Wayfair (NYSE:W) Price Target Increased to $85.00 by Analysts at Citigroup

Wayfair (NYSE:W) had its price target hoisted by equities research analysts at Citigroup from $73.00 to $85.00 in a research note issued on Thursday, Benzinga reports. The firm presently has a “buy” rating on the stock. Citigroup’s price objective would suggest a potential upside of 22.55% from the company’s previous close.

Several other research firms have also issued reports on W. Stifel Nicolaus increased their target price on shares of Wayfair from $52.00 to $55.00 and gave the stock a “hold” rating in a research note on Tuesday, January 9th. Raymond James raised shares of Wayfair from a “market perform” rating to a “strong-buy” rating and set a $65.00 price target on the stock in a research note on Friday, February 16th. Piper Sandler reaffirmed an “overweight” rating and issued a $88.00 price target (down from $93.00) on shares of Wayfair in a research note on Friday, February 23rd. Barclays decreased their price target on shares of Wayfair from $85.00 to $60.00 and set an “equal weight” rating on the stock in a research note on Thursday, January 4th. Finally, Truist Financial decreased their target price on shares of Wayfair from $65.00 to $63.00 and set a “buy” rating on the stock in a research note on Friday, February 23rd. Eleven equities research analysts have rated the stock with a hold rating, sixteen have given a buy rating and one has given a strong buy rating to the company’s stock. Based on data from MarketBeat, Wayfair currently has an average rating of “Moderate Buy” and an average price target of $75.00.

Wayfair Trading Up 2.6 %

W traded up $1.77 during midday trading on Thursday, hitting $69.36. 721,184 shares of the company were exchanged, compared to its average volume of 4,307,255. The company’s 50 day simple moving average is $56.59 and its 200 day simple moving average is $55.38. The firm has a market capitalization of $8.35 billion, a price-to-earnings ratio of -10.54 and a beta of 3.27. Wayfair has a 1-year low of $29.51 and a 1-year high of $90.71.

Wayfair (NYSE:W) last announced its quarterly earnings results on Thursday, February 22nd. The company reported ($1.46) earnings per share for the quarter, topping the consensus estimate of ($1.54) by $0.08. The company had revenue of $3.11 billion for the quarter, compared to analyst estimates of $3.10 billion. On average, equities analysts anticipate that Wayfair will post -3.39 EPS for the current year.

Insider Buying and Selling at Wayfair

In other Wayfair news, insider Jon Blotner sold 5,186 shares of the company’s stock in a transaction on Wednesday, January 3rd. The shares were sold at an average price of $55.23, for a total value of $286,422.78. Following the completion of the transaction, the insider now owns 40,515 shares in the company, valued at $2,237,643.45. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this hyperlink. In other Wayfair news, insider Jon Blotner sold 5,186 shares of the stock in a transaction dated Wednesday, January 3rd. The shares were sold at an average price of $55.23, for a total value of $286,422.78. Following the completion of the transaction, the insider now directly owns 40,515 shares of the company’s stock, valued at $2,237,643.45. The sale was disclosed in a filing with the SEC, which is available at this link. Also, CTO Fiona Tan sold 8,876 shares of the stock in a transaction dated Wednesday, January 3rd. The shares were sold at an average price of $55.22, for a total transaction of $490,132.72. Following the completion of the transaction, the chief technology officer now directly owns 112,575 shares of the company’s stock, valued at $6,216,391.50. The disclosure for this sale can be found here. Insiders sold 81,300 shares of company stock worth $4,591,396 over the last 90 days. Corporate insiders own 26.81% of the company’s stock.

Institutional Trading of Wayfair

Several large investors have recently modified their holdings of W. Holocene Advisors LP grew its position in shares of Wayfair by 2,236.9% in the second quarter. Holocene Advisors LP now owns 1,067,252 shares of the company’s stock valued at $69,382,000 after purchasing an additional 1,021,583 shares during the last quarter. Capital World Investors boosted its position in Wayfair by 8.7% during the fourth quarter. Capital World Investors now owns 12,042,210 shares of the company’s stock worth $743,004,000 after acquiring an additional 962,307 shares during the last quarter. Norges Bank acquired a new stake in Wayfair during the fourth quarter worth approximately $28,044,000. Alyeska Investment Group L.P. acquired a new stake in Wayfair during the first quarter worth approximately $18,969,000. Finally, Renaissance Technologies LLC acquired a new stake in Wayfair during the second quarter worth approximately $35,482,000. 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.