Wayfair (NYSE:W) Price Target Cut to $70.00 by Analysts at Citigroup

Wayfair (NYSE:W) had its target price lowered by Citigroup from $85.00 to $70.00 in a research note issued to investors on Friday morning, Benzinga reports. The brokerage currently has a buy rating on the stock.

Several other analysts have also recently issued reports on W. Bank of America cut shares of Wayfair from a buy rating to a neutral rating and lowered their target price for the stock from $85.00 to $58.00 in a research note on Thursday. Gordon Haskett cut shares of Wayfair from a buy rating to a hold rating in a research note on Thursday. Wedbush lowered their target price on shares of Wayfair from $70.00 to $60.00 and set an outperform rating on the stock in a research note on Friday. Truist Financial lowered their target price on shares of Wayfair from $70.00 to $60.00 and set a buy rating on the stock in a research note on Friday. Finally, Piper Sandler lowered their target price on shares of Wayfair from $91.00 to $67.00 and set an overweight rating on the stock in a research note on Friday. One equities research analyst has rated the stock with a sell rating, ten have given a hold rating, eighteen have issued a buy rating and one has given a strong buy rating to the company. According to MarketBeat.com, Wayfair presently has an average rating of Moderate Buy and a consensus price target of $73.83.

Wayfair Stock Performance

Shares of W stock traded down $2.24 during trading on Friday, reaching $47.77. 5,973,354 shares of the company’s stock traded hands, compared to its average volume of 4,472,972. The firm’s 50-day moving average is $53.95 and its 200 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 results on Thursday, May 2nd. The company reported ($1.38) EPS for the quarter, beating analysts’ consensus estimates of ($1.49) by $0.11. The business had revenue of $2.73 billion for the quarter, compared to analysts’ expectations of $2.64 billion. On average, sell-side analysts anticipate that Wayfair will post -2.93 earnings per share for the current year.

Insiders Place Their Bets

In other Wayfair news, CTO Fiona Tan sold 8,036 shares of the firm’s stock in a transaction on Tuesday, July 2nd. The shares were sold at an average price of $50.64, for a total value of $406,943.04. Following the sale, the chief technology officer now owns 64,074 shares of the company’s stock, valued at approximately $3,244,707.36. The sale was disclosed in a legal filing with the SEC, which is available through this hyperlink. In other news, CTO Fiona Tan sold 8,036 shares of Wayfair stock in a transaction dated Tuesday, July 2nd. The shares were sold at an average price of $50.64, for a total transaction of $406,943.04. Following the sale, the chief technology officer now owns 64,074 shares of the company’s stock, valued at approximately $3,244,707.36. The sale was disclosed in a legal filing with the Securities & Exchange Commission, 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 sale, the insider now directly owns 43,926 shares in the company, valued at approximately $2,463,809.34. The disclosure for this sale can be found here. Insiders have sold a total of 59,682 shares of company stock valued at $3,306,949 in the last quarter. Insiders own 26.81% of the company’s stock.

Institutional Investors Weigh In On Wayfair

Several hedge funds have recently made changes to their positions in W. Capital World Investors raised its stake in Wayfair by 0.9% during the first quarter. Capital World Investors now owns 12,145,579 shares of the company’s stock valued at $824,442,000 after buying an additional 103,369 shares during the last quarter. Vanguard Group Inc. raised its stake in Wayfair by 4.5% during the first quarter. Vanguard Group Inc. now owns 8,467,900 shares of the company’s stock valued at $574,801,000 after buying an additional 363,948 shares during the last quarter. Norges Bank purchased a new position in Wayfair during the fourth quarter valued at $47,374,000. Wellington Management Group LLP raised its holdings in Wayfair by 18.6% in the 4th quarter. Wellington Management Group LLP now owns 764,495 shares of the company’s stock worth $47,169,000 after acquiring an additional 119,873 shares during the last quarter. Finally, Charles Schwab Investment Management Inc. lifted its position in Wayfair by 6.2% in the 4th quarter. Charles Schwab Investment Management Inc. now owns 674,156 shares of the company’s stock valued at $41,595,000 after acquiring an additional 39,545 shares in the last quarter. 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.