Wayfair (NYSE:W) Price Target Cut to $60.00

Wayfair (NYSE:W) had its price target cut by Truist Financial from $70.00 to $60.00 in a research note issued to investors on Friday, Benzinga reports. They currently have a buy rating on the stock.

Several other equities research analysts also recently commented on the stock. Royal Bank of Canada boosted their target price on shares of Wayfair from $61.00 to $65.00 and gave the company a sector perform rating in a research note on Monday, May 6th. Barclays reduced their price target on shares of Wayfair from $60.00 to $58.00 and set an equal weight rating on the stock in a research report on Friday, July 26th. Argus upgraded shares of 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. StockNews.com downgraded shares of Wayfair from a hold rating to a sell rating in a research report on Sunday, June 23rd. Finally, Piper Sandler reiterated an overweight rating and set a $91.00 price target (up previously from $88.00) on shares of Wayfair in a research report on Friday, May 3rd. One investment analyst has rated the stock with a sell rating, ten have assigned a hold rating, eighteen have assigned a buy rating and one has issued a strong buy rating to the company. According to MarketBeat.com, Wayfair currently has an average rating of Moderate Buy and a consensus price target of $73.83.

Wayfair Stock Down 4.5 %

Shares of NYSE:W traded down $2.24 on Friday, hitting $47.77. The stock had a trading volume of 5,973,354 shares, compared to its average volume of 4,472,972. Wayfair has a twelve month low of $38.37 and a twelve month high of $90.71. The firm’s 50 day moving average price is $53.95 and its 200-day moving average price is $57.18.

Wayfair (NYSE:W) last issued its earnings results on Thursday, May 2nd. The company reported ($1.38) EPS for the quarter, beating the consensus estimate 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. Equities research analysts predict that Wayfair will post -2.93 earnings per share for the current fiscal year.

Insider Activity

In other news, CTO Fiona Tan sold 8,036 shares of the company’s stock in a transaction dated Tuesday, July 2nd. The stock was sold at an average price of $50.64, for a total value of $406,943.04. Following the completion of the sale, the chief technology officer now directly owns 64,074 shares of the company’s stock, valued at approximately $3,244,707.36. The sale was disclosed in a document filed with the SEC, which is accessible through this hyperlink. In related news, insider Jon Blotner sold 4,395 shares of the 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 transaction was disclosed in a document filed with the SEC, which is available through the SEC website. Also, CTO Fiona Tan sold 8,036 shares of the stock in a transaction that occurred on Tuesday, July 2nd. The stock was sold at an average price of $50.64, for a total value of $406,943.04. Following the sale, the chief technology officer now directly owns 64,074 shares of the company’s stock, valued at $3,244,707.36. The disclosure for this sale can be found here. Insiders sold a total of 59,682 shares of company stock valued at $3,306,949 in the last ninety days. 26.81% of the stock is owned by insiders.

Institutional Trading of Wayfair

A number of large investors have recently bought and sold shares of the business. WealthPlan Investment Management LLC increased its stake in Wayfair by 5.6% during the 1st quarter. WealthPlan Investment Management LLC now owns 5,097 shares of the company’s stock worth $346,000 after purchasing an additional 271 shares in the last quarter. Treasurer of the State of North Carolina increased its stake in Wayfair by 1.0% during the 4th 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 in the last quarter. Amalgamated Bank increased its stake in Wayfair by 2.8% during the 4th quarter. Amalgamated Bank now owns 14,640 shares of the company’s stock worth $903,000 after purchasing an additional 397 shares in the last quarter. QRG Capital Management Inc. increased its stake in Wayfair by 12.0% during the 1st quarter. QRG Capital Management Inc. now owns 3,716 shares of the company’s stock worth $252,000 after purchasing an additional 399 shares in the last quarter. Finally, Riverview Trust Co bought a new position in shares of Wayfair during the 1st quarter worth approximately $27,000. 89.67% of the stock is 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.