Wayfair Inc. (W) Price Target Cut to $66.00 by Analysts at Citigroup Inc.
Wayfair Inc. (NYSE:W) had its price target reduced by research analysts at Citigroup Inc. from $80.00 to $66.00 in a note issued to investors on Friday. The firm currently has a “buy” rating on the stock. Citigroup Inc.’s target price indicates a potential downside of 2.21% from the stock’s previous close.
A number of other analysts have also issued reports on W. DA Davidson reissued a “hold” rating and issued a $60.00 price target on shares of Wayfair in a research note on Friday. Canaccord Genuity reaffirmed a “buy” rating on shares of Wayfair in a research note on Tuesday, August 8th. Credit Suisse Group reduced their price objective on Wayfair from $78.00 to $69.00 and set a “neutral” rating on the stock in a research note on Friday. Buckingham Research reaffirmed a “buy” rating and issued a $95.00 price objective on shares of Wayfair in a research note on Thursday, August 10th. Finally, BidaskClub lowered Wayfair from a “buy” rating to a “hold” rating in a research note on Friday, August 11th. Nine analysts have rated the stock with a hold rating and fifteen have assigned a buy rating to the company. The stock presently has a consensus rating of “Buy” and a consensus price target of $76.54.
Shares of Wayfair (NYSE W) traded down $6.92 during trading hours on Friday, reaching $67.49. The company’s stock had a trading volume of 5,465,667 shares, compared to its average volume of 2,634,480.
Wayfair (NYSE:W) last issued its quarterly earnings results on Thursday, November 2nd. The company reported ($0.65) earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of ($0.68) by $0.03. Wayfair had a negative return on equity of 505.51% and a negative net margin of 5.06%. The firm had revenue of $1.20 billion for the quarter, compared to analyst estimates of $1.21 billion. During the same period last year, the company earned ($0.54) EPS. The firm’s quarterly revenue was up 39.1% on a year-over-year basis. research analysts anticipate that Wayfair will post -2.27 EPS for the current year.
In other Wayfair news, CEO Niraj Shah sold 55,000 shares of Wayfair stock in a transaction that occurred on Wednesday, August 9th. The stock was sold at an average price of $76.65, for a total transaction of $4,215,750.00. Following the sale, the chief executive officer now directly owns 72,630 shares in the company, valued at approximately $5,567,089.50. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. Also, COO James Savarese sold 21,663 shares of Wayfair stock in a transaction that occurred on Monday, August 7th. The stock was sold at an average price of $80.32, for a total value of $1,739,972.16. Following the sale, the chief operating officer now owns 533,821 shares in the company, valued at $42,876,502.72. The disclosure for this sale can be found here. Over the last quarter, insiders have sold 420,752 shares of company stock worth $29,788,852. Company insiders own 56.93% of the company’s stock.
A number of hedge funds have recently bought and sold shares of the business. FMR LLC increased its holdings in Wayfair by 2.7% during the 2nd quarter. FMR LLC now owns 7,757,688 shares of the company’s stock worth $596,411,000 after purchasing an additional 207,443 shares during the last quarter. Harbourvest Partners LLC grew its position in shares of Wayfair by 0.4% in the 4th quarter. Harbourvest Partners LLC now owns 3,860,511 shares of the company’s stock worth $135,311,000 after acquiring an additional 16,842 shares in the last quarter. Vanguard Group Inc. grew its position in shares of Wayfair by 16.3% in the 2nd quarter. Vanguard Group Inc. now owns 3,028,832 shares of the company’s stock worth $232,857,000 after acquiring an additional 423,631 shares in the last quarter. Spruce House Investment Management LLC acquired a new position in shares of Wayfair in the 1st quarter worth approximately $101,225,000. Finally, Baillie Gifford & Co. grew its position in shares of Wayfair by 1.3% in the 3rd quarter. Baillie Gifford & Co. now owns 1,938,701 shares of the company’s stock worth $130,669,000 after acquiring an additional 24,027 shares in the last quarter. Institutional investors own 66.24% of the company’s stock.
Wayfair Inc (Wayfair) offers browsing, merchandising and product discovery for a range of products from various suppliers. The Company operates through two segments: U.S. and International. The U.S. segment consists of amounts earned through product sales through the Company’s five sites in the United States and through sites operated by third parties in the United States.
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