Wayfair’s (W) Overweight Rating Reiterated at Piper Sandler

Piper Sandler restated their overweight rating on shares of Wayfair (NYSE:W) in a report issued on Friday morning, Benzinga reports. The firm currently has a $91.00 price objective on the stock, up from their prior price objective of $88.00.

A number of other equities analysts have also issued reports on W. Wedbush reiterated an outperform rating and issued a $70.00 target price on shares of Wayfair in a research report on Monday, April 22nd. Truist Financial dropped their price objective on Wayfair from $65.00 to $63.00 and set a buy rating on the stock in a research note on Friday, February 23rd. BMO Capital Markets initiated coverage on shares of Wayfair in a research report on Tuesday, January 9th. They set a market perform rating and a $57.00 price objective for the company. Loop Capital boosted their target price on shares of Wayfair from $55.00 to $65.00 and gave the stock a hold rating in a report on Tuesday, April 2nd. Finally, Canaccord Genuity Group restated a buy rating and set a $80.00 target price on shares of Wayfair in a report on Friday, February 23rd. One analyst has rated the stock with a sell rating, nine have given a hold rating, seventeen have assigned a buy rating and one has given a strong buy rating to the stock. According to MarketBeat, Wayfair currently has an average rating of Moderate Buy and an average target price of $76.45.

Wayfair Trading Up 8.4 %

NYSE:W traded up $4.95 during mid-day trading on Friday, hitting $63.59. The stock had a trading volume of 8,825,370 shares, compared to its average volume of 4,777,874. The company has a 50 day simple moving average of $59.92 and a 200-day simple moving average of $55.16. Wayfair has a 52 week low of $33.85 and a 52 week high of $90.71.

Wayfair (NYSE:W) last released its quarterly earnings results on Thursday, February 22nd. The company reported ($1.46) earnings per share for the quarter, beating analysts’ consensus estimates of ($1.54) by $0.08. The business had revenue of $3.11 billion for the quarter, compared to the consensus estimate of $3.10 billion. Sell-side analysts anticipate that Wayfair will post -3.37 earnings per share for the current year.

Insiders Place Their Bets

In other news, CFO Kate Gulliver sold 3,395 shares of the firm’s stock in a transaction dated Thursday, April 4th. The stock was sold at an average price of $65.04, for a total value of $220,810.80. Following the sale, the chief financial officer now directly owns 82,560 shares of the company’s stock, valued at $5,369,702.40. The sale was disclosed in a document filed with the SEC, which is available at the SEC website. In other Wayfair news, insider Jon Blotner sold 3,492 shares of the firm’s stock in a transaction on Monday, February 5th. The shares were sold at an average price of $50.34, for a total value of $175,787.28. Following the sale, the insider now directly owns 32,118 shares in the company, valued at approximately $1,616,820.12. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website. Also, CFO Kate Gulliver sold 3,395 shares of the company’s stock in a transaction dated Thursday, April 4th. The shares were sold at an average price of $65.04, for a total transaction of $220,810.80. Following the transaction, the chief financial officer now directly owns 82,560 shares of the company’s stock, valued at approximately $5,369,702.40. The disclosure for this sale can be found here. Insiders sold a total of 90,156 shares of company stock valued at $5,465,688 in the last quarter. Insiders own 26.81% of the company’s stock.

Hedge Funds Weigh In On Wayfair

Several institutional investors and hedge funds have recently added to or reduced their stakes in W. Commonwealth Equity Services LLC grew its holdings in shares of Wayfair by 5.5% during the 3rd quarter. Commonwealth Equity Services LLC now owns 10,274 shares of the company’s stock worth $622,000 after purchasing an additional 537 shares in the last quarter. Raymond James & Associates lifted its stake in Wayfair by 9.3% during the third quarter. Raymond James & Associates now owns 5,730 shares of the company’s stock worth $347,000 after purchasing an additional 486 shares during the period. Bank of New York Mellon Corp boosted its stake in Wayfair by 2.9% in the 3rd quarter. Bank of New York Mellon Corp now owns 273,523 shares of the company’s stock valued at $16,567,000 after buying an additional 7,719 shares in the last quarter. BluePath Capital Management LLC bought a new position in shares of Wayfair during the third quarter valued at $34,000. Finally, ING Groep NV acquired a new stake in shares of Wayfair during the third quarter worth approximately $4,016,000. 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.