Wayfair (NYSE:W) Price Target Cut to $61.00 by Analysts at Royal Bank of Canada

Wayfair (NYSE:W) had its target price cut by equities research analysts at Royal Bank of Canada from $62.00 to $61.00 in a research note issued on Wednesday, Marketbeat Ratings reports. The brokerage currently has a “sector perform” rating on the stock. Royal Bank of Canada’s price objective indicates a potential upside of 15.73% from the company’s previous close.

Other equities analysts have also issued reports about the stock. Truist Financial reduced their target price on shares of Wayfair from $65.00 to $63.00 and set a “buy” rating on the stock in a research report on Friday, February 23rd. Loop Capital increased their price target on shares of Wayfair from $55.00 to $65.00 and gave the company a “hold” rating in a research report on Tuesday, April 2nd. Morgan Stanley reiterated an “overweight” rating and set a $80.00 price objective on shares of Wayfair in a research note on Monday, March 25th. StockNews.com upgraded shares of Wayfair from a “sell” rating to a “hold” rating in a research note on Friday, March 29th. Finally, Citigroup upped their price target on shares of Wayfair from $73.00 to $85.00 and gave the company a “buy” rating in a report on Thursday, March 28th. Ten analysts have rated the stock with a hold rating, seventeen have given 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 $77.00.

Wayfair Price Performance

Shares of NYSE:W traded down $5.04 during mid-day trading on Wednesday, reaching $52.71. 3,290,011 shares of the company traded hands, compared to its average volume of 4,249,904. The firm has a market cap of $6.34 billion, a PE ratio of -8.26 and a beta of 3.29. Wayfair has a 52 week low of $29.51 and a 52 week high of $90.71. The company’s 50 day moving average price is $59.60 and its 200-day moving average price is $55.08.

Wayfair (NYSE:W) last released its quarterly earnings data on Thursday, February 22nd. The company reported ($1.46) EPS for the quarter, beating the consensus estimate of ($1.54) by $0.08. The company had revenue of $3.11 billion for the quarter, compared to the consensus estimate of $3.10 billion. On average, research analysts predict that Wayfair will post -3.37 earnings per share for the current fiscal year.

Insiders Place Their Bets

In other Wayfair news, COO Thomas Netzer sold 20,000 shares of the company’s stock in a transaction on Friday, March 1st. The stock was sold at an average price of $59.72, for a total value of $1,194,400.00. Following the transaction, the chief operating officer now owns 116,622 shares of the company’s stock, valued at $6,964,665.84. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through this link. In other Wayfair news, insider Jon Blotner sold 4,144 shares of the stock in a transaction on Monday, April 15th. The shares were sold at an average price of $60.52, for a total transaction of $250,794.88. Following the transaction, the insider now directly owns 37,957 shares of the company’s stock, valued at $2,297,157.64. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. Also, COO Thomas Netzer sold 20,000 shares of Wayfair stock in a transaction dated Friday, March 1st. The stock was sold at an average price of $59.72, for a total value of $1,194,400.00. Following the completion of the transaction, the chief operating officer now owns 116,622 shares in the company, valued at $6,964,665.84. The disclosure for this sale can be found here. In the last three months, insiders have sold 89,808 shares of company stock worth $5,445,222. 23.50% of the stock is owned by corporate insiders.

Institutional Inflows and Outflows

A number of hedge funds and other institutional investors have recently made changes to their positions in the stock. Riverview Trust Co bought a new position in Wayfair in the 1st quarter valued at $27,000. McGlone Suttner Wealth Management Inc. bought a new position in Wayfair in the fourth quarter valued at approximately $29,000. GAMMA Investing LLC acquired a new stake in Wayfair during the 4th quarter worth $31,000. BluePath Capital Management LLC bought a new stake in shares of Wayfair during the 3rd quarter valued at $34,000. Finally, DekaBank Deutsche Girozentrale bought a new position in shares of Wayfair in the 3rd quarter worth $34,000. 89.67% of the stock is owned by institutional investors.

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.