JPMorgan Chase & Co. Cuts Wayfair (NYSE:W) Price Target to $50.00

Wayfair (NYSE:W) had its target price reduced by stock analysts at JPMorgan Chase & Co. from $63.00 to $50.00 in a research note issued on Monday,Benzinga reports. The firm presently has an “overweight” rating on the stock. JPMorgan Chase & Co.‘s price objective points to a potential upside of 47.96% from the company’s current price.

Several other research firms also recently issued reports on W. Raymond James set a $60.00 price objective on shares of Wayfair and gave the stock a “strong-buy” rating in a report on Friday, February 21st. Jefferies Financial Group raised shares of Wayfair from a “hold” rating to a “buy” rating and boosted their target price for the stock from $45.00 to $47.00 in a research report on Friday. Truist Financial lowered their price target on Wayfair from $55.00 to $53.00 and set a “buy” rating on the stock in a research report on Friday, February 21st. Bank of America cut their price objective on Wayfair from $52.00 to $50.00 and set a “neutral” rating for the company in a research report on Friday, February 21st. Finally, Royal Bank of Canada lowered their target price on Wayfair from $50.00 to $43.00 and set a “sector perform” rating on the stock in a report on Monday, February 24th. Fourteen equities research analysts have rated the stock with a hold rating, thirteen have issued a buy rating and one has given a strong buy rating to the company. According to MarketBeat, the stock presently has a consensus rating of “Moderate Buy” and an average price target of $57.19.

Wayfair Trading Down 3.5 %

NYSE W traded down $1.22 during trading on Monday, hitting $33.79. 793,122 shares of the company traded hands, compared to its average volume of 3,839,892. Wayfair has a 12 month low of $32.50 and a 12 month high of $76.18. The business has a fifty day simple moving average of $44.61 and a 200 day simple moving average of $46.26. The company has a market capitalization of $4.29 billion, a P/E ratio of -8.38 and a beta of 3.44.

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

Insiders Place Their Bets

In related news, COO Thomas Netzer sold 1,039 shares of the firm’s stock in a transaction on Tuesday, December 17th. The stock was sold at an average price of $50.65, for a total transaction of $52,625.35. Following the completion of the sale, the chief operating officer now directly owns 171,790 shares of the company’s stock, valued at $8,701,163.50. This trade represents a 0.60 % decrease in their position. The transaction was disclosed in a document filed with the SEC, which is available at this hyperlink. Also, insider Steven Conine sold 30,000 shares of Wayfair stock in a transaction on Friday, December 20th. The shares were sold at an average price of $45.75, for a total value of $1,372,500.00. Following the completion of the transaction, the insider now owns 602,573 shares of the company’s stock, valued at approximately $27,567,714.75. The trade was a 4.74 % decrease in their position. The disclosure for this sale can be found here. Insiders sold 134,228 shares of company stock worth $6,235,818 over the last three months. 26.81% of the stock is currently owned by corporate insiders.

Institutional Trading of Wayfair

A number of hedge funds and other institutional investors have recently made changes to their positions in the business. Wealth Enhancement Advisory Services LLC bought a new stake in shares of Wayfair during the third quarter valued at approximately $304,000. Capital Performance Advisors LLP bought a new position in Wayfair in the 3rd quarter valued at $29,000. State of New Jersey Common Pension Fund D increased its stake in shares of Wayfair by 24.2% in the 3rd quarter. State of New Jersey Common Pension Fund D now owns 44,595 shares of the company’s stock valued at $2,505,000 after buying an additional 8,675 shares during the period. Entropy Technologies LP increased its stake in shares of Wayfair by 33.4% in the 3rd quarter. Entropy Technologies LP now owns 31,460 shares of the company’s stock valued at $1,767,000 after buying an additional 7,884 shares during the period. Finally, Oppenheimer & Co. Inc. raised its position in shares of Wayfair by 18.3% during the third quarter. Oppenheimer & Co. Inc. now owns 9,541 shares of the company’s stock worth $536,000 after acquiring an additional 1,479 shares during the last quarter. 89.67% of the stock is currently owned by institutional investors and hedge funds.

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.