Royal Bank of Canada Issues Pessimistic Forecast for Wayfair (NYSE:W) Stock Price

Wayfair (NYSE:W) had its price objective cut by Royal Bank of Canada from $50.00 to $43.00 in a research note issued on Monday,Benzinga reports. The firm currently has a “sector perform” rating on the stock. Royal Bank of Canada’s price objective indicates a potential upside of 3.27% from the stock’s current price.

A number of other brokerages have also weighed in on W. Stifel Nicolaus reduced their price target on shares of Wayfair from $47.00 to $46.00 and set a “hold” rating for the company in a research note on Friday. Deutsche Bank Aktiengesellschaft cut their target price on Wayfair from $69.00 to $46.00 and set a “buy” rating for the company in a research report on Monday, November 4th. Citigroup decreased their price target on Wayfair from $70.00 to $54.00 and set a “buy” rating for the company in a research note on Monday, November 4th. Robert W. Baird dropped their price objective on Wayfair from $56.00 to $50.00 and set a “neutral” rating on the stock in a research note on Monday, November 4th. Finally, Truist Financial decreased their target price on Wayfair from $55.00 to $53.00 and set a “buy” rating for the company in a research note on Friday. Fourteen research analysts have rated the stock with a hold rating, twelve have given a buy rating and one has assigned a strong buy rating to the company’s stock. According to MarketBeat, the company currently has an average rating of “Moderate Buy” and a consensus target price of $58.12.

Wayfair Price Performance

Shares of NYSE:W traded down $0.19 during trading on Monday, reaching $41.64. 1,139,608 shares of the company’s stock traded hands, compared to its average volume of 3,674,763. The stock has a market capitalization of $5.22 billion, a P/E ratio of -10.35 and a beta of 3.43. Wayfair has a 12 month low of $37.35 and a 12 month high of $76.18. The company has a 50 day moving average of $46.22 and a 200-day moving average of $46.55.

Wayfair (NYSE:W) last released its quarterly earnings results on Thursday, February 20th. The company reported ($0.96) EPS for the quarter, missing the consensus estimate of $0.05 by ($1.01). The firm had revenue of $3.12 billion for the quarter, compared to analyst estimates of $3.07 billion. Equities research analysts predict that Wayfair will post -2.54 earnings per share for the current fiscal year.

Insider Activity at Wayfair

In other Wayfair news, COO Thomas Netzer sold 1,039 shares of the company’s stock in a transaction dated Tuesday, December 17th. The stock was sold at an average price of $50.65, for a total value of $52,625.35. Following the completion of the transaction, the chief operating officer now owns 171,790 shares of the company’s stock, valued at $8,701,163.50. This represents a 0.60 % decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. Also, insider Steven Conine sold 30,000 shares of Wayfair stock in a transaction dated Thursday, February 20th. The shares were sold at an average price of $46.33, for a total value of $1,389,900.00. Following the sale, the insider now directly owns 559,073 shares in the company, valued at $25,901,852.09. The trade was a 5.09 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold a total of 164,228 shares of company stock valued at $7,830,018 over the last quarter. 26.81% of the stock is owned by corporate insiders.

Hedge Funds Weigh In On Wayfair

A number of hedge funds have recently modified their holdings of the business. Toronto Dominion Bank bought a new position in shares of Wayfair during the fourth quarter worth about $1,536,000. Neo Ivy Capital Management acquired a new stake in Wayfair during the 4th quarter valued at approximately $3,560,000. Southpoint Capital Advisors LP lifted its position in shares of Wayfair by 100.0% in the 4th quarter. Southpoint Capital Advisors LP now owns 2,800,000 shares of the company’s stock worth $124,096,000 after purchasing an additional 1,400,000 shares during the period. Two Sigma Advisers LP lifted its position in shares of Wayfair by 195.6% in the 4th quarter. Two Sigma Advisers LP now owns 412,000 shares of the company’s stock worth $18,260,000 after purchasing an additional 272,600 shares during the period. Finally, True Wealth Design LLC boosted its stake in shares of Wayfair by 207.1% in the 4th 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 last quarter. Institutional investors and hedge funds 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.