Wayfair (NYSE:W) Earns “Outperform” Rating from Wedbush

Wayfair (NYSE:W)‘s stock had its “outperform” rating reiterated by equities researchers at Wedbush in a research note issued on Monday, Benzinga reports. They currently have a $70.00 price target on the stock. Wedbush’s target price suggests a potential upside of 21.21% from the stock’s current price.

Other equities analysts also recently issued research reports about the stock. Raymond James raised shares of Wayfair from a “market perform” rating to a “strong-buy” rating and set a $65.00 price objective for the company in a report on Friday, February 16th. BMO Capital Markets initiated coverage on shares of Wayfair in a research report on Tuesday, January 9th. They set a “market perform” rating and a $57.00 price objective for the company. StockNews.com raised shares of Wayfair from a “sell” rating to a “hold” rating in a report on Friday, March 29th. Barclays lowered their target price on Wayfair from $85.00 to $60.00 and set an “equal weight” rating for the company in a report on Thursday, January 4th. Finally, Truist Financial dropped their price target on Wayfair from $65.00 to $63.00 and set a “buy” rating on the stock in a research report on Friday, February 23rd. Ten equities research analysts have rated the stock with a hold rating, seventeen have issued a buy rating and one has given a strong buy rating to the stock. According to data from MarketBeat.com, the company presently has an average rating of “Moderate Buy” and an average price target of $77.03.

Wayfair Stock Performance

Shares of Wayfair stock opened at $57.75 on Monday. Wayfair has a 1 year low of $29.51 and a 1 year high of $90.71. The firm’s 50-day simple moving average is $59.60 and its 200-day simple moving average is $55.08. The firm has a market cap of $6.95 billion, a PE ratio of -8.86 and a beta of 3.29.

Wayfair (NYSE:W) last announced its quarterly earnings data on Thursday, February 22nd. The company reported ($1.46) earnings per share (EPS) for the quarter, beating the consensus estimate of ($1.54) by $0.08. The firm had revenue of $3.11 billion for the quarter, compared to analyst estimates of $3.10 billion. On average, equities analysts predict that Wayfair will post -3.37 earnings per share for the current year.

Insider Activity

In other Wayfair news, insider Jon Blotner sold 3,492 shares of the business’s stock in a transaction dated Monday, February 5th. The shares were sold at an average price of $50.34, for a total value of $175,787.28. Following the sale, the insider now directly owns 32,118 shares in the company, valued at $1,616,820.12. The sale was disclosed in a document filed with the SEC, which is available through this hyperlink. In other Wayfair news, insider Jon Blotner sold 3,492 shares of Wayfair stock in a transaction that occurred on Monday, February 5th. The shares were sold at an average price of $50.34, for a total value of $175,787.28. Following the transaction, the insider now owns 32,118 shares in the company, valued at $1,616,820.12. The transaction was disclosed in a document filed with the SEC, which is available at this link. Also, CTO Fiona Tan sold 5,315 shares of the stock in a transaction on Tuesday, April 2nd. The shares were sold at an average price of $63.06, for a total value of $335,163.90. Following the sale, the chief technology officer now owns 51,095 shares of the company’s stock, valued at approximately $3,222,050.70. The disclosure for this sale can be found here. In the last ninety days, insiders have sold 89,808 shares of company stock worth $5,445,222. 23.50% of the stock is owned by company insiders.

Institutional Investors Weigh In On Wayfair

Hedge funds have recently made changes to their positions in the company. Riverview Trust Co purchased a new position in Wayfair during the 1st quarter valued at about $27,000. McGlone Suttner Wealth Management Inc. bought a new stake in shares of Wayfair in the 4th quarter valued at approximately $29,000. GAMMA Investing LLC acquired a new position in Wayfair in the fourth quarter worth approximately $31,000. BluePath Capital Management LLC bought a new position in Wayfair during the third quarter valued at approximately $34,000. Finally, DekaBank Deutsche Girozentrale acquired a new stake in Wayfair in the third quarter valued at approximately $34,000. 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.