Truist Financial Lowers Wayfair (NYSE:W) Price Target to $36.00

Wayfair (NYSE:W) had its price objective dropped by equities researchers at Truist Financial from $53.00 to $36.00 in a report issued on Thursday, Marketbeat Ratings reports. The firm currently has a “buy” rating on the stock. Truist Financial’s price target points to a potential upside of 33.77% from the company’s previous close.

Several other analysts have also issued reports on W. Loop Capital reduced their price target on shares of Wayfair from $55.00 to $45.00 and set a “hold” rating on the stock in a research report on Friday, February 21st. Royal Bank of Canada reduced their target price on Wayfair from $50.00 to $43.00 and set a “sector perform” rating on the stock in a report on Monday, February 24th. StockNews.com upgraded Wayfair from a “sell” rating to a “hold” rating in a research note on Thursday, December 19th. Wedbush restated a “neutral” rating and set a $46.00 price objective (up from $44.00) on shares of Wayfair in a research report on Friday, February 21st. Finally, Stifel Nicolaus reduced their price objective on Wayfair from $47.00 to $46.00 and set a “hold” rating on the stock in a research note on Friday, February 21st. Fifteen equities research analysts have rated the stock with a hold rating, eleven have issued a buy rating and one has assigned a strong buy rating to the stock. According to MarketBeat, Wayfair has an average rating of “Hold” and a consensus price target of $54.16.

Wayfair Stock Performance

NYSE:W opened at $26.91 on Thursday. The company has a market cap of $3.42 billion, a price-to-earnings ratio of -6.69 and a beta of 3.72. Wayfair has a fifty-two week low of $20.41 and a fifty-two week high of $76.18. The stock has a fifty day moving average price of $36.48 and a 200-day moving average price of $43.47.

Wayfair (NYSE:W) last posted its quarterly earnings data 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 company had revenue of $3.12 billion for the quarter, compared to analyst estimates of $3.07 billion. Research analysts predict that Wayfair will post -2.54 EPS for the current fiscal year.

Insider Activity

In related news, CTO Fiona Tan sold 23,835 shares of the business’s stock in a transaction on Wednesday, April 2nd. The shares were sold at an average price of $31.92, for a total value of $760,813.20. Following the transaction, the chief technology officer now owns 111,128 shares in the company, valued at $3,547,205.76. The trade was a 17.66 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, insider Jon Blotner sold 5,669 shares of the stock in a transaction dated Monday, January 13th. The stock was sold at an average price of $42.83, for a total value of $242,803.27. Following the sale, the insider now owns 57,899 shares of the company’s stock, valued at approximately $2,479,814.17. The trade was a 8.92 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last quarter, insiders sold 128,532 shares of company stock valued at $5,090,232. Company insiders own 23.50% of the company’s stock.

Institutional Investors Weigh In On Wayfair

A number of hedge funds have recently added to or reduced their stakes in W. True Wealth Design LLC boosted its position in shares of Wayfair by 207.1% during the 4th quarter. True Wealth Design LLC now owns 565 shares of the company’s stock worth $25,000 after purchasing an additional 381 shares in the last quarter. J.Safra Asset Management Corp grew its stake in 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 acquiring an additional 244 shares during the period. Jones Financial Companies Lllp increased its holdings in shares of 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 acquiring an additional 502 shares in the last quarter. GAMMA Investing LLC increased its holdings in shares of 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 acquiring an additional 281 shares in the last quarter. Finally, Aster Capital Management DIFC Ltd acquired a new position in shares of Wayfair during the fourth quarter worth approximately $41,000. 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.