Wayfair (NYSE:W) Given New $53.00 Price Target at Truist Financial

Wayfair (NYSE:W) had its price objective reduced by Truist Financial from $55.00 to $53.00 in a report released on Friday,Benzinga reports. The brokerage currently has a “buy” rating on the stock. Truist Financial’s price objective would indicate a potential upside of 23.40% from the company’s previous close.

W has been the topic of a number of other research reports. Royal Bank of Canada lowered their target price on Wayfair from $53.00 to $50.00 and set a “sector perform” rating on the stock in a report on Monday, November 4th. Mizuho reduced their price objective on Wayfair from $65.00 to $60.00 and set an “outperform” rating for the company in a research report on Monday, November 4th. Piper Sandler reduced their price objective on Wayfair from $67.00 to $63.00 and set an “overweight” rating for the company in a research report on Monday, October 28th. Citigroup reduced their price objective on Wayfair from $70.00 to $54.00 and set a “buy” rating for the company in a research report on Monday, November 4th. Finally, BMO Capital Markets reduced their price objective on Wayfair from $58.00 to $50.00 and set a “market perform” rating for the company in a research report on Monday, November 4th. Fourteen analysts have rated the stock with a hold rating, twelve have assigned a buy rating and one has issued a strong buy rating to the company. Based on data from MarketBeat.com, the company presently has a consensus rating of “Moderate Buy” and an average price target of $58.52.

Wayfair Price Performance

Wayfair stock traded down $3.11 during mid-day trading on Friday, hitting $42.95. The company’s stock had a trading volume of 2,186,845 shares, compared to its average volume of 3,646,238. The firm’s 50 day moving average is $46.42 and its 200 day moving average is $46.50. The company has a market cap of $5.38 billion, a PE ratio of -9.57 and a beta of 3.43. Wayfair has a 52-week low of $37.35 and a 52-week high of $76.18.

Wayfair (NYSE:W) last issued its earnings results on Thursday, February 20th. The company reported ($0.96) earnings per share 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 the consensus estimate of $3.07 billion. As a group, analysts forecast that Wayfair will post -2.89 EPS for the current year.

Insider Buying and Selling at Wayfair

In related news, insider Steven Conine sold 30,000 shares of the company’s stock in a transaction dated Friday, December 6th. The stock was sold at an average price of $53.14, for a total value of $1,594,200.00. Following the completion of the sale, the insider now owns 632,573 shares in the company, valued at approximately $33,614,929.22. This represents a 4.53 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which can be accessed through this link. Also, CFO Kate Gulliver sold 5,974 shares of the company’s stock in a transaction dated Friday, January 3rd. The shares were sold at an average price of $44.95, for a total value of $268,531.30. Following the completion of the sale, the chief financial officer now owns 129,964 shares of the company’s stock, valued at $5,841,881.80. This represents a 4.39 % decrease in their position. The disclosure for this sale can be found here. In the last quarter, insiders sold 134,228 shares of company stock worth $6,440,118. 26.81% of the stock is currently owned by insiders.

Institutional Investors Weigh In On Wayfair

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