Bank of America Cuts Wayfair (NYSE:W) Price Target to $50.00

Wayfair (NYSE:W) had its target price trimmed by Bank of America from $52.00 to $50.00 in a report published on Friday,Benzinga reports. They currently have a neutral rating on the stock.

A number of other research analysts have also commented on the company. Wedbush lowered Wayfair from an “outperform” rating to a “neutral” rating and cut their price target for the stock from $45.00 to $44.00 in a report on Monday, January 6th. Piper Sandler dropped their price objective on shares of Wayfair from $67.00 to $63.00 and set an “overweight” rating for the company in a research note on Monday, October 28th. Stifel Nicolaus decreased their target price on shares of Wayfair from $55.00 to $47.00 and set a “hold” rating on the stock in a research report on Monday, November 4th. Truist Financial dropped their price target on shares of Wayfair from $60.00 to $55.00 and set a “buy” rating for the company in a research report on Monday, November 4th. Finally, BMO Capital Markets cut their price target on shares of Wayfair from $58.00 to $50.00 and set a “market perform” rating for the company in a research note on Monday, November 4th. Fourteen analysts have rated the stock with a hold rating, twelve have issued a buy rating and one has issued a strong buy rating to the stock. Based on data from MarketBeat.com, Wayfair has an average rating of “Moderate Buy” and an average target price of $58.40.

Wayfair Stock Performance

Shares of W opened at $41.92 on Friday. Wayfair has a 52 week low of $37.35 and a 52 week high of $76.18. The company has a market capitalization of $5.25 billion, a PE ratio of -10.43 and a beta of 3.43. The company’s 50 day moving average price is $46.22 and its 200 day moving average price is $46.55.

Wayfair (NYSE:W) last posted its earnings results on Thursday, February 20th. The company reported ($0.96) EPS for the quarter, missing the consensus estimate of $0.05 by ($1.01). The business had revenue of $3.12 billion for the quarter, compared to the consensus estimate of $3.07 billion. On average, equities analysts forecast that Wayfair will post -2.54 earnings per share for the current fiscal year.

Insider Transactions at Wayfair

In other Wayfair news, insider Steven Conine sold 30,000 shares of the business’s stock in a transaction on Thursday, February 20th. The shares were sold at an average price of $46.33, for a total transaction of $1,389,900.00. Following the sale, the insider now owns 559,073 shares of the company’s stock, valued at $25,901,852.09. The trade was a 5.09 % decrease in their position. The sale was disclosed in a legal filing with the SEC, which is available through this link. Also, insider Jon Blotner sold 5,669 shares of the business’s stock in a transaction that occurred on Monday, January 13th. The shares were sold at an average price of $42.83, for a total transaction of $242,803.27. Following the transaction, the insider now directly owns 57,899 shares of the company’s stock, valued at approximately $2,479,814.17. This represents a 8.92 % decrease in their position. The disclosure for this sale can be found here. Insiders have sold 164,228 shares of company stock worth $7,830,018 in the last ninety days. Company insiders own 26.81% of the company’s stock.

Institutional Trading of Wayfair

Institutional investors have recently made changes to their positions in the stock. True Wealth Design LLC increased its holdings in Wayfair by 207.1% during the 4th quarter. True Wealth Design LLC now owns 565 shares of the company’s stock valued at $25,000 after purchasing an additional 381 shares during the period. J.Safra Asset Management Corp grew its position in shares of Wayfair by 71.3% in the 4th 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 last quarter. Jones Financial Companies Lllp increased its stake 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 buying an additional 502 shares during the period. Capital Performance Advisors LLP bought a new position in shares of Wayfair during the third quarter valued at approximately $29,000. Finally, GAMMA Investing LLC lifted its stake in Wayfair by 65.5% in the fourth quarter. GAMMA Investing LLC now owns 710 shares of the company’s stock worth $31,000 after acquiring an additional 281 shares during the period. Hedge funds and other 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.