BMO Capital Markets Forecasts Strong Price Appreciation for Wayfair (NYSE:W) Stock

Wayfair (NYSE:W) had its target price upped by stock analysts at BMO Capital Markets from $50.00 to $55.00 in a report issued on Friday,Benzinga reports. The firm currently has a “market perform” rating on the stock. BMO Capital Markets’ target price would indicate a potential upside of 28.13% from the stock’s previous close.

A number of other equities research analysts have also issued reports on the stock. Robert W. Baird cut their price objective on shares of Wayfair from $56.00 to $50.00 and set a “neutral” rating for the company in a report on Monday, November 4th. Stifel Nicolaus decreased their price objective on Wayfair from $47.00 to $46.00 and set a “hold” rating for the company in a report on Friday. Mizuho cut their target price on Wayfair from $65.00 to $60.00 and set an “outperform” rating on the stock in a research note on Monday, November 4th. Truist Financial reduced their target price on shares of Wayfair from $55.00 to $53.00 and set a “buy” rating for the company in a report on Friday. Finally, StockNews.com upgraded Wayfair from a “sell” rating to a “hold” rating in a research report on Thursday, December 19th. Fourteen analysts have rated the stock with a hold rating, twelve have given a buy rating and one has issued a strong buy rating to the stock. Based on data from MarketBeat.com, the company presently has a consensus rating of “Moderate Buy” and an average price target of $58.72.

Wayfair Stock Performance

NYSE:W traded down $3.14 during midday trading on Friday, reaching $42.93. 2,565,455 shares of the stock traded hands, compared to its average volume of 3,655,846. The company has a fifty day moving average of $46.42 and a 200 day moving average of $46.50. The stock has a market capitalization of $5.38 billion, a P/E ratio of -9.56 and a beta of 3.43. Wayfair has a 12 month low of $37.35 and a 12 month high of $76.18.

Wayfair (NYSE:W) last posted its earnings results on Thursday, February 20th. The company reported ($0.96) earnings per share (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 analyst estimates of $3.07 billion. On average, analysts predict that Wayfair will post -2.89 EPS for the current fiscal year.

Insider Activity at Wayfair

In other news, insider Steven Conine sold 30,000 shares of the firm’s stock in a transaction that occurred on Friday, December 6th. The shares were sold at an average price of $53.14, for a total transaction of $1,594,200.00. Following the transaction, the insider now directly owns 632,573 shares of the company’s stock, valued at approximately $33,614,929.22. This trade represents a 4.53 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, insider Jon Blotner sold 5,669 shares of Wayfair 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 completion of the transaction, the insider now directly owns 57,899 shares in the company, valued at $2,479,814.17. This trade represents a 8.92 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold a total of 134,228 shares of company stock worth $6,440,118 in the last quarter. Corporate insiders own 26.81% of the company’s stock.

Institutional Inflows and Outflows

A number of hedge funds and other institutional investors have recently added to or reduced their stakes in W. J.Safra Asset Management Corp increased its holdings 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. Creative Planning grew its stake in shares of Wayfair by 2.1% in the third quarter. Creative Planning now owns 13,261 shares of the company’s stock worth $745,000 after acquiring an additional 272 shares during the period. GAMMA Investing LLC boosted its holdings in shares of Wayfair by 65.5% in the fourth quarter. GAMMA Investing LLC now owns 710 shares of the company’s stock worth $31,000 after buying an additional 281 shares during the last quarter. True Wealth Design LLC lifted its holdings in Wayfair by 207.1% during the fourth quarter. True Wealth Design LLC now owns 565 shares of the company’s stock valued at $25,000 after purchasing an additional 381 shares in the last quarter. Finally, Jones Financial Companies Lllp raised its position 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 last quarter. 89.67% of the stock is currently owned by hedge funds and other 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.