Wayfair (NYSE:W) Given New $43.00 Price Target at Royal Bank of Canada

Wayfair (NYSE:W) had its price objective decreased by Royal Bank of Canada from $50.00 to $43.00 in a research note issued on Monday,Benzinga reports. The firm presently has a “sector perform” rating on the stock. Royal Bank of Canada’s target price would suggest a potential upside of 3.27% from the stock’s current price.

W has been the subject of several other reports. Mizuho lowered their price objective on shares of Wayfair from $65.00 to $60.00 and set an “outperform” rating for the company in a research note on Monday, November 4th. Deutsche Bank Aktiengesellschaft dropped their price objective on Wayfair from $69.00 to $46.00 and set a “buy” rating for the company in a report on Monday, November 4th. Truist Financial reduced their target price on Wayfair from $55.00 to $53.00 and set a “buy” rating on the stock in a research note on Friday. Piper Sandler set a $58.00 target price on Wayfair and gave the company an “overweight” rating in a report on Friday. Finally, Loop Capital cut their price target on shares of Wayfair from $55.00 to $45.00 and set a “hold” rating on the stock in a report on Friday. Fourteen equities research analysts have rated the stock with a hold rating, twelve have given a buy rating and one has assigned a strong buy rating to the company. Based on data from MarketBeat.com, the stock currently has an average rating of “Moderate Buy” and an average target price of $58.12.

Wayfair Trading Down 0.5 %

W stock traded down $0.19 during trading on Monday, reaching $41.64. 1,139,608 shares of the stock were exchanged, compared to its average volume of 3,674,763. The firm’s 50 day moving average is $46.22 and its 200 day moving average is $46.55. Wayfair has a twelve month low of $37.35 and a twelve month high of $76.18. The firm has a market cap of $5.22 billion, a P/E ratio of -10.35 and a beta of 3.43.

Wayfair (NYSE:W) last posted its quarterly earnings data on Thursday, February 20th. The company reported ($0.96) earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $0.05 by ($1.01). The company had revenue of $3.12 billion for the quarter, compared to analyst estimates of $3.07 billion. As a group, analysts predict that Wayfair will post -2.54 earnings per share for the current fiscal year.

Insider Transactions at Wayfair

In related news, COO Thomas Netzer sold 1,039 shares of the firm’s stock in a transaction that occurred on Tuesday, December 17th. The shares were sold at an average price of $50.65, for a total value of $52,625.35. Following the sale, the chief operating officer now directly owns 171,790 shares of the company’s stock, valued at approximately $8,701,163.50. This trade represents a 0.60 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. Also, insider Jon Blotner sold 5,669 shares of the business’s stock in a transaction on Monday, January 13th. The shares were sold at an average price of $42.83, for a total transaction of $242,803.27. Following the sale, 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 ownership of the stock. The disclosure for this sale can be found here. In the last three months, insiders sold 164,228 shares of company stock valued at $7,830,018. Corporate insiders own 26.81% of the company’s stock.

Hedge Funds Weigh In On Wayfair

Hedge funds have recently made changes to their positions in the business. Southpoint Capital Advisors LP acquired a new position in shares of Wayfair in the third quarter worth about $78,652,000. Holocene Advisors LP increased its holdings in Wayfair by 5,699.8% during the 3rd quarter. Holocene Advisors LP now owns 1,235,193 shares of the company’s stock worth $69,393,000 after purchasing an additional 1,213,896 shares during the last quarter. Capital World Investors raised its position in shares of Wayfair by 6.2% in the 4th quarter. Capital World Investors now owns 13,506,200 shares of the company’s stock valued at $598,596,000 after purchasing an additional 782,757 shares in the last quarter. Baillie Gifford & Co. boosted its stake in shares of Wayfair by 13.6% during the 4th quarter. Baillie Gifford & Co. now owns 6,179,761 shares of the company’s stock valued at $273,887,000 after buying an additional 740,641 shares during the last quarter. Finally, Norges Bank acquired a new stake in shares of Wayfair during the fourth quarter worth approximately $31,472,000. Hedge funds and other institutional investors 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.