Citigroup Forecasts Strong Price Appreciation for Wayfair (NYSE:W) Stock

Wayfair (NYSE:W) had its target price hoisted by investment analysts at Citigroup from $30.00 to $32.00 in a research note issued on Friday,Benzinga reports. The firm presently has a “neutral” rating on the stock. Citigroup’s price target would suggest a potential downside of 5.21% from the stock’s current price.

Other equities research analysts also recently issued reports about the company. Truist Financial cut their price target on Wayfair from $53.00 to $36.00 and set a “buy” rating on the stock in a research report on Thursday, April 10th. Guggenheim reduced their price target on Wayfair from $60.00 to $50.00 and set a “buy” rating for the company in a research report on Friday. UBS Group lowered their price objective on Wayfair from $60.00 to $55.00 and set a “buy” rating on the stock in a research report on Monday, April 14th. JPMorgan Chase & Co. cut their target price on shares of Wayfair from $63.00 to $50.00 and set an “overweight” rating for the company in a report on Monday, March 10th. Finally, Royal Bank of Canada reissued a “sector perform” rating and set a $25.00 price target on shares of Wayfair in a report on Friday, April 25th. Fourteen equities research 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 stock. According to MarketBeat, the company has a consensus rating of “Moderate Buy” and a consensus price target of $48.79.

Wayfair Stock Performance

Shares of W stock opened at $33.76 on Friday. Wayfair has a fifty-two week low of $20.41 and a fifty-two week high of $76.18. The firm has a market capitalization of $4.28 billion, a PE ratio of -8.40 and a beta of 3.72. The stock’s 50-day simple moving average is $31.32 and its 200-day simple moving average is $40.75.

Wayfair (NYSE:W) last posted its quarterly earnings results on Thursday, May 1st. The company reported $0.10 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of ($0.14) by $0.24. The business had revenue of $2.73 billion for the quarter, compared to analysts’ expectations of $2.71 billion. The business’s quarterly revenue was up .0% compared to the same quarter last year. During the same period in the prior year, the business posted ($0.32) earnings per share. Sell-side analysts forecast that Wayfair will post -2.54 earnings per share for the current year.

Insider Buying and Selling

In other Wayfair news, CTO Fiona Tan sold 23,835 shares of the company’s stock in a transaction on Wednesday, April 2nd. The stock was sold at an average price of $31.92, for a total value of $760,813.20. Following the completion of the sale, the chief technology officer now directly owns 111,128 shares in the company, valued at $3,547,205.76. This represents a 17.66 % decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through the SEC website. Also, insider Steven Conine sold 30,000 shares of Wayfair stock in a transaction on Thursday, February 20th. The stock was sold at an average price of $46.33, for a total value of $1,389,900.00. Following the transaction, the insider now owns 559,073 shares in the company, valued at approximately $25,901,852.09. This represents a 5.09 % decrease in their position. The disclosure for this sale can be found here. Over the last three months, insiders have sold 92,863 shares of company stock worth $3,393,929. 21.91% of the stock is owned by insiders.

Institutional Trading of Wayfair

Hedge funds and other institutional investors have recently made changes to their positions in the company. Capital World Investors lifted its position in Wayfair by 6.2% in the fourth quarter. Capital World Investors now owns 13,506,200 shares of the company’s stock valued at $598,596,000 after buying an additional 782,757 shares during the last quarter. Vanguard Group Inc. raised its stake in shares of Wayfair by 3.6% in the 4th quarter. Vanguard Group Inc. now owns 9,315,337 shares of the company’s stock valued at $412,856,000 after acquiring an additional 327,603 shares during the period. Baillie Gifford & Co. lifted its holdings in shares of Wayfair by 13.6% in the 4th quarter. Baillie Gifford & Co. now owns 6,179,761 shares of the company’s stock worth $273,887,000 after acquiring an additional 740,641 shares during the last quarter. Renaissance Technologies LLC boosted its position in shares of Wayfair by 17.9% during the 4th quarter. Renaissance Technologies LLC now owns 3,834,667 shares of the company’s stock worth $169,952,000 after purchasing an additional 581,000 shares during the period. Finally, Southpoint Capital Advisors LP increased its holdings in Wayfair by 100.0% in the 4th quarter. Southpoint Capital Advisors LP now owns 2,800,000 shares of the company’s stock valued at $124,096,000 after purchasing an additional 1,400,000 shares during the last quarter. Institutional investors and hedge funds 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.