Truist Financial Issues Pessimistic Forecast for Wayfair (NYSE:W) Stock Price

Wayfair (NYSE:W) had its price target lowered by Truist Financial from $53.00 to $36.00 in a report issued on Thursday morning, MarketBeat.com reports. The firm currently has a buy rating on the stock.

A number of other equities analysts have also recently issued reports on the company. Royal Bank of Canada lowered their target price on Wayfair from $50.00 to $43.00 and set a “sector perform” rating for the company in a report on Monday, February 24th. Wedbush reiterated a “neutral” rating and set a $46.00 price objective (up from $44.00) on shares of Wayfair in a report on Friday, February 21st. Stifel Nicolaus dropped their target price on Wayfair from $47.00 to $46.00 and set a “hold” rating on the stock in a research report on Friday, February 21st. BMO Capital Markets upped their price target on Wayfair from $50.00 to $55.00 and gave the stock a “market perform” rating in a research report on Friday, February 21st. Finally, StockNews.com upgraded shares of Wayfair from a “sell” rating to a “hold” rating in a report on Thursday, December 19th. Fifteen analysts have rated the stock with a hold rating, eleven have assigned a buy rating and one has assigned a strong buy rating to the company’s stock. According to MarketBeat.com, the stock currently has an average rating of “Hold” and a consensus price target of $54.16.

Wayfair Stock Performance

Shares of W opened at $26.91 on Thursday. The stock has a 50 day simple moving average of $36.48 and a 200 day simple moving average of $43.47. Wayfair has a 52-week low of $20.41 and a 52-week high of $76.18. The firm has a market capitalization of $3.42 billion, a PE ratio of -6.69 and a beta of 3.72.

Wayfair (NYSE:W) last released its quarterly earnings results on Thursday, February 20th. The company reported ($0.96) earnings per share for the quarter, missing the consensus estimate of $0.05 by ($1.01). The firm had revenue of $3.12 billion for the quarter, compared to the consensus estimate of $3.07 billion. Equities research analysts predict that Wayfair will post -2.54 EPS for the current fiscal year.

Insider Buying and Selling at Wayfair

In other Wayfair news, insider Jon Blotner sold 5,669 shares of the stock in a transaction dated Monday, January 13th. The shares were sold at an average price of $42.83, for a total value of $242,803.27. Following the transaction, the insider now directly owns 57,899 shares of the company’s stock, valued at $2,479,814.17. This represents a 8.92 % decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, insider Steven Conine sold 30,000 shares of the firm’s stock in a transaction that occurred on Tuesday, January 21st. The stock was sold at an average price of $48.45, for a total transaction of $1,453,500.00. Following the sale, the insider now owns 589,073 shares of the company’s stock, valued at $28,540,586.85. This trade represents a 4.85 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold 128,532 shares of company stock worth $5,090,232 over the last 90 days. Company insiders own 23.50% of the company’s stock.

Hedge Funds Weigh In On Wayfair

A number of large investors have recently made changes to their positions in the company. True Wealth Design LLC grew its stake in shares of Wayfair by 207.1% in the fourth quarter. True Wealth Design LLC now owns 565 shares of the company’s stock valued at $25,000 after acquiring an additional 381 shares in the last quarter. J.Safra Asset Management Corp boosted its holdings in Wayfair by 71.3% in the 4th quarter. J.Safra Asset Management Corp now owns 586 shares of the company’s stock valued at $26,000 after purchasing an additional 244 shares during the period. Jones Financial Companies Lllp grew its position in shares of Wayfair by 577.0% during the 4th quarter. Jones Financial Companies Lllp now owns 589 shares of the company’s stock worth $26,000 after purchasing an additional 502 shares in the last quarter. GAMMA Investing LLC grew its position in shares of Wayfair by 65.5% during the 4th quarter. GAMMA Investing LLC now owns 710 shares of the company’s stock worth $31,000 after purchasing an additional 281 shares in the last quarter. Finally, Aster Capital Management DIFC Ltd bought a new position in shares of Wayfair during the fourth quarter worth approximately $41,000. Institutional investors 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.