Truist Financial Corp Buys 3,028 Shares of Wayfair Inc. (NYSE:W)

Truist Financial Corp lifted its stake in shares of Wayfair Inc. (NYSE:W) by 46.6% in the 2nd quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The institutional investor owned 9,527 shares of the company’s stock after acquiring an additional 3,028 shares during the period. Truist Financial Corp’s holdings in Wayfair were worth $502,000 at the end of the most recent quarter.

Several other large investors also recently made changes to their positions in W. Riverview Trust Co bought a new position in Wayfair in the first quarter valued at $27,000. ORG Partners LLC bought a new position in Wayfair in the first quarter valued at $37,000. International Assets Investment Management LLC bought a new position in Wayfair in the second quarter valued at $58,000. Comerica Bank grew its position in Wayfair by 210.9% in the first quarter. Comerica Bank now owns 1,222 shares of the company’s stock valued at $83,000 after purchasing an additional 829 shares in the last quarter. Finally, Emerald Mutual Fund Advisers Trust bought a new position in Wayfair in the second quarter valued at $109,000. Institutional investors own 89.67% of the company’s stock.

Analysts Set New Price Targets

W has been the subject of a number of analyst reports. Royal Bank of Canada decreased their target price on shares of Wayfair from $65.00 to $53.00 and set a “sector perform” rating for the company in a research report on Friday, August 2nd. Guggenheim reaffirmed a “buy” rating and issued a $70.00 target price on shares of Wayfair in a research report on Thursday, September 26th. Raymond James decreased their target price on shares of Wayfair from $70.00 to $65.00 and set a “strong-buy” rating for the company in a research report on Friday, August 2nd. Citigroup cut their price target on shares of Wayfair from $85.00 to $70.00 and set a “buy” rating for the company in a research note on Friday, August 2nd. Finally, Truist Financial cut their price target on shares of Wayfair from $70.00 to $60.00 and set a “buy” rating for the company in a research note on Friday, August 2nd. Twelve equities research analysts have rated the stock with a hold rating, thirteen have given a buy rating and one has given a strong buy rating to the company’s stock. According to data from MarketBeat, the company presently has an average rating of “Moderate Buy” and an average price target of $65.83.

Wayfair Stock Performance

NYSE:W opened at $54.29 on Thursday. Wayfair Inc. has a 52 week low of $38.02 and a 52 week high of $76.18. The firm has a market cap of $6.70 billion, a price-to-earnings ratio of -10.26 and a beta of 3.42. The firm’s 50-day simple moving average is $47.84 and its 200 day simple moving average is $53.75.

Wayfair (NYSE:W) last released its quarterly earnings results on Thursday, August 1st. The company reported $0.47 EPS for the quarter, missing analysts’ consensus estimates of $0.50 by ($0.03). The company had revenue of $3.18 billion for the quarter, compared to analyst estimates of $3.18 billion. During the same quarter last year, the company posted ($1.27) earnings per share. The business’s revenue for the quarter was up .2% compared to the same quarter last year. Sell-side analysts anticipate that Wayfair Inc. will post -2.68 EPS for the current year.

Insider Buying and Selling

In other Wayfair news, insider Jon Blotner sold 4,600 shares of the firm’s stock in a transaction dated Monday, October 14th. The shares were sold at an average price of $53.60, for a total value of $246,560.00. Following the transaction, the insider now directly owns 52,078 shares of the company’s stock, valued at $2,791,380.80. This trade represents a 0.00 % decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through the SEC website. In other Wayfair news, insider Jon Blotner sold 4,600 shares of the firm’s stock in a transaction dated Monday, October 14th. The shares were sold at an average price of $53.60, for a total value of $246,560.00. Following the transaction, the insider now directly owns 52,078 shares of the company’s stock, valued at $2,791,380.80. This trade represents a 0.00 % decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, COO Thomas Netzer sold 8,435 shares of the firm’s stock in a transaction dated Wednesday, October 2nd. The shares were sold at an average price of $53.06, for a total transaction of $447,561.10. Following the completion of the transaction, the chief operating officer now directly owns 179,180 shares in the company, valued at approximately $9,507,290.80. This represents a 0.00 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last three months, insiders have sold 37,891 shares of company stock valued at $2,007,213. 23.50% of the stock is owned by company insiders.

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.