The Goldman Sachs Group Cuts Wayfair (NYSE:W) Price Target to $54.00

Wayfair (NYSE:W) had its price target dropped by equities research analysts at The Goldman Sachs Group from $67.00 to $54.00 in a research note issued on Friday, Benzinga reports. The brokerage presently has a “neutral” rating on the stock. The Goldman Sachs Group’s price target would suggest a potential upside of 9.98% from the stock’s previous close.

Other analysts have also issued reports about the stock. Morgan Stanley raised their price objective on shares of Wayfair from $85.00 to $90.00 and gave the stock an “overweight” rating in a report on Monday, May 13th. Loop Capital decreased their target price on shares of Wayfair from $60.00 to $50.00 and set a “hold” rating for the company in a research note on Friday, June 21st. Deutsche Bank Aktiengesellschaft raised their price target on shares of Wayfair from $63.00 to $79.00 and gave the company a “buy” rating in a research report on Wednesday, April 10th. Argus raised shares of Wayfair from a “hold” rating to a “buy” rating and set a $83.00 price target for the company in a research report on Thursday, May 16th. Finally, Piper Sandler reduced their price target on shares of Wayfair from $91.00 to $67.00 and set an “overweight” rating for the company in a research report on Friday. One research analyst has rated the stock with a sell rating, ten have issued a hold rating, seventeen have assigned a buy rating and one has assigned a strong buy rating to the company’s stock. According to data from MarketBeat.com, Wayfair has a consensus rating of “Moderate Buy” and an average target price of $74.79.

Wayfair Stock Down 1.8 %

Shares of NYSE W traded down $0.91 during midday trading on Friday, reaching $49.10. The company had a trading volume of 3,142,167 shares, compared to its average volume of 4,271,004. Wayfair has a one year low of $38.37 and a one year high of $90.71. The firm’s fifty day moving average price is $54.22 and its 200-day moving average price is $57.20. The stock has a market cap of $5.91 billion, a PE ratio of -9.16 and a beta of 3.43.

Wayfair (NYSE:W) last issued its quarterly earnings data on Thursday, May 2nd. The company reported ($1.38) earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of ($1.49) by $0.11. The company had revenue of $2.73 billion for the quarter, compared to analysts’ expectations of $2.64 billion. As a group, equities research analysts expect that Wayfair will post -2.93 EPS for the current year.

Insider Activity at Wayfair

In other Wayfair news, insider Steven Conine sold 10,000 shares of Wayfair stock in a transaction on Tuesday, May 7th. The shares were sold at an average price of $68.26, for a total value of $682,600.00. Following the sale, the insider now directly owns 229,073 shares in the company, valued at approximately $15,636,522.98. The sale was disclosed in a legal filing with the SEC, which is accessible through this hyperlink. In other Wayfair news, CTO Fiona Tan sold 8,036 shares of Wayfair stock in a transaction on Tuesday, July 2nd. The shares were sold at an average price of $50.64, for a total value of $406,943.04. Following the sale, the chief technology officer now directly owns 64,074 shares in the company, valued at approximately $3,244,707.36. The sale was disclosed in a legal filing with the SEC, which is accessible through this hyperlink. Also, insider Steven Conine sold 10,000 shares of the business’s stock in a transaction dated Tuesday, May 7th. The stock was sold at an average price of $68.26, for a total transaction of $682,600.00. Following the completion of the sale, the insider now owns 229,073 shares in the company, valued at $15,636,522.98. The disclosure for this sale can be found here. In the last quarter, insiders have sold 59,682 shares of company stock worth $3,306,949. 26.81% of the stock is owned by corporate insiders.

Institutional Trading of Wayfair

Large investors have recently made changes to their positions in the business. Riverview Trust Co bought a new position in Wayfair during the 1st quarter valued at about $27,000. GAMMA Investing LLC bought a new position in Wayfair during the 4th quarter valued at about $31,000. ORG Partners LLC bought a new position in Wayfair during the 1st quarter valued at about $37,000. International Assets Investment Management LLC bought a new position in Wayfair during the 2nd quarter valued at about $58,000. Finally, BI Asset Management Fondsmaeglerselskab A S purchased a new stake in Wayfair in the 4th quarter valued at about $74,000. 89.67% of the stock is currently owned by 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.