Bank of America Lowers Wayfair (NYSE:W) Price Target to $50.00

Wayfair (NYSE:W) had its price target lowered by equities researchers at Bank of America from $52.00 to $50.00 in a research note issued to investors on Friday,Benzinga reports. The brokerage currently has a “neutral” rating on the stock. Bank of America‘s price objective points to a potential upside of 19.29% from the company’s current price.

Several other research firms have also weighed in on W. 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. Mizuho lowered their price target on Wayfair from $65.00 to $60.00 and set an “outperform” rating on the stock in a research report on Monday, November 4th. Wedbush lowered Wayfair from an “outperform” rating to a “neutral” rating and lowered their price target for the stock from $45.00 to $44.00 in a research report on Monday, January 6th. Loop Capital boosted their price target on Wayfair from $50.00 to $55.00 and gave the stock a “hold” rating in a research report on Monday, December 16th. Finally, Deutsche Bank Aktiengesellschaft reduced their target price on Wayfair from $69.00 to $46.00 and set a “buy” rating for the company in a research note on Monday, November 4th. Fourteen analysts have rated the stock with a hold rating, twelve have given a buy rating and one has given a strong buy rating to the company’s stock. According to data from MarketBeat.com, the stock has a consensus rating of “Moderate Buy” and an average price target of $58.40.

Wayfair Stock Performance

Shares of Wayfair stock opened at $41.92 on Friday. The business’s 50 day simple moving average is $46.22 and its 200 day simple moving average is $46.51. Wayfair has a 52-week low of $37.35 and a 52-week high of $76.18. The firm has a market cap of $5.25 billion, a PE ratio of -10.43 and a beta of 3.43.

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

Insider Activity at Wayfair

In other news, insider Steven Conine sold 30,000 shares of the company’s stock in a transaction on 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 sale, the insider now directly owns 632,573 shares in the company, valued at approximately $33,614,929.22. This represents a 4.53 % decrease in their position. The transaction was disclosed in a legal filing with the SEC, which can be accessed through this hyperlink. Also, COO Thomas Netzer sold 1,039 shares of the company’s stock in a transaction on Tuesday, December 17th. The shares were sold at an average price of $50.65, for a total value of $52,625.35. Following the sale, the chief operating officer now owns 171,790 shares of the company’s stock, valued at approximately $8,701,163.50. The trade was a 0.60 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold 164,228 shares of company stock worth $7,830,018 in the last ninety days. 26.81% of the stock is owned by company insiders.

Hedge Funds Weigh In On Wayfair

A number of institutional investors have recently modified their holdings of W. Southpoint Capital Advisors LP acquired a new position in shares of Wayfair during the 3rd quarter worth $78,652,000. Holocene Advisors LP raised its holdings in shares of Wayfair by 5,699.8% during the 3rd quarter. Holocene Advisors LP now owns 1,235,193 shares of the company’s stock worth $69,393,000 after buying an additional 1,213,896 shares in the last quarter. Capital World Investors raised its holdings in shares of Wayfair by 6.2% during the 4th quarter. Capital World Investors now owns 13,506,200 shares of the company’s stock worth $598,596,000 after buying an additional 782,757 shares in the last quarter. Baillie Gifford & Co. raised its holdings in shares of Wayfair by 13.6% during the 4th quarter. Baillie Gifford & Co. now owns 6,179,761 shares of the company’s stock worth $273,887,000 after buying an additional 740,641 shares in the last quarter. Finally, Norges Bank acquired a new position in shares of Wayfair during the 4th quarter worth $31,472,000. Institutional investors and hedge funds own 89.67% of the company’s stock.

Wayfair Company Profile

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.