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

Wayfair (NYSE:W) had its target price raised by stock analysts at Evercore ISI from $50.00 to $60.00 in a research report issued on Tuesday,Benzinga reports. The brokerage presently has an “outperform” rating on the stock. Evercore ISI’s price target would suggest a potential upside of 19.50% from the company’s previous close.

Several other research firms also recently commented on W. Jefferies Financial Group raised 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 report on Friday, March 7th. Argus raised shares of Wayfair from a “hold” rating to a “buy” rating and set a $40.00 price objective on the stock in a report on Monday, May 12th. Needham & Company LLC reiterated a “buy” rating and set a $50.00 target price on shares of Wayfair in a research report on Thursday, May 1st. Canaccord Genuity Group dropped their price target on shares of Wayfair from $68.00 to $58.00 and set a “buy” rating for the company in a research report on Monday, April 28th. Finally, TD Cowen raised Wayfair from a “hold” rating to a “strong-buy” rating in a research note on Thursday, June 5th. One research analyst has rated the stock with a sell rating, twelve have assigned a hold rating, twelve have assigned a buy rating and two have assigned a strong buy rating to the company’s stock. Based on data from MarketBeat, the company presently has a consensus rating of “Moderate Buy” and a consensus price target of $44.61.

Wayfair Stock Down 0.9%

W opened at $50.21 on Tuesday. The firm has a 50-day moving average price of $38.37 and a 200-day moving average price of $40.09. Wayfair has a twelve month low of $20.41 and a twelve month high of $58.42. The company has a market capitalization of $6.44 billion, a price-to-earnings ratio of -17.62 and a beta of 2.94.

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

Insiders Place Their Bets

In other Wayfair news, CTO Fiona Tan sold 23,835 shares of the firm’s stock in a transaction dated Wednesday, April 2nd. The stock was sold at an average price of $31.92, for a total transaction of $760,813.20. Following the transaction, the chief technology officer now owns 111,128 shares of the company’s stock, valued at approximately $3,547,205.76. This trade represents a 17.66% decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. Also, CEO Niraj Shah sold 30,000 shares of the company’s stock in a transaction dated Friday, June 20th. The shares were sold at an average price of $49.43, for a total value of $1,482,900.00. Following the completion of the sale, the chief executive officer now directly owns 439,137 shares of the company’s stock, valued at approximately $21,706,541.91. This trade represents a 6.39% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold 309,262 shares of company stock valued at $12,530,174 in the last ninety days. Insiders own 21.91% of the company’s stock.

Institutional Inflows and Outflows

Several hedge funds and other institutional investors have recently modified their holdings of the stock. True Wealth Design LLC lifted its stake in shares of Wayfair by 207.1% in the fourth quarter. True Wealth Design LLC now owns 565 shares of the company’s stock valued at $25,000 after purchasing an additional 381 shares during the period. J.Safra Asset Management Corp grew its holdings in Wayfair by 71.3% in the fourth quarter. J.Safra Asset Management Corp now owns 586 shares of the company’s stock valued at $26,000 after purchasing an additional 244 shares during the last quarter. Jones Financial Companies Lllp increased its position in shares of Wayfair by 577.0% in the fourth quarter. Jones Financial Companies Lllp now owns 589 shares of the company’s stock valued at $26,000 after buying an additional 502 shares in the last quarter. Aster Capital Management DIFC Ltd purchased a new position in shares of Wayfair in the fourth quarter valued at $41,000. Finally, GAMMA Investing LLC raised its stake in shares of Wayfair by 85.8% during the 1st quarter. GAMMA Investing LLC now owns 1,319 shares of the company’s stock worth $42,000 after buying an additional 609 shares during the last quarter. 89.67% of the stock is currently owned by hedge funds and other institutional investors.

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.