Citigroup Cuts Wayfair (NYSE:W) Price Target to $54.00

Wayfair (NYSE:W) had its price target decreased by analysts at Citigroup from $70.00 to $54.00 in a report issued on Monday, Benzinga reports. The firm currently has a “buy” rating on the stock. Citigroup’s target price suggests a potential upside of 21.70% from the company’s previous close.

Other research analysts have also issued research reports about the stock. BMO Capital Markets reduced their price objective on shares of Wayfair from $58.00 to $50.00 and set a “market perform” rating on the stock in a research note on Monday. Gordon Haskett lowered shares of Wayfair from a “buy” rating to a “hold” rating in a report on Thursday, August 1st. Bank of America downgraded Wayfair from a “buy” rating to a “neutral” rating and dropped their price objective for the stock from $85.00 to $58.00 in a research note on Thursday, August 1st. Needham & Company LLC reissued a “buy” rating and issued a $60.00 target price on shares of Wayfair in a research note on Friday, November 1st. Finally, Royal Bank of Canada dropped their price target on Wayfair from $65.00 to $53.00 and set a “sector perform” rating on the stock in a research report on Friday, August 2nd. One equities research analyst has rated the stock with a sell rating, twelve have given a hold rating, thirteen have issued a buy rating and one has issued a strong buy rating to the stock. According to data from MarketBeat, Wayfair currently has a consensus rating of “Moderate Buy” and a consensus price target of $60.28.

Wayfair Stock Performance

W opened at $44.37 on Monday. The firm has a market cap of $5.48 billion, a price-to-earnings ratio of -9.88 and a beta of 3.46. Wayfair has a twelve month low of $38.02 and a twelve month high of $76.18. The firm’s 50-day simple moving average is $48.65 and its 200-day simple moving average is $52.20.

Wayfair (NYSE:W) last announced its earnings results on Friday, November 1st. The company reported $0.22 EPS for the quarter, topping the consensus estimate of $0.13 by $0.09. The business had revenue of $2.88 billion for the quarter, compared to the consensus estimate of $2.87 billion. During the same quarter in the previous year, the company posted ($1.38) EPS. Wayfair’s revenue for the quarter was down 2.0% on a year-over-year basis. As a group, sell-side analysts anticipate that Wayfair will post -2.68 EPS for the current fiscal year.

Insider Activity at Wayfair

In other Wayfair news, COO Thomas Netzer sold 1,011 shares of the business’s stock in a transaction that occurred on Tuesday, September 17th. The stock was sold at an average price of $49.42, for a total transaction of $49,963.62. Following the transaction, the chief operating officer now owns 151,802 shares of the company’s stock, valued at $7,502,054.84. The trade was a 0.00 % decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. In related news, COO Thomas Netzer sold 1,011 shares of the firm’s stock in a transaction on Tuesday, September 17th. The shares were sold at an average price of $49.42, for a total value of $49,963.62. Following the completion of the transaction, the chief operating officer now directly owns 151,802 shares of the company’s stock, valued at approximately $7,502,054.84. This trade represents a 0.00 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, CFO Kate Gulliver sold 7,330 shares of the company’s stock in a transaction on Wednesday, October 2nd. The stock was sold at an average price of $53.05, for a total transaction of $388,856.50. Following the sale, the chief financial officer now directly owns 117,947 shares in the company, valued at $6,257,088.35. This trade represents a 0.00 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last ninety days, insiders sold 37,868 shares of company stock valued at $2,003,248. Insiders own 23.50% of the company’s stock.

Hedge Funds Weigh In On Wayfair

Hedge funds and other institutional investors have recently bought and sold shares of the business. Capital Performance Advisors LLP acquired a new stake in Wayfair during the third quarter worth approximately $29,000. ORG Partners LLC bought a new position in shares of Wayfair during the first quarter worth approximately $37,000. International Assets Investment Management LLC acquired a new stake in Wayfair during the 2nd quarter worth approximately $58,000. Comerica Bank boosted its stake in Wayfair by 210.9% in the 1st quarter. Comerica Bank now owns 1,222 shares of the company’s stock valued at $83,000 after purchasing an additional 829 shares during the period. Finally, BI Asset Management Fondsmaeglerselskab A S grew its holdings in Wayfair by 39.1% in the 1st quarter. BI Asset Management Fondsmaeglerselskab A S now owns 1,676 shares of the company’s stock valued at $114,000 after buying an additional 471 shares in the last quarter. 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.