JPMorgan Chase & Co. Issues Positive Forecast for Wayfair (NYSE:W) Stock Price

Wayfair (NYSE:W) had its price target increased by equities researchers at JPMorgan Chase & Co. from $105.00 to $108.00 in a research note issued on Tuesday,Benzinga reports. The firm presently has an “overweight” rating on the stock. JPMorgan Chase & Co.‘s price objective would suggest a potential upside of 15.20% from the company’s previous close.

W has been the topic of a number of other research reports. Canaccord Genuity Group cut their price target on shares of Wayfair from $125.00 to $115.00 and set a “buy” rating on the stock in a report on Friday, May 1st. Citigroup lowered their price objective on Wayfair from $110.00 to $95.00 and set a “buy” rating on the stock in a research report on Tuesday, May 19th. Wedbush assumed coverage on shares of Wayfair in a report on Thursday, July 16th. They set a “neutral” rating and a $104.00 price target on the stock. The Goldman Sachs Group set a $79.00 target price on Wayfair in a report on Friday, May 1st. Finally, Royal Bank Of Canada reduced their price objective on Wayfair from $92.00 to $76.00 and set a “sector perform” rating for the company in a research note on Thursday, April 30th. One analyst has rated the stock with a Strong Buy rating, eighteen have assigned a Buy rating, eleven have issued a Hold rating and one has given a Sell rating to the company’s stock. According to data from MarketBeat, the stock currently has a consensus rating of “Moderate Buy” and an average target price of $100.46.

Wayfair Stock Performance

Shares of W traded down $0.78 during trading hours on Tuesday, hitting $93.75. The company had a trading volume of 660,455 shares, compared to its average volume of 3,710,260. The stock has a market capitalization of $12.37 billion, a price-to-earnings ratio of -40.28, a P/E/G ratio of 4.66 and a beta of 2.96. The firm has a fifty day moving average price of $81.96 and a 200-day moving average price of $82.82. Wayfair has a 52-week low of $55.60 and a 52-week high of $119.98.

Wayfair (NYSE:W) last announced its quarterly earnings data on Thursday, April 30th. The company reported $0.26 EPS for the quarter, meeting the consensus estimate of $0.26. The company had revenue of $2.93 billion for the quarter, compared to the consensus estimate of $2.89 billion. Wayfair had a negative net margin of 2.41% and a negative return on equity of 2.20%. Wayfair’s revenue for the quarter was up 7.4% on a year-over-year basis. During the same period in the prior year, the firm posted $0.10 EPS. Research analysts anticipate that Wayfair will post 0.6 earnings per share for the current fiscal year.

Insiders Place Their Bets

In other Wayfair news, insider Jon Blotner sold 5,925 shares of the business’s stock in a transaction that occurred on Thursday, July 2nd. The stock was sold at an average price of $96.29, for a total transaction of $570,518.25. Following the sale, the insider directly owned 117,344 shares of the company’s stock, valued at $11,299,053.76. The trade was a 4.81% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which is available through this link. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. The sale was made to cover tax withholding obligations related to the vesting of equity awards. 18.44% of the stock is owned by insiders.

Hedge Funds Weigh In On Wayfair

A number of institutional investors and hedge funds have recently modified their holdings of the stock. Covenant Asset Management LLC purchased a new stake in shares of Wayfair in the fourth quarter valued at $4,403,000. North Dakota State Investment Board bought a new stake in shares of Wayfair in the 4th quarter worth about $3,636,000. Vanguard Group Inc. boosted its stake in shares of Wayfair by 0.8% during the 4th quarter. Vanguard Group Inc. now owns 9,634,757 shares of the company’s stock worth $967,426,000 after purchasing an additional 72,707 shares during the period. M&T Bank Corp boosted its stake in shares of Wayfair by 3,713.2% during the 4th quarter. M&T Bank Corp now owns 168,505 shares of the company’s stock worth $16,920,000 after purchasing an additional 164,086 shares during the period. Finally, Artemis Investment Management LLP bought a new position in Wayfair during the 4th quarter valued at about $48,004,000. Hedge funds and other institutional investors own 89.67% of the company’s stock.

Wayfair Company Profile

Wayfair Inc (NYSE: W) is an e-commerce company focused on home furnishings and décor. Through its platform, Wayfair offers a broad assortment of furniture, lighting, home textiles, kitchenware and decorative accessories. The company’s portfolio includes flagship sites such as Wayfair.com, as well as specialty retail brands like Joss & Main, AllModern, Birch Lane and Perigold, each catering to distinct design styles and price points.

Founded in 2002 by Niraj Shah and Steve Conine under the name CSN Stores, the business rebranded as Wayfair in 2011 and went public in 2014.