Wayfair (NYSE:W) Price Target Cut to $58.00 by Analysts at Canaccord Genuity Group

Wayfair (NYSE:W) had its price objective lowered by equities researchers at Canaccord Genuity Group from $68.00 to $58.00 in a note issued to investors on Monday,Benzinga reports. The firm currently has a “buy” rating on the stock. Canaccord Genuity Group’s target price indicates a potential upside of 98.02% from the company’s previous close.

A number of other analysts also recently commented on the company. The Goldman Sachs Group decreased their target price on Wayfair from $50.00 to $31.00 and set a “neutral” rating on the stock in a research report on Tuesday, April 22nd. Wedbush restated a “neutral” rating and set a $46.00 target price (up from $44.00) on shares of Wayfair in a report on Friday, February 21st. Loop Capital lowered their price target on shares of Wayfair from $55.00 to $45.00 and set a “hold” rating on the stock in a research report on Friday, February 21st. Stifel Nicolaus lowered their target price on Wayfair from $46.00 to $29.00 and set a “hold” rating on the stock in a report on Wednesday, April 23rd. Finally, Truist Financial cut their price target on Wayfair from $53.00 to $36.00 and set a “buy” rating for the company in a report on Thursday, April 10th. Sixteen research analysts have rated the stock with a hold rating, ten have given a buy rating and one has given a strong buy rating to the company. According to MarketBeat.com, Wayfair currently has an average rating of “Hold” and a consensus price target of $50.28.

Wayfair Stock Down 0.4 %

NYSE:W opened at $29.29 on Monday. Wayfair has a fifty-two week low of $20.41 and a fifty-two week high of $76.18. The firm’s fifty day simple moving average is $32.54 and its 200-day simple moving average is $41.45. The stock has a market cap of $3.72 billion, a PE ratio of -7.29 and a beta of 3.72.

Wayfair (NYSE:W) last issued its earnings results on Thursday, February 20th. The company reported ($0.96) earnings per share (EPS) for the quarter, missing analysts’ consensus estimates 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. Equities analysts anticipate that Wayfair will post -2.54 earnings per share for the current year.

Insider Activity at Wayfair

In related news, CFO Kate Gulliver sold 19,296 shares of the company’s stock in a transaction on Wednesday, April 2nd. The shares were sold at an average price of $31.67, for a total value of $611,104.32. Following the sale, the chief financial officer now directly owns 144,474 shares of the company’s stock, valued at $4,575,491.58. This represents a 11.78 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is accessible through this link. Also, insider Steven Conine sold 30,000 shares of the firm’s stock in a transaction on Thursday, February 20th. The stock was sold at an average price of $46.33, for a total transaction of $1,389,900.00. Following the transaction, the insider now directly owns 559,073 shares of the company’s stock, valued at approximately $25,901,852.09. This represents a 5.09 % decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last ninety days, insiders have sold 92,863 shares of company stock worth $3,393,929. 21.91% of the stock is currently owned by company insiders.

Institutional Trading of Wayfair

Several hedge funds and other institutional investors have recently bought and sold shares of the company. Summit Trail Advisors LLC acquired a new stake in shares of Wayfair during the first quarter worth $320,000. Vontobel Holding Ltd. boosted its stake in Wayfair by 182.7% in the first quarter. Vontobel Holding Ltd. now owns 33,717 shares of the company’s stock valued at $1,080,000 after acquiring an additional 21,790 shares during the period. Ameritas Advisory Services LLC grew its holdings in shares of Wayfair by 304.3% during the first quarter. Ameritas Advisory Services LLC now owns 20,916 shares of the company’s stock valued at $672,000 after purchasing an additional 15,742 shares during the last quarter. Optas LLC lifted its holdings in shares of Wayfair by 103.3% in the 1st quarter. Optas LLC now owns 9,274 shares of the company’s stock worth $297,000 after purchasing an additional 4,712 shares during the last quarter. Finally, SG Americas Securities LLC boosted its position in Wayfair by 74.4% during the 1st quarter. SG Americas Securities LLC now owns 21,963 shares of the company’s stock valued at $703,000 after purchasing an additional 9,372 shares during the period. 89.67% of the stock is 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.