Canaccord Genuity Group Issues Pessimistic Forecast for Wayfair (NYSE:W) Stock Price

Wayfair (NYSE:W) had its price target dropped by research analysts at Canaccord Genuity Group from $76.00 to $68.00 in a research note issued to investors on Friday,Benzinga reports. The brokerage presently has a “buy” rating on the stock. Canaccord Genuity Group’s price target suggests a potential upside of 62.23% from the company’s current price.

Several other research analysts also recently commented on W. StockNews.com upgraded Wayfair from a “sell” rating to a “hold” rating in a report on Thursday, December 19th. Loop Capital raised their price objective on Wayfair from $50.00 to $55.00 and gave the stock a “hold” rating in a research report on Monday, December 16th. Wedbush cut Wayfair from an “outperform” rating to a “neutral” rating and lowered their price objective for the stock from $45.00 to $44.00 in a research report on Monday, January 6th. Needham & Company LLC reaffirmed a “buy” rating and set a $60.00 price target on shares of Wayfair in a research report on Friday, November 1st. Finally, Citigroup reduced their price objective on Wayfair from $70.00 to $54.00 and set a “buy” rating for the company in a research note on Monday, November 4th. Fourteen equities 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, the stock has a consensus rating of “Moderate Buy” and a consensus price target of $58.40.

Wayfair Stock Performance

Wayfair stock opened at $41.92 on Friday. The stock has a market cap of $5.25 billion, a PE ratio of -10.43 and a beta of 3.43. Wayfair has a one year low of $37.35 and a one year high of $76.18. The stock has a fifty day moving average of $46.22 and a 200 day moving average of $46.51.

Wayfair (NYSE:W) last issued its quarterly earnings results on Thursday, February 20th. The company reported ($0.96) EPS for the quarter, missing analysts’ consensus estimates 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. As a group, sell-side analysts predict that Wayfair will post -2.54 EPS for the current fiscal year.

Insiders Place Their Bets

In other news, insider Jon Blotner sold 5,669 shares of the firm’s stock in a transaction dated Monday, January 13th. The shares were sold at an average price of $42.83, for a total transaction of $242,803.27. Following the completion of the transaction, the insider now directly owns 57,899 shares of the company’s stock, valued at approximately $2,479,814.17. This trade represents a 8.92 % decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, insider Steven Conine sold 30,000 shares of Wayfair stock in a transaction dated Friday, December 6th. The shares were sold at an average price of $53.14, for a total transaction of $1,594,200.00. Following the transaction, the insider now directly owns 632,573 shares of the company’s stock, valued at $33,614,929.22. This represents a 4.53 % decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last 90 days, insiders 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

A number of institutional investors have recently modified their holdings of W. True Wealth Design LLC boosted its holdings in shares of Wayfair by 207.1% in the fourth quarter. True Wealth Design LLC now owns 565 shares of the company’s stock valued at $25,000 after buying an additional 381 shares during the period. J.Safra Asset Management Corp increased its holdings in shares of Wayfair by 71.3% in the fourth quarter. J.Safra Asset Management Corp now owns 586 shares of the company’s stock valued at $26,000 after purchasing an additional 244 shares during the last quarter. Jones Financial Companies Lllp increased its holdings in shares of Wayfair by 577.0% in the fourth quarter. Jones Financial Companies Lllp now owns 589 shares of the company’s stock valued at $26,000 after purchasing an additional 502 shares during the last quarter. Capital Performance Advisors LLP acquired a new position in shares of Wayfair in the third quarter valued at about $29,000. Finally, GAMMA Investing LLC grew its stake in shares of Wayfair by 65.5% in the fourth quarter. GAMMA Investing LLC now owns 710 shares of the company’s stock valued at $31,000 after acquiring an additional 281 shares in the last quarter. 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.