Wayfair (NYSE:W) Price Target Cut to $54.00 by Analysts at Citigroup

Wayfair (NYSE:W) had its price target decreased by investment analysts at Citigroup from $70.00 to $54.00 in a research report issued to clients and investors on Monday, Benzinga reports. The brokerage currently has a “buy” rating on the stock. Citigroup’s price objective would suggest a potential upside of 28.82% from the stock’s previous close.

Several other brokerages have also weighed in on W. Stifel Nicolaus cut their price objective on shares of Wayfair from $55.00 to $47.00 and set a “hold” rating on the stock in a report on Monday. Needham & Company LLC restated a “buy” rating and issued a $60.00 price objective on shares of Wayfair in a report on Friday. JPMorgan Chase & Co. cut their price objective on shares of Wayfair from $80.00 to $63.00 and set an “overweight” rating on the stock in a report on Friday, August 2nd. Gordon Haskett lowered shares of Wayfair from a “buy” rating to a “hold” rating in a report on Thursday, August 1st. Finally, Barclays cut their price objective on shares of Wayfair from $58.00 to $51.00 and set an “equal weight” rating on the stock in a report on Monday, August 5th. Thirteen investment analysts have rated the stock with a hold rating, thirteen have given a buy rating and one has issued a strong buy rating to the company’s stock. According to data from MarketBeat, the company has a consensus rating of “Moderate Buy” and an average price target of $61.36.

Wayfair Stock Performance

Wayfair stock traded up $1.77 during trading hours on Monday, hitting $41.92. 4,905,426 shares of the stock were exchanged, compared to its average volume of 4,338,859. The stock has a market capitalization of $5.18 billion, a P/E ratio of -7.83 and a beta of 3.46. Wayfair has a 12 month low of $38.02 and a 12 month high of $76.18. The business’s 50-day moving average is $48.69 and its two-hundred day moving average is $52.35.

Wayfair (NYSE:W) last issued its quarterly earnings data 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 business had revenue of $3.18 billion for the quarter, compared to analysts’ expectations of $3.18 billion. The company’s revenue was up .2% on a year-over-year basis. During the same quarter last year, the company earned ($1.27) earnings per share. On average, equities analysts predict that Wayfair will post -2.68 earnings per share for the current fiscal year.

Insiders Place Their Bets

In other Wayfair news, COO Thomas Netzer sold 1,011 shares of Wayfair stock in a transaction dated Tuesday, September 17th. The shares were sold at an average price of $49.42, for a total value of $49,963.62. Following the completion of the sale, the chief operating officer now owns 151,802 shares in the company, valued at $7,502,054.84. The trade was a 0.00 % decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. In other Wayfair news, CFO Kate Gulliver sold 7,330 shares of the firm’s stock in a transaction dated Wednesday, October 2nd. The shares were sold at an average price of $53.05, for a total value of $388,856.50. Following the transaction, the chief financial officer now directly owns 117,947 shares of the company’s stock, valued at $6,257,088.35. This trade represents a 0.00 % decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, COO Thomas Netzer sold 1,011 shares of the firm’s stock in a transaction dated Tuesday, September 17th. The shares were sold at an average price of $49.42, for a total transaction of $49,963.62. Following the completion of the transaction, the chief operating officer now directly owns 151,802 shares in the company, valued at approximately $7,502,054.84. This represents a 0.00 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold 37,471 shares of company stock worth $1,987,002 in the last quarter. 26.81% of the stock is currently owned by corporate insiders.

Hedge Funds Weigh In On Wayfair

Several hedge funds have recently bought and sold shares of W. Renaissance Technologies LLC grew its holdings in shares of Wayfair by 28.0% during the 2nd quarter. Renaissance Technologies LLC now owns 3,086,569 shares of the company’s stock valued at $162,755,000 after purchasing an additional 675,271 shares during the last quarter. Wolf Hill Capital Management LP grew its holdings in shares of Wayfair by 22.9% during the 2nd quarter. Wolf Hill Capital Management LP now owns 2,322,906 shares of the company’s stock valued at $122,487,000 after purchasing an additional 432,404 shares during the last quarter. Vanguard Group Inc. grew its holdings in shares of Wayfair by 4.5% during the 1st quarter. Vanguard Group Inc. now owns 8,467,900 shares of the company’s stock valued at $574,801,000 after purchasing an additional 363,948 shares during the last quarter. Maverick Capital Ltd. grew its holdings in shares of Wayfair by 46.2% during the 2nd quarter. Maverick Capital Ltd. now owns 721,618 shares of the company’s stock valued at $38,051,000 after purchasing an additional 227,908 shares during the last quarter. Finally, Mesirow Institutional Investment Management Inc. bought a new stake in shares of Wayfair during the 1st quarter valued at approximately $13,690,000. 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.