Wedbush Lowers Wayfair (NYSE:W) Price Target to $60.00

Wayfair (NYSE:W) had its price target trimmed by Wedbush from $70.00 to $60.00 in a research note issued to investors on Friday, Benzinga reports. The firm currently has an outperform rating on the stock.

A number of other analysts have also issued reports on the stock. Truist Financial raised their target price on shares of Wayfair from $63.00 to $70.00 and gave the stock a buy rating in a research report on Friday, May 3rd. Morgan Stanley increased their price target on shares of Wayfair from $85.00 to $90.00 and gave the stock an overweight rating in a research note on Monday, May 13th. Argus raised shares of Wayfair from a hold rating to a buy rating and set a $83.00 price target on the stock in a research note on Thursday, May 16th. Bank of America downgraded shares of Wayfair from a buy rating to a neutral rating and cut their price target for the stock from $85.00 to $58.00 in a research note on Thursday, August 1st. Finally, Gordon Haskett downgraded shares of Wayfair from a buy rating to a hold rating in a research note on Thursday, August 1st. Eleven equities research analysts have rated the stock with a hold rating, sixteen have issued a buy rating and one has issued a strong buy rating to the company’s stock. Based on data from MarketBeat, the company currently has a consensus rating of Moderate Buy and an average price target of $68.92.

Wayfair Trading Down 7.1 %

Shares of W opened at $44.37 on Friday. The firm’s 50-day moving average is $53.95 and its two-hundred day moving average is $57.26. Wayfair has a twelve month low of $38.37 and a twelve month high of $85.82. The firm has a market capitalization of $5.34 billion, a P/E ratio of -8.28 and a beta of 3.43.

Wayfair (NYSE:W) last released its quarterly earnings results on Thursday, August 1st. The company reported $0.47 EPS for the quarter, missing the consensus estimate of $0.50 by ($0.03). The firm had revenue of $3.18 billion for the quarter, compared to analyst estimates of $3.18 billion. Wayfair’s revenue was up .2% on a year-over-year basis. During the same quarter in the previous year, the company earned ($1.27) EPS. Analysts predict that Wayfair will post -2.93 EPS for the current year.

Insiders Place Their Bets

In other Wayfair news, COO Thomas Netzer sold 6,625 shares of the business’s stock in a transaction dated Tuesday, July 2nd. The shares were sold at an average price of $50.74, for a total transaction of $336,152.50. Following the sale, the chief operating officer now directly owns 157,239 shares in the company, valued at approximately $7,978,306.86. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this link. In related news, COO Thomas Netzer sold 6,625 shares of the business’s stock in a transaction that occurred on Tuesday, July 2nd. The shares were sold at an average price of $50.74, for a total value of $336,152.50. Following the sale, the chief operating officer now directly owns 157,239 shares in the company, valued at approximately $7,978,306.86. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, insider Jon Blotner sold 4,395 shares of the business’s 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 owns 43,926 shares in the company, valued at $2,463,809.34. The disclosure for this sale can be found here. In the last three months, insiders have sold 50,102 shares of company stock worth $2,644,559. 26.81% of the stock is owned by corporate insiders.

Institutional Trading of Wayfair

A number of hedge funds and other institutional investors have recently made changes to their positions in W. WealthPlan Investment Management LLC lifted 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 worth $346,000 after purchasing an additional 271 shares during the period. Treasurer of the State of North Carolina increased its stake in shares of Wayfair by 1.0% in the fourth quarter. Treasurer of the State of North Carolina now owns 36,486 shares of the company’s stock valued at $2,251,000 after buying an additional 360 shares during the period. Amalgamated Bank increased its stake in shares of Wayfair by 2.8% in the fourth quarter. Amalgamated Bank now owns 14,640 shares of the company’s stock valued at $903,000 after buying an additional 397 shares during the period. QRG Capital Management Inc. increased its stake in shares of Wayfair by 12.0% in the first 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 during the period. Finally, Riverview Trust Co acquired a new position in shares of Wayfair in the first quarter valued at approximately $27,000. 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.