Wayfair (NYSE:W) Price Target Cut to $54.00

Wayfair (NYSE:W) had its price target reduced by equities research analysts at The Goldman Sachs Group from $67.00 to $54.00 in a research report issued on Friday, Benzinga reports. The brokerage presently has a “neutral” rating on the stock. The Goldman Sachs Group’s price target points to a potential upside of 9.98% from the stock’s previous close.

Several other research firms have also commented on W. Wedbush cut their price target on shares of Wayfair from $70.00 to $60.00 and set an “outperform” rating on the stock in a report on Friday. StockNews.com lowered shares of Wayfair from a “hold” rating to a “sell” rating in a report on Sunday, June 23rd. Morgan Stanley lifted their price objective on shares of Wayfair from $85.00 to $90.00 and gave the company an “overweight” rating in a research note on Monday, May 13th. Barclays dropped their price objective on shares of Wayfair from $60.00 to $58.00 and set an “equal weight” rating on the stock in a research note on Friday, July 26th. Finally, Evercore ISI upgraded shares of Wayfair from an “in-line” rating to an “outperform” rating and lifted their price objective for the company from $65.00 to $80.00 in a research note on Thursday, April 4th. One research analyst has rated the stock with a sell rating, ten have issued a hold rating, seventeen have issued a buy rating and one has given a strong buy rating to the company. According to MarketBeat, Wayfair presently has an average rating of “Moderate Buy” and an average price target of $74.79.

Wayfair Stock Down 1.8 %

Shares of W traded down $0.91 during mid-day trading on Friday, hitting $49.10. The company had a trading volume of 3,142,167 shares, compared to its average volume of 4,271,004. The business’s 50-day simple moving average is $54.22 and its 200-day simple moving average is $57.20. Wayfair has a 1-year low of $38.37 and a 1-year high of $90.71. The stock has a market cap of $5.91 billion, a PE ratio of -9.16 and a beta of 3.43.

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

Insider Transactions at Wayfair

In related news, insider Jon Blotner sold 4,395 shares of the 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 transaction, the insider now owns 43,926 shares in the company, valued at approximately $2,463,809.34. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this link. 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 value 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 sale was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, insider Steven Conine sold 10,000 shares of the company’s stock in a transaction dated Tuesday, May 7th. The shares were sold at an average price of $68.26, for a total transaction of $682,600.00. Following the completion of the sale, the insider now directly owns 229,073 shares of the company’s stock, valued at $15,636,522.98. The disclosure for this sale can be found here. Over the last quarter, insiders sold 59,682 shares of company stock worth $3,306,949. Insiders own 26.81% of the company’s stock.

Institutional Trading of Wayfair

Hedge funds have recently bought and sold shares of the company. Riverview Trust Co purchased a new stake in shares of Wayfair in the first quarter worth approximately $27,000. GAMMA Investing LLC acquired a new position in Wayfair in the fourth quarter worth approximately $31,000. ORG Partners LLC acquired a new position in Wayfair in the first quarter worth approximately $37,000. International Assets Investment Management LLC acquired a new position in Wayfair in the second quarter worth approximately $58,000. Finally, BI Asset Management Fondsmaeglerselskab A S acquired a new position in Wayfair in the fourth quarter worth approximately $74,000. 89.67% of the stock is owned by hedge funds and other 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.