Citigroup Trims Wayfair (NYSE:W) Target Price to $70.00

Wayfair (NYSE:W) had its price target decreased by equities research analysts at Citigroup from $85.00 to $70.00 in a research note issued on Friday, Benzinga reports. The firm presently has a “buy” rating on the stock. Citigroup’s price objective indicates a potential upside of 43.56% from the company’s current price.

A number of other analysts have also issued reports on W. Gordon Haskett lowered shares of Wayfair from a “buy” rating to a “hold” rating in a research report on Thursday. Truist Financial dropped their price objective on shares of Wayfair from $70.00 to $60.00 and set a “buy” rating for the company in a research note on Friday. BMO Capital Markets increased their target price on shares of Wayfair from $57.00 to $61.00 and gave the stock a “market perform” rating in a research report on Friday, May 3rd. 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. Finally, Piper Sandler reduced their target price on Wayfair from $91.00 to $67.00 and set an “overweight” rating on the stock in a report on Friday. One research analyst has rated the stock with a sell rating, ten have assigned a hold rating, seventeen have assigned a buy rating and one has assigned a strong buy rating to the company. According to data from MarketBeat, the company presently has a consensus rating of “Moderate Buy” and a consensus price target of $75.54.

Wayfair Trading Down 2.5 %

Shares of NYSE W traded down $1.25 during trading hours on Friday, reaching $48.76. The stock had a trading volume of 2,760,858 shares, compared to its average volume of 4,268,428. The firm has a market cap of $5.87 billion, a price-to-earnings ratio of -9.07 and a beta of 3.43. The firm has a 50-day moving average of $54.22 and a 200-day moving average of $57.20. Wayfair has a fifty-two week low of $38.37 and a fifty-two week high of $90.71.

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

Insiders Place Their Bets

In other news, CTO Fiona Tan sold 8,036 shares of the business’s stock in a transaction that occurred on Tuesday, July 2nd. The stock was sold at an average price of $50.64, for a total transaction of $406,943.04. Following the sale, the chief technology officer now directly owns 64,074 shares in the company, valued at $3,244,707.36. The transaction was disclosed in a document filed with the SEC, which is accessible through the SEC website. In other Wayfair news, CTO Fiona Tan sold 8,036 shares of the 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 SEC, which can be accessed through this hyperlink. Also, insider Steven Conine sold 10,000 shares of the business’s stock in a transaction on Friday, June 7th. The stock was sold at an average price of $56.79, for a total value of $567,900.00. Following the sale, the insider now owns 219,073 shares of the company’s stock, valued at approximately $12,441,155.67. The disclosure for this sale can be found here. Insiders sold 59,682 shares of company stock valued at $3,306,949 over the last quarter. Insiders own 26.81% of the company’s stock.

Institutional Investors Weigh In On Wayfair

A number of large investors have recently added to or reduced their stakes in the stock. Mesirow Institutional Investment Management Inc. boosted its holdings in shares of Wayfair by 4.1% during the 2nd quarter. Mesirow Institutional Investment Management Inc. now owns 209,964 shares of the company’s stock worth $11,071,000 after buying an additional 8,278 shares in the last quarter. AM Squared Ltd bought a new position in Wayfair in the 2nd quarter valued at about $142,000. Picton Mahoney Asset Management purchased a new position in Wayfair in the second quarter valued at about $248,000. Commonwealth Equity Services LLC raised its stake in shares of Wayfair by 38.2% in the second quarter. Commonwealth Equity Services LLC now owns 10,221 shares of the company’s stock valued at $539,000 after buying an additional 2,825 shares during the period. Finally, International Assets Investment Management LLC bought a new stake in shares of Wayfair in the second quarter valued at approximately $58,000. 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.