Wayfair (NYSE:W) Price Target Raised to $88.00

Wayfair (NYSE:W) had its target price lifted by Mizuho from $50.00 to $88.00 in a research note published on Tuesday morning,Benzinga reports. Mizuho currently has an outperform rating on the stock.

Other equities analysts have also recently issued research reports about the company. Jefferies Financial Group restated a “buy” rating on shares of Wayfair in a report on Tuesday, July 1st. Needham & Company LLC lifted their price objective on shares of Wayfair from $40.00 to $83.00 and gave the stock a “buy” rating in a research note on Monday. Wedbush raised shares of Wayfair to a “hold” rating in a research note on Thursday, May 1st. Truist Financial set a $40.00 target price on shares of Wayfair in a report on Friday, May 2nd. Finally, Zelman & Associates boosted their price target on shares of Wayfair from $85.00 to $96.00 and gave the company an “outperform” rating in a report on Tuesday. One investment analyst has rated the stock with a sell rating, ten have issued a hold rating, fifteen have issued a buy rating and two have issued a strong buy rating to the company’s stock. Based on data from MarketBeat.com, the company currently has a consensus rating of “Moderate Buy” and a consensus price target of $65.96.

Wayfair Trading Down 4.5%

Wayfair stock opened at $73.25 on Tuesday. The company has a market cap of $9.40 billion, a PE ratio of -30.52 and a beta of 2.92. Wayfair has a 1 year low of $20.41 and a 1 year high of $78.06. The company’s 50-day moving average is $55.27 and its two-hundred day moving average is $43.10.

Wayfair (NYSE:W) last posted its quarterly earnings results on Monday, August 4th. The company reported $0.87 earnings per share for the quarter, topping analysts’ consensus estimates of $0.33 by $0.54. The business had revenue of $3.27 billion for the quarter, compared to the consensus estimate of $3.11 billion. During the same period last year, the firm earned $0.47 earnings per share. The company’s quarterly revenue was up 5.0% on a year-over-year basis. Research analysts forecast that Wayfair will post -2.54 EPS for the current year.

Insider Activity

In related news, CEO Niraj Shah sold 179,707 shares of the company’s stock in a transaction dated Tuesday, July 1st. The stock was sold at an average price of $52.58, for a total transaction of $9,448,994.06. Following the sale, the chief executive officer owned 236,850 shares in the company, valued at approximately $12,453,573. This represents a 43.14% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is accessible through this hyperlink. Also, insider Steven Conine sold 180,943 shares of the firm’s stock in a transaction that occurred on Tuesday, July 1st. The shares were sold at an average price of $52.59, for a total value of $9,515,792.37. Following the completion of the transaction, the insider owned 236,167 shares of the company’s stock, valued at approximately $12,420,022.53. This represents a 43.38% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold a total of 800,204 shares of company stock valued at $40,135,236 in the last 90 days. 21.91% of the stock is owned by corporate insiders.

Hedge Funds Weigh In On Wayfair

A number of institutional investors have recently added to or reduced their stakes in W. True Wealth Design LLC lifted its stake in 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 acquiring an additional 381 shares during the last quarter. Aster Capital Management DIFC Ltd bought a new stake in shares of Wayfair in the 4th quarter valued at about $41,000. GAMMA Investing LLC raised its holdings in shares of Wayfair by 85.8% in the 1st quarter. GAMMA Investing LLC now owns 1,319 shares of the company’s stock valued at $42,000 after purchasing an additional 609 shares during the period. Parallel Advisors LLC lifted its stake in Wayfair by 229.0% in the 2nd quarter. Parallel Advisors LLC now owns 1,576 shares of the company’s stock valued at $81,000 after purchasing an additional 1,097 shares during the last quarter. Finally, IFP Advisors Inc grew its holdings in Wayfair by 49.3% during the second quarter. IFP Advisors Inc now owns 1,869 shares of the company’s stock worth $96,000 after purchasing an additional 617 shares during the period. 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.