BMO Capital Markets Forecasts Strong Price Appreciation for Wayfair (NYSE:W) Stock

Wayfair (NYSE:W - Get Free Report) had its price target hoisted by research analysts at BMO Capital Markets from $50.00 to $55.00 in a note issued to investors on Friday,Benzinga reports. The brokerage currently has a "market perform" rating on the stock. BMO Capital Markets' price target indicates a potential upside of 28.62% from the company's current price.

Several other research firms have also recently weighed in on W. Royal Bank of Canada reduced their price target on shares of Wayfair from $53.00 to $50.00 and set a "sector perform" rating for the company in a report on Monday, November 4th. Wedbush cut shares of Wayfair from an "outperform" rating to a "neutral" rating and cut their price objective for the company from $45.00 to $44.00 in a research report on Monday, January 6th. Stifel Nicolaus lowered their target price on Wayfair from $47.00 to $46.00 and set a "hold" rating for the company in a report on Friday. Truist Financial cut their price target on Wayfair from $55.00 to $53.00 and set a "buy" rating on the stock in a report on Friday. Finally, Needham & Company LLC reiterated a "buy" rating and set a $50.00 price objective on shares of Wayfair in a report on Friday. Fourteen analysts have rated the stock with a hold rating, twelve have assigned a buy rating and one has issued a strong buy rating to the company. According to MarketBeat.com, the stock has an average rating of "Moderate Buy" and an average target price of $58.12.

Wayfair Price Performance

W traded up $1.49 during mid-day trading on Friday, hitting $42.76. The stock had a trading volume of 4,678,191 shares, compared to its average volume of 3,790,507. The stock's fifty day simple moving average is $46.03 and its 200-day simple moving average is $46.55. The firm has a market capitalization of $5.36 billion, a price-to-earnings ratio of -10.64 and a beta of 3.43. Wayfair has a 1-year low of $37.35 and a 1-year high of $76.18.

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

Insiders Place Their Bets

In other news, insider Steven Conine sold 30,000 shares of the business's stock in a transaction that occurred on Friday, December 6th. The stock was sold at an average price of $53.14, for a total transaction of $1,594,200.00. Following the completion of the sale, the insider now owns 632,573 shares in the company, valued at $33,614,929.22. The trade was a 4.53 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which is available at this hyperlink. Also, insider Jon Blotner sold 4,966 shares of the company's stock in a transaction dated Friday, January 3rd. The shares were sold at an average price of $44.93, for a total transaction of $223,122.38. Following the completion of the transaction, the insider now owns 68,089 shares in the company, valued at $3,059,238.77. This trade represents a 6.80 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold a total of 164,228 shares of company stock valued at $7,830,018 over the last 90 days. 23.50% of the stock is currently owned by insiders.

Institutional Trading of Wayfair

Large investors have recently modified their holdings of the stock. J.Safra Asset Management Corp raised its stake in Wayfair by 71.3% in the fourth quarter. J.Safra Asset Management Corp now owns 586 shares of the company's stock valued at $26,000 after purchasing an additional 244 shares in the last quarter. Creative Planning increased its holdings in Wayfair by 2.1% in the 3rd quarter. Creative Planning now owns 13,261 shares of the company's stock valued at $745,000 after buying an additional 272 shares during the period. GAMMA Investing LLC raised its position in shares of Wayfair by 65.5% in the 4th quarter. GAMMA Investing LLC now owns 710 shares of the company's stock valued at $31,000 after buying an additional 281 shares in the last quarter. True Wealth Design LLC lifted its holdings in shares of Wayfair by 207.1% during the 4th quarter. True Wealth Design LLC now owns 565 shares of the company's stock worth $25,000 after acquiring an additional 381 shares during the period. Finally, Jones Financial Companies Lllp boosted its position in shares of Wayfair by 577.0% during the 4th quarter. Jones Financial Companies Lllp now owns 589 shares of the company's stock worth $26,000 after acquiring an additional 502 shares in the last quarter. 89.67% of the stock is 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.