Wayfair (NYSE:W) Price Target Cut to $60.00 by Analysts at Truist Financial

Wayfair (NYSE:W) had its price target trimmed by Truist Financial from $70.00 to $60.00 in a report issued on Friday morning, Benzinga reports. The brokerage currently has a buy rating on the stock.

Several other brokerages also recently issued reports on W. Deutsche Bank Aktiengesellschaft upped their price objective on shares of Wayfair from $63.00 to $79.00 and gave the company a buy rating in a research note on Wednesday, April 10th. BMO Capital Markets increased their price target on shares of Wayfair from $57.00 to $61.00 and gave the stock a market perform rating in a research note on Friday, May 3rd. Bank of America downgraded shares of Wayfair from a buy rating to a neutral rating and cut their price target for the stock from $85.00 to $58.00 in a research note on Thursday. Royal Bank of Canada increased their price target on shares of Wayfair from $61.00 to $65.00 and gave the stock a sector perform rating in a research note on Monday, May 6th. Finally, Needham & Company LLC reaffirmed a buy rating and set a $75.00 price target on shares of Wayfair in a research note on Thursday, May 16th. One investment analyst has rated the stock with a sell rating, ten have issued a hold rating, eighteen have given a buy rating and one has assigned a strong buy rating to the stock. Based on data from MarketBeat.com, the company presently has an average rating of Moderate Buy and a consensus price target of $73.83.

Wayfair Stock Performance

Shares of W traded down $2.24 on Friday, hitting $47.77. 5,973,354 shares of the stock traded hands, compared to its average volume of 4,472,972. The stock’s 50 day moving average is $53.95 and its two-hundred day moving average is $57.18. Wayfair has a 1 year low of $38.37 and a 1 year high of $90.71.

Wayfair (NYSE:W) last announced its quarterly earnings data on Thursday, May 2nd. The company reported ($1.38) earnings per share (EPS) for the quarter, beating the consensus estimate of ($1.49) by $0.11. The firm had revenue of $2.73 billion for the quarter, compared to analysts’ expectations of $2.64 billion. On average, sell-side analysts predict that Wayfair will post -2.93 EPS for the current year.

Insider Transactions at Wayfair

In other news, insider Jon Blotner sold 4,395 shares of the firm’s stock in a transaction dated Monday, July 15th. The shares were sold at an average price of $56.09, for a total value of $246,515.55. Following the transaction, the insider now directly owns 43,926 shares in the company, valued at approximately $2,463,809.34. The transaction was disclosed in a legal filing with the SEC, which is available at this link. In related news, COO Thomas Netzer sold 6,625 shares of Wayfair stock in a transaction dated Tuesday, July 2nd. The shares were sold at an average price of $50.74, for a total value of $336,152.50. Following the sale, the chief operating officer now directly owns 157,239 shares in the company, valued at approximately $7,978,306.86. The sale was disclosed in a legal filing with the SEC, which is available at the SEC website. Also, insider Jon Blotner sold 4,395 shares of Wayfair stock in a transaction dated Monday, July 15th. The shares were sold at an average price of $56.09, for a total transaction of $246,515.55. Following the completion of the sale, the insider now owns 43,926 shares in the company, valued at $2,463,809.34. The disclosure for this sale can be found here. In the last three months, insiders have sold 59,682 shares of company stock worth $3,306,949. 26.81% of the stock is currently owned by insiders.

Institutional Trading of Wayfair

Hedge funds have recently bought and sold shares of the company. Riverview Trust Co bought a new stake in Wayfair in the 1st quarter valued at about $27,000. GAMMA Investing LLC bought a new stake in Wayfair in the 4th quarter valued at about $31,000. ORG Partners LLC acquired a new position in Wayfair during the 1st quarter valued at about $37,000. International Assets Investment Management LLC acquired a new position in Wayfair during the 2nd quarter valued at about $58,000. Finally, BI Asset Management Fondsmaeglerselskab A S acquired a new position in Wayfair during the 4th quarter valued at about $74,000. 89.67% of the stock is currently owned by institutional investors.

Wayfair Company Profile

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.