Wayfair (NYSE:W) Price Target Lowered to $63.00 at JPMorgan Chase & Co.

Wayfair (NYSE:W) had its target price lowered by JPMorgan Chase & Co. from $80.00 to $63.00 in a research report report published on Friday, Benzinga reports. The firm currently has an overweight rating on the stock.

Several other research firms have also recently commented on W. The Goldman Sachs Group lowered their price target on shares of Wayfair from $67.00 to $54.00 and set a neutral rating on the stock in a report on Friday. Truist Financial dropped their price target on shares of Wayfair from $70.00 to $60.00 and set a buy rating for the company in a research report on Friday. Citigroup decreased their price objective on shares of Wayfair from $85.00 to $70.00 and set a buy rating on the stock in a research note on Friday. Morgan Stanley lifted their target price on shares of Wayfair from $85.00 to $90.00 and gave the stock an overweight rating in a report on Monday, May 13th. Finally, Royal Bank of Canada cut their price objective on shares of Wayfair from $65.00 to $53.00 and set a sector perform rating on the stock in a research report on Friday. Eleven investment analysts have rated the stock with a hold rating, sixteen have assigned a buy rating and one has issued a strong buy rating to the stock. According to data from MarketBeat, Wayfair presently has an average rating of Moderate Buy and an average price target of $68.92.

Wayfair Stock Performance

Shares of NYSE W opened at $44.37 on Friday. Wayfair has a 1 year low of $38.37 and a 1 year high of $85.82. The firm has a market cap of $5.34 billion, a price-to-earnings ratio of -8.28 and a beta of 3.43. The stock’s 50-day simple moving average is $53.95 and its 200-day simple moving average is $57.26.

Wayfair (NYSE:W) last issued its earnings results on Thursday, August 1st. The company reported $0.47 EPS for the quarter, missing analysts’ consensus estimates of $0.50 by ($0.03). The business had revenue of $3.18 billion during the quarter, compared to the consensus estimate of $3.18 billion. During the same period in the prior year, the firm posted ($1.27) EPS. The firm’s revenue for the quarter was up .2% compared to the same quarter last year. As a group, research analysts predict that Wayfair will post -2.93 EPS for the current year.

Insider Transactions at Wayfair

In other Wayfair news, CEO Niraj Shah sold 10,000 shares of the stock in a transaction that occurred on Monday, July 8th. The shares were sold at an average price of $52.62, for a total transaction of $526,200.00. Following the completion of the sale, the chief executive officer now directly owns 209,137 shares of the company’s stock, valued at approximately $11,004,788.94. The sale was disclosed in a legal filing with the SEC, which is available at this link. In other news, insider Jon Blotner sold 4,395 shares of the company’s 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 transaction, the insider now owns 43,926 shares in the company, valued at $2,463,809.34. The transaction was disclosed in a filing with the SEC, which is accessible through this hyperlink. Also, CEO Niraj Shah sold 10,000 shares of the company’s stock in a transaction dated Monday, July 8th. The shares were sold at an average price of $52.62, for a total transaction of $526,200.00. Following the transaction, the chief executive officer now owns 209,137 shares in the company, valued at approximately $11,004,788.94. The disclosure for this sale can be found here. Insiders have sold 50,102 shares of company stock worth $2,644,559 in the last quarter. Company insiders own 26.81% of the company’s stock.

Hedge Funds Weigh In On Wayfair

Several hedge funds and other institutional investors have recently bought and sold shares of W. Los Angeles Capital Management LLC purchased a new position in shares of Wayfair during the 2nd quarter valued at approximately $311,000. Arizona State Retirement System raised its stake in Wayfair by 10.5% in the 2nd quarter. Arizona State Retirement System now owns 25,222 shares of the company’s stock valued at $1,330,000 after purchasing an additional 2,403 shares during the last quarter. Victory Capital Management Inc. raised its stake in Wayfair by 26.5% in the 2nd quarter. Victory Capital Management Inc. now owns 228,724 shares of the company’s stock valued at $12,061,000 after purchasing an additional 47,978 shares during the last quarter. Mesirow Institutional Investment Management Inc. raised its stake in Wayfair by 4.1% in the 2nd quarter. Mesirow Institutional Investment Management Inc. now owns 209,964 shares of the company’s stock valued at $11,071,000 after purchasing an additional 8,278 shares during the last quarter. Finally, AM Squared Ltd acquired a new stake in shares of Wayfair in the 2nd quarter worth $142,000. Institutional investors and hedge funds 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.