Wayfair (NYSE:W) Given New $50.00 Price Target at Bank of America

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

Several other equities research analysts have also recently weighed in on the company. Piper Sandler decreased their price target on Wayfair from $67.00 to $63.00 and set an “overweight” rating for the company in a research note on Monday, October 28th. Needham & Company LLC reissued a “buy” rating and issued a $60.00 price target on shares of Wayfair in a research note on Friday, November 1st. Citigroup decreased their price target on Wayfair from $70.00 to $54.00 and set a “buy” rating for the company in a research note on Monday, November 4th. StockNews.com raised Wayfair from a “sell” rating to a “hold” rating in a research note on Thursday, December 19th. Finally, Robert W. Baird decreased their price target on Wayfair from $56.00 to $50.00 and set a “neutral” 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. According to MarketBeat.com, the stock presently has an average rating of “Moderate Buy” and a consensus target price of $58.40.

Wayfair Stock Down 9.0 %

Shares of W opened at $41.92 on Friday. Wayfair has a 12-month low of $37.35 and a 12-month high of $76.18. The business has a 50-day simple moving average of $46.22 and a two-hundred day simple moving average of $46.51. The stock has a market cap of $5.25 billion, a PE ratio of -10.43 and a beta of 3.43.

Wayfair (NYSE:W) last issued its quarterly 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 firm had revenue of $3.12 billion during the quarter, compared to the consensus estimate of $3.07 billion. On average, equities research analysts expect that Wayfair will post -2.54 EPS for the current year.

Insider Buying and Selling at Wayfair

In other news, CTO Fiona Tan sold 8,249 shares of the company’s stock in a transaction on Friday, January 3rd. The shares were sold at an average price of $44.91, for a total value of $370,462.59. Following the completion of the sale, the chief technology officer now owns 96,557 shares in the company, valued at $4,336,374.87. This represents a 7.87 % decrease in their position. The transaction was disclosed in a legal filing with the SEC, which is available through this hyperlink. Also, 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 owns 632,573 shares of the company’s stock, valued at approximately $33,614,929.22. The trade was a 4.53 % decrease in their position. 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. 26.81% of the stock is owned by corporate insiders.

Institutional Trading of Wayfair

Several institutional investors have recently made changes to their positions in the company. J.Safra Asset Management Corp grew its position in Wayfair by 71.3% during the fourth quarter. J.Safra Asset Management Corp now owns 586 shares of the company’s stock valued at $26,000 after buying an additional 244 shares during the period. Creative Planning grew its position in Wayfair by 2.1% during the third quarter. Creative Planning now owns 13,261 shares of the company’s stock valued at $745,000 after buying an additional 272 shares during the period. GAMMA Investing LLC grew its position in Wayfair by 65.5% during the fourth quarter. GAMMA Investing LLC now owns 710 shares of the company’s stock valued at $31,000 after buying an additional 281 shares during the period. True Wealth Design LLC grew its position in Wayfair by 207.1% during 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. Finally, Jones Financial Companies Lllp grew its position in Wayfair by 577.0% during the fourth quarter. Jones Financial Companies Lllp now owns 589 shares of the company’s stock valued at $26,000 after buying an additional 502 shares during the period. Institutional investors own 89.67% of the company’s stock.

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.