Royal Bank of Canada Lowers Wayfair (NYSE:W) Price Target to $50.00

Wayfair (NYSE:W) had its target price dropped by investment analysts at Royal Bank of Canada from $53.00 to $50.00 in a research note issued on Monday, Benzinga reports. The firm currently has a “sector perform” rating on the stock. Royal Bank of Canada’s price target would suggest a potential upside of 19.13% from the company’s current price.

Other research analysts have also issued reports about the stock. Raymond James reduced their target price on shares of Wayfair from $70.00 to $65.00 and set a “strong-buy” rating on the stock in a report on Friday, August 2nd. Truist Financial decreased their price target on shares of Wayfair from $60.00 to $55.00 and set a “buy” rating for the company in a research report on Monday. The Goldman Sachs Group dropped their price objective on shares of Wayfair from $67.00 to $54.00 and set a “neutral” rating on the stock in a research note on Friday, August 2nd. JPMorgan Chase & Co. lowered their target price on Wayfair from $80.00 to $63.00 and set an “overweight” rating on the stock in a research report on Friday, August 2nd. Finally, Stifel Nicolaus cut their target price on shares of Wayfair from $55.00 to $47.00 and set a “hold” rating for the company in a research note on Monday. Thirteen investment analysts have rated the stock with a hold rating, thirteen have assigned a buy rating and one has issued a strong buy rating to the stock. According to data from MarketBeat, Wayfair currently has an average rating of “Moderate Buy” and a consensus target price of $60.28.

Wayfair Stock Up 4.5 %

W stock traded up $1.82 during midday trading on Monday, hitting $41.97. The company’s stock had a trading volume of 5,316,731 shares, compared to its average volume of 4,340,790. The firm has a 50-day simple moving average of $48.69 and a 200-day simple moving average of $52.35. The firm has a market capitalization of $5.18 billion, a P/E ratio of -7.93 and a beta of 3.46. Wayfair has a 52-week low of $38.02 and a 52-week high of $76.18.

Wayfair (NYSE:W) last announced its earnings results on Thursday, August 1st. The company reported $0.47 earnings per share for the quarter, missing the consensus estimate of $0.50 by ($0.03). The firm had revenue of $3.18 billion for the quarter, compared to analyst estimates of $3.18 billion. The business’s revenue for the quarter was up .2% on a year-over-year basis. During the same period last year, the business earned ($1.27) EPS. On average, sell-side analysts expect that Wayfair will post -2.68 earnings per share for the current fiscal year.

Insider Buying and Selling at Wayfair

In other news, insider Jon Blotner sold 6,055 shares of the stock in a transaction dated Wednesday, October 2nd. The shares were sold at an average price of $53.07, for a total value of $321,338.85. Following the completion of the sale, the insider now directly owns 62,817 shares in the company, valued at $3,333,698.19. This represents a 0.00 % decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available at this link. In other news, CTO Fiona Tan sold 10,040 shares of Wayfair stock in a transaction on Wednesday, October 2nd. The shares were sold at an average price of $53.06, for a total value of $532,722.40. Following the transaction, the chief technology officer now directly owns 84,655 shares of the company’s stock, valued at $4,491,794.30. The trade was a 0.00 % decrease in their position. The sale was disclosed in a legal filing with the SEC, which is available through this link. Also, insider Jon Blotner sold 6,055 shares of the stock in a transaction that occurred on Wednesday, October 2nd. The stock was sold at an average price of $53.07, for a total value of $321,338.85. Following the sale, the insider now directly owns 62,817 shares of the company’s stock, valued at $3,333,698.19. The trade was a 0.00 % decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last quarter, insiders sold 37,471 shares of company stock worth $1,987,002. Insiders own 26.81% of the company’s stock.

Institutional Inflows and Outflows

A number of institutional investors and hedge funds have recently bought and sold shares of W. River Global Investors LLP lifted its holdings in shares of Wayfair by 3.9% during the 3rd quarter. River Global Investors LLP now owns 27,296 shares of the company’s stock worth $1,534,000 after acquiring an additional 1,017 shares during the period. Capital Performance Advisors LLP bought a new stake in Wayfair during the third quarter valued at $29,000. BloombergSen Inc. lifted its holdings in Wayfair by 54.4% in the third quarter. BloombergSen Inc. now owns 25,617 shares of the company’s stock worth $1,439,000 after acquiring an additional 9,025 shares during the last quarter. Optas LLC acquired a new position in Wayfair during the 3rd quarter valued at approximately $270,000. Finally, Nisa Investment Advisors LLC boosted its holdings in shares of Wayfair by 801.5% during the third quarter. Nisa Investment Advisors LLC now owns 42,460 shares of the company’s stock valued at $2,385,000 after acquiring an additional 37,750 shares during the period. Institutional investors and hedge funds own 89.67% of the company’s stock.

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.