Barclays Cuts Wayfair (NYSE:W) Price Target to $58.00

Wayfair (NYSE:W) had its target price lowered by analysts at Barclays from $60.00 to $58.00 in a note issued to investors on Friday, Benzinga reports. The firm presently has an “equal weight” rating on the stock. Barclays‘s price objective points to a potential upside of 18.01% from the stock’s previous close.

A number of other brokerages have also recently weighed in on W. Citigroup upped their price target on Wayfair from $73.00 to $85.00 and gave the company a “buy” rating in a research report on Thursday, March 28th. Argus upgraded 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. Wedbush reiterated an “outperform” rating and issued a $70.00 price target on shares of Wayfair in a research report on Wednesday. Piper Sandler reiterated an “overweight” rating and issued a $91.00 price target (up from $88.00) on shares of Wayfair in a research report on Friday, May 3rd. Finally, Evercore ISI upgraded Wayfair from an “in-line” rating to an “outperform” rating and upped their price target for the company from $65.00 to $80.00 in a research report on Thursday, April 4th. One analyst has rated the stock with a sell rating, eight have issued a hold rating, eighteen have issued a buy rating and one has given a strong buy rating to the company’s stock. Based on data from MarketBeat, Wayfair has a consensus rating of “Moderate Buy” and a consensus price target of $78.37.

Wayfair Trading Up 2.3 %

Shares of NYSE W opened at $49.15 on Friday. The business has a fifty day simple moving average of $55.34 and a 200 day simple moving average of $57.26. The firm has a market capitalization of $5.92 billion, a price-to-earnings ratio of -9.17 and a beta of 3.43. Wayfair has a one year low of $38.37 and a one year high of $90.71.

Wayfair (NYSE:W) last issued its earnings results on Thursday, May 2nd. The company reported ($1.38) EPS for the quarter, beating analysts’ consensus estimates of ($1.49) by $0.11. The firm had revenue of $2.73 billion during the quarter, compared to analyst estimates of $2.64 billion. On average, research analysts anticipate that Wayfair will post -2.93 earnings per share for the current fiscal year.

Insider Activity at Wayfair

In related news, insider Jon Blotner sold 4,395 shares of the firm’s stock in a transaction dated Monday, July 15th. The stock was sold at an average price of $56.09, for a total value of $246,515.55. Following the transaction, the insider now owns 43,926 shares in the company, valued at $2,463,809.34. The transaction was disclosed in a document filed with the SEC, which is available through this hyperlink. In other Wayfair news, insider Jon Blotner sold 4,395 shares of the stock in a transaction dated Monday, July 15th. The stock was sold at an average price of $56.09, for a total value of $246,515.55. Following the transaction, the insider now owns 43,926 shares of the company’s stock, valued at $2,463,809.34. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this link. Also, insider Steven Conine sold 10,000 shares of the stock in a transaction dated Tuesday, May 7th. The shares were sold at an average price of $68.26, for a total value of $682,600.00. Following the completion of the transaction, the insider now directly owns 229,073 shares in the company, valued at approximately $15,636,522.98. The disclosure for this sale can be found here. Insiders have sold a total of 60,030 shares of company stock worth $3,327,414 over the last 90 days. Insiders own 26.81% of the company’s stock.

Hedge Funds Weigh In On Wayfair

Several hedge funds have recently added to or reduced their stakes in the stock. WealthPlan Investment Management LLC raised its position in shares of Wayfair by 5.6% during the first quarter. WealthPlan Investment Management LLC now owns 5,097 shares of the company’s stock worth $346,000 after purchasing an additional 271 shares during the period. Treasurer of the State of North Carolina raised its position in shares of Wayfair by 1.0% during the fourth quarter. Treasurer of the State of North Carolina now owns 36,486 shares of the company’s stock worth $2,251,000 after purchasing an additional 360 shares during the period. Amalgamated Bank raised its position in shares of Wayfair by 2.8% during the fourth quarter. Amalgamated Bank now owns 14,640 shares of the company’s stock worth $903,000 after purchasing an additional 397 shares during the period. QRG Capital Management Inc. raised its position in shares of 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 purchasing an additional 399 shares during the period. Finally, Riverview Trust Co acquired a new stake in shares of Wayfair during the first quarter worth about $27,000. Institutional investors and hedge funds 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.