Wayfair (NYSE:W) Given New $53.00 Price Target at Truist Financial

Wayfair (NYSE:W) had its price objective reduced by analysts at Truist Financial from $55.00 to $53.00 in a report released on Friday,Benzinga reports. The brokerage currently has a “buy” rating on the stock. Truist Financial’s target price indicates a potential upside of 23.40% from the stock’s previous close.

Several other research firms also recently issued reports on W. BMO Capital Markets cut their price target on Wayfair from $58.00 to $50.00 and set a “market perform” rating for the company in a research note on Monday, November 4th. Piper Sandler cut their target price on shares of Wayfair from $67.00 to $63.00 and set an “overweight” rating for the company in a research note on Monday, October 28th. Royal Bank of Canada cut their target price on shares of Wayfair from $53.00 to $50.00 and set a “sector perform” rating for the company in a research note on Monday, November 4th. Bank of America cut their target price on shares of Wayfair from $52.00 to $50.00 and set a “neutral” rating for the company in a research note on Friday. Finally, Mizuho cut their target price on shares of Wayfair from $65.00 to $60.00 and set an “outperform” rating for the company in a research note on Monday, November 4th. Fourteen investment analysts have rated the stock with a hold rating, twelve have given a buy rating and one has issued a strong buy rating to the stock. Based on data from MarketBeat, the stock presently has an average rating of “Moderate Buy” and an average target price of $58.52.

Wayfair Price Performance

Shares of W traded down $3.11 during mid-day trading on Friday, reaching $42.95. 2,186,845 shares of the company’s stock were exchanged, compared to its average volume of 3,646,238. The business’s fifty day simple moving average is $46.42 and its 200-day simple moving average is $46.50. Wayfair has a 52-week low of $37.35 and a 52-week high of $76.18. The stock has a market capitalization of $5.38 billion, a PE ratio of -9.57 and a beta of 3.43.

Wayfair (NYSE:W) last released its earnings results on Thursday, February 20th. The company reported ($0.96) EPS for the quarter, missing analysts’ consensus estimates of $0.05 by ($1.01). The business had revenue of $3.12 billion during the quarter, compared to the consensus estimate of $3.07 billion. Equities research analysts predict that Wayfair will post -2.89 earnings per share for the current year.

Insider Buying and Selling

In related news, insider Jon Blotner sold 5,669 shares of the company’s stock in a transaction on Monday, January 13th. The stock was sold at an average price of $42.83, for a total transaction of $242,803.27. Following the completion of the transaction, the insider now directly owns 57,899 shares in the company, valued at $2,479,814.17. This represents a 8.92 % decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, insider Steven Conine sold 30,000 shares of the company’s stock in a transaction on Tuesday, January 21st. The stock was sold at an average price of $48.45, for a total value of $1,453,500.00. Following the transaction, the insider now owns 589,073 shares of the company’s stock, valued at approximately $28,540,586.85. The trade was a 4.85 % decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last ninety days, insiders have sold 134,228 shares of company stock valued at $6,440,118. Corporate insiders own 26.81% of the company’s stock.

Institutional Inflows and Outflows

A number of institutional investors have recently added to or reduced their stakes in W. Tabor Asset Management LP grew its stake in shares of Wayfair by 11.3% in the third quarter. Tabor Asset Management LP now owns 156,871 shares of the company’s stock worth $8,813,000 after purchasing an additional 15,932 shares in the last quarter. Groupama Asset Managment boosted its stake in Wayfair by 100.0% during the third quarter. Groupama Asset Managment now owns 1,000,000 shares of the company’s stock valued at $56,180,000 after buying an additional 500,000 shares in the last quarter. Assenagon Asset Management S.A. bought a new position in Wayfair during the fourth quarter valued at about $6,799,000. Wellington Management Group LLP boosted its stake in Wayfair by 22.4% during the third quarter. Wellington Management Group LLP now owns 1,097,822 shares of the company’s stock valued at $61,676,000 after buying an additional 201,157 shares in the last quarter. Finally, Cerity Partners LLC bought a new position in Wayfair during the third quarter valued at about $1,070,000. 89.67% of the stock is currently owned by institutional investors.

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.