JPMorgan Chase & Co. Lowers Wayfair (NYSE:W) Price Target to $63.00

Wayfair (NYSE:W) had its price target reduced by analysts at JPMorgan Chase & Co. from $80.00 to $63.00 in a report issued on Friday, Benzinga reports. The brokerage presently has an “overweight” rating on the stock. JPMorgan Chase & Co.‘s price objective would suggest a potential upside of 31.88% from the company’s current price.

W has been the subject of a number of other research reports. Royal Bank of Canada cut their target price on shares of Wayfair from $65.00 to $53.00 and set a “sector perform” rating for the company in a research report on Friday. Morgan Stanley raised their price target on shares of Wayfair from $85.00 to $90.00 and gave the company an “overweight” rating in a report on Monday, May 13th. Bank of America downgraded shares of Wayfair from a “buy” rating to a “neutral” rating and dropped their target price for the stock from $85.00 to $58.00 in a report on Thursday. The Goldman Sachs Group dropped their target price on shares of Wayfair from $67.00 to $54.00 and set a “neutral” rating on the stock in a report on Friday. Finally, TD Cowen boosted their price objective on shares of Wayfair from $55.00 to $58.00 and gave the stock a “hold” rating in a report on Friday, May 3rd. One investment analyst has rated the stock with a sell rating, ten have given a hold rating, eighteen have given a buy rating and one has assigned a strong buy rating to the stock. According to MarketBeat.com, the company presently has a consensus rating of “Moderate Buy” and a consensus target price of $73.83.

Wayfair Trading Down 4.5 %

W stock traded down $2.24 on Friday, hitting $47.77. 5,971,271 shares of the company’s stock traded hands, compared to its average volume of 4,288,354. Wayfair has a 1-year low of $38.37 and a 1-year high of $90.71. The stock has a market cap of $5.75 billion, a price-to-earnings ratio of -8.91 and a beta of 3.43. The stock has a fifty day moving average of $54.22 and a 200-day moving average of $57.20.

Wayfair (NYSE:W) last issued its quarterly earnings results on Thursday, May 2nd. The company reported ($1.38) EPS for the quarter, beating the consensus estimate of ($1.49) by $0.11. The firm had revenue of $2.73 billion during the quarter, compared to analysts’ expectations of $2.64 billion. On average, equities research analysts anticipate that Wayfair will post -2.93 earnings per share for the current fiscal year.

Insiders Place Their Bets

In other Wayfair news, CTO Fiona Tan sold 8,036 shares of the business’s stock in a transaction dated Tuesday, July 2nd. The shares were sold at an average price of $50.64, for a total value of $406,943.04. Following the completion of the transaction, the chief technology officer now directly owns 64,074 shares of the company’s stock, valued at $3,244,707.36. The sale was disclosed in a legal filing with the SEC, which is available at this hyperlink. In related news, CTO Fiona Tan sold 8,036 shares of the business’s stock in a transaction that occurred on Tuesday, July 2nd. The shares were sold at an average price of $50.64, for a total transaction of $406,943.04. Following the completion of the sale, the chief technology officer now directly owns 64,074 shares of the company’s stock, valued at $3,244,707.36. The transaction was disclosed in a legal filing with the SEC, which is available at this link. Also, insider Steven Conine sold 10,000 shares of the business’s stock in a transaction that occurred on Friday, June 7th. The stock was sold at an average price of $56.79, for a total transaction of $567,900.00. Following the sale, the insider now directly owns 219,073 shares of the company’s stock, valued at $12,441,155.67. The disclosure for this sale can be found here. Over the last three months, insiders sold 59,682 shares of company stock valued at $3,306,949. Insiders own 26.81% of the company’s stock.

Institutional Investors Weigh In On Wayfair

Several large investors have recently bought and sold shares of the company. Allspring Global Investments Holdings LLC boosted its holdings in Wayfair by 31.1% during the fourth quarter. Allspring Global Investments Holdings LLC now owns 398,795 shares of the company’s stock worth $24,606,000 after purchasing an additional 94,540 shares during the last quarter. Vanguard Group Inc. lifted its stake in Wayfair by 4.5% in the first quarter. Vanguard Group Inc. now owns 8,467,900 shares of the company’s stock valued at $574,801,000 after acquiring an additional 363,948 shares during the last quarter. SageView Advisory Group LLC acquired a new stake in Wayfair in the first quarter valued at $937,000. Mirae Asset Global Investments Co. Ltd. lifted its stake in Wayfair by 250.1% in the first quarter. Mirae Asset Global Investments Co. Ltd. now owns 167,170 shares of the company’s stock valued at $11,347,000 after acquiring an additional 119,415 shares during the last quarter. Finally, Sei Investments Co. lifted its stake in Wayfair by 14.6% in the first quarter. Sei Investments Co. now owns 100,447 shares of the company’s stock valued at $6,818,000 after acquiring an additional 12,809 shares during the last quarter. Institutional investors own 89.67% of the company’s stock.

Wayfair Company Profile

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.