shares were sold at an average price of $53.06, for a total value of $532,722.40. Following the transaction, the chief technology officer now directly owns 84,655 shares in the company, valued at approximately $4,491,794.30. This trade represents a 0.00 % decrease in their position. The disclosure for this sale can be found here. Over the last ninety days, insiders sold 37,471 shares of company stock valued at $1,987,002. 23.50% of the stock is currently owned by corporate insiders.

Institutional Trading of Wayfair

Several institutional investors have recently made changes to their positions in W. WealthPlan Investment Management LLC boosted its position in Wayfair by 5.6% during the first quarter. WealthPlan Investment Management LLC now owns 5,097 shares of the company’s stock valued at $346,000 after purchasing an additional 271 shares during the last quarter. Creative Planning lifted its holdings in shares of Wayfair by 2.1% during the 3rd quarter. Creative Planning now owns 13,261 shares of the company’s stock valued at $745,000 after buying an additional 272 shares during the last quarter. QRG Capital Management Inc. grew its stake in shares of Wayfair by 12.0% in the 1st quarter. QRG Capital Management Inc. now owns 3,716 shares of the company’s stock valued at $252,000 after buying an additional 399 shares in the last quarter. BI Asset Management Fondsmaeglerselskab A S increased its holdings in Wayfair by 39.1% in the first quarter. BI Asset Management Fondsmaeglerselskab A S now owns 1,676 shares of the company’s stock worth $114,000 after buying an additional 471 shares during the last quarter. Finally, Capital Performance Advisors LLP bought a new position in Wayfair during the third quarter valued at approximately $29,000. 89.67% of the stock is currently owned by institutional investors and hedge funds.

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.