Bank of America Issues Positive Forecast for Wayfair (NYSE:W) Stock Price

Wayfair (NYSE:W) had its target price increased by stock analysts at Bank of America from $36.00 to $43.00 in a note issued to investors on Wednesday,Benzinga reports. The brokerage currently has a “neutral” rating on the stock. Bank of America‘s price target points to a potential upside of 11.17% from the company’s current price.

A number of other brokerages have also recently commented on W. Deutsche Bank Aktiengesellschaft cut Wayfair from a “buy” rating to a “hold” rating and set a $25.00 target price for the company. in a report on Monday, April 14th. The Goldman Sachs Group dropped their price objective on Wayfair from $50.00 to $31.00 and set a “neutral” rating for the company in a report on Tuesday, April 22nd. Truist Financial set a $40.00 price objective on Wayfair in a report on Friday, May 2nd. Raymond James set a $60.00 price objective on Wayfair and gave the company a “strong-buy” rating in a report on Friday, February 21st. Finally, Guggenheim dropped their price objective on Wayfair from $60.00 to $50.00 and set a “buy” rating for the company in a report on Friday, May 2nd. One research analyst has rated the stock with a sell rating, twelve have issued a hold rating, twelve have given a buy rating and one has given a strong buy rating to the stock. According to data from MarketBeat, Wayfair currently has an average rating of “Moderate Buy” and an average target price of $43.83.

Wayfair Stock Performance

Shares of Wayfair stock opened at $38.68 on Wednesday. The stock has a market cap of $4.91 billion, a price-to-earnings ratio of -9.62 and a beta of 2.93. The stock has a 50 day moving average price of $31.02 and a 200-day moving average price of $40.01. Wayfair has a one year low of $20.41 and a one year high of $71.15.

Wayfair (NYSE:W) last announced its earnings results on Thursday, May 1st. The company reported $0.10 EPS for the quarter, topping analysts’ consensus estimates of ($0.14) by $0.24. The company had revenue of $2.73 billion during the quarter, compared to analysts’ expectations of $2.71 billion. Wayfair’s revenue for the quarter was up .0% compared to the same quarter last year. During the same quarter last year, the firm posted ($0.32) EPS. Sell-side analysts predict that Wayfair will post -2.54 earnings per share for the current fiscal year.

Insider Buying and Selling at Wayfair

In other news, insider Steven Conine sold 30,000 shares of the business’s stock in a transaction on Thursday, February 20th. The stock was sold at an average price of $46.33, for a total value of $1,389,900.00. Following the completion of the transaction, the insider now directly owns 559,073 shares of the company’s stock, valued at approximately $25,901,852.09. The trade was a 5.09% decrease in their position. The transaction was disclosed in a legal filing with the SEC, which is accessible through this link. Also, insider Jon Blotner sold 19,257 shares of the business’s stock in a transaction on Wednesday, April 2nd. The stock was sold at an average price of $31.68, for a total value of $610,061.76. Following the completion of the transaction, the insider now directly owns 78,308 shares of the company’s stock, valued at approximately $2,480,797.44. The trade was a 19.74% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold a total of 122,826 shares of company stock valued at $4,587,201 in the last ninety days. Corporate insiders own 21.91% of the company’s stock.

Institutional Inflows and Outflows

Several hedge funds have recently added to or reduced their stakes in W. GAMMA Investing LLC increased its position in Wayfair by 65.5% during the 4th quarter. GAMMA Investing LLC now owns 710 shares of the company’s stock valued at $31,000 after buying an additional 281 shares in the last quarter. Assenagon Asset Management S.A. acquired a new position in shares of Wayfair in the fourth quarter valued at about $6,799,000. Ameritas Advisory Services LLC acquired a new position in shares of Wayfair in the fourth quarter valued at about $229,000. Nisa Investment Advisors LLC increased its holdings in shares of Wayfair by 5.3% in the fourth quarter. Nisa Investment Advisors LLC now owns 44,710 shares of the company’s stock valued at $1,982,000 after purchasing an additional 2,250 shares during the period. Finally, SG Americas Securities LLC increased its holdings in shares of Wayfair by 277.4% in the fourth quarter. SG Americas Securities LLC now owns 12,591 shares of the company’s stock valued at $558,000 after purchasing an additional 9,255 shares during the period. 89.67% of the stock is owned by institutional investors and hedge funds.

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.