Truist Financial Issues Pessimistic Forecast for Wayfair (NYSE:W) Stock Price

Wayfair (NYSE:W) had its target price reduced by equities research analysts at Truist Financial from $55.00 to $53.00 in a note issued to investors on Friday,Benzinga reports. The firm currently has a “buy” rating on the stock. Truist Financial’s target price would indicate a potential upside of 26.45% from the stock’s previous close.

Several other research firms have also issued reports on W. Deutsche Bank Aktiengesellschaft cut their price target on shares of Wayfair from $69.00 to $46.00 and set a “buy” rating for the company in a research report on Monday, November 4th. StockNews.com upgraded Wayfair from a “sell” rating to a “hold” rating in a research report on Thursday, December 19th. Canaccord Genuity Group lowered their price objective on Wayfair from $76.00 to $68.00 and set a “buy” rating for the company in a research report on Friday. BMO Capital Markets cut their target price on shares of Wayfair from $58.00 to $50.00 and set a “market perform” rating on the stock in a report on Monday, November 4th. Finally, Mizuho reduced their price target on Wayfair from $65.00 to $60.00 and set an “outperform” rating on the stock in a report on Monday, November 4th. Fourteen research analysts have rated the stock with a hold rating, twelve have issued a buy rating and one has given a strong buy rating to the company’s stock. Based on data from MarketBeat.com, Wayfair has an average rating of “Moderate Buy” and an average price target of $58.40.

Wayfair Trading Down 9.0 %

W opened at $41.92 on Friday. The stock has a market capitalization of $5.25 billion, a P/E ratio of -10.43 and a beta of 3.43. The stock has a 50-day moving average price of $46.22 and a 200-day moving average price of $46.51. Wayfair has a 12-month low of $37.35 and a 12-month high of $76.18.

Wayfair (NYSE:W) last issued its earnings results on Thursday, February 20th. The company reported ($0.96) earnings per share (EPS) for the quarter, missing the consensus estimate of $0.05 by ($1.01). The business had revenue of $3.12 billion during the quarter, compared to analyst estimates of $3.07 billion. On average, equities research analysts predict that Wayfair will post -2.54 EPS for the current year.

Insider Activity at Wayfair

In other news, insider Jon Blotner sold 5,669 shares of the company’s stock in a transaction dated Monday, January 13th. The shares were sold at an average price of $42.83, for a total value of $242,803.27. Following the transaction, the insider now directly owns 57,899 shares in the company, valued at approximately $2,479,814.17. This represents a 8.92 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is accessible through the SEC website. Also, insider Steven Conine sold 30,000 shares of the firm’s stock in a transaction dated Friday, December 6th. The stock was sold at an average price of $53.14, for a total transaction of $1,594,200.00. Following the completion of the transaction, the insider now directly owns 632,573 shares in the company, valued at $33,614,929.22. This represents a 4.53 % decrease in their position. The disclosure for this sale can be found here. In the last ninety days, insiders have sold 164,228 shares of company stock worth $7,830,018. Insiders own 26.81% of the company’s stock.

Hedge Funds Weigh In On Wayfair

Hedge funds have recently added to or reduced their stakes in the stock. Creative Planning grew its position in shares of Wayfair by 2.1% during the 3rd quarter. Creative Planning now owns 13,261 shares of the company’s stock worth $745,000 after buying an additional 272 shares in the last quarter. International Assets Investment Management LLC lifted its stake in Wayfair by 3,988.6% in the third quarter. International Assets Investment Management LLC now owns 45,056 shares of the company’s stock worth $2,531,000 after acquiring an additional 43,954 shares during the period. Wealth Enhancement Advisory Services LLC bought a new position in Wayfair during the 3rd quarter worth about $304,000. Semanteon Capital Management LP purchased a new position in Wayfair during the 3rd quarter valued at about $277,000. Finally, Nisa Investment Advisors LLC raised its holdings in shares of Wayfair by 801.5% in the 3rd quarter. Nisa Investment Advisors LLC now owns 42,460 shares of the company’s stock valued at $2,385,000 after purchasing an additional 37,750 shares in the last quarter. 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.