Wayfair (NYSE:W) Cut to "Neutral" at Citigroup

Citigroup cut shares of Wayfair (NYSE:W - Free Report) from a buy rating to a neutral rating in a research report sent to investors on Friday morning, MarketBeat Ratings reports. The brokerage currently has $28.00 target price on the stock, down from their previous target price of $58.00.

A number of other equities research analysts have also weighed in on the company. Piper Sandler set a $58.00 target price on Wayfair and gave the company an "overweight" rating in a research report on Friday, February 21st. BMO Capital Markets lifted their price objective on shares of Wayfair from $50.00 to $55.00 and gave the company a "market perform" rating in a report on Friday, February 21st. Canaccord Genuity Group reduced their price objective on shares of Wayfair from $76.00 to $68.00 and set a "buy" rating for the company in a research note on Friday, February 21st. Raymond James set a $60.00 target price on Wayfair and gave the company a "strong-buy" rating in a research report on Friday, February 21st. Finally, Jefferies Financial Group raised Wayfair from a "hold" rating to a "buy" rating and boosted their price target for the stock from $45.00 to $47.00 in a research report on Friday, March 7th. Fifteen equities research analysts have rated the stock with a hold rating, eleven have assigned a buy rating and one has issued a strong buy rating to the stock. Based on data from MarketBeat.com, Wayfair presently has a consensus rating of "Hold" and an average target price of $54.84.

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Wayfair Trading Up 4.4 %

Shares of W traded up $1.14 during trading hours on Friday, reaching $27.19. 10,536,019 shares of the company traded hands, compared to its average volume of 4,499,706. The stock's fifty day moving average price is $39.50 and its 200 day moving average price is $44.63. The firm has a market cap of $3.45 billion, a price-to-earnings ratio of -6.76 and a beta of 3.72. Wayfair has a 12-month low of $20.41 and a 12-month high of $76.18.

Wayfair (NYSE:W - Get Free Report) last released its quarterly earnings data on Thursday, February 20th. The company reported ($0.96) earnings per share (EPS) for the quarter, missing the consensus estimate of $0.05 by ($1.01). The business had revenue of $3.12 billion for the quarter, compared to the consensus estimate of $3.07 billion. On average, research analysts forecast that Wayfair will post -2.54 earnings per share for the current year.

Insider Buying and Selling

In other news, CFO Kate Gulliver sold 19,296 shares of Wayfair stock in a transaction that occurred on Wednesday, April 2nd. The shares were sold at an average price of $31.67, for a total transaction of $611,104.32. Following the completion of the transaction, the chief financial officer now directly owns 144,474 shares of the company's stock, valued at $4,575,491.58. The trade was a 11.78 % decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. Also, CTO Fiona Tan sold 23,835 shares of the stock in a transaction on Wednesday, April 2nd. The stock was sold at an average price of $31.92, for a total transaction of $760,813.20. Following the sale, the chief technology officer now directly owns 111,128 shares in the company, valued at $3,547,205.76. This trade represents a 17.66 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold a total of 128,532 shares of company stock valued at $5,090,232 over the last 90 days. Insiders own 26.81% of the company's stock.

Institutional Investors Weigh In On Wayfair

Institutional investors have recently added to or reduced their stakes in the stock. True Wealth Design LLC lifted its holdings in Wayfair by 207.1% during the fourth quarter. True Wealth Design LLC now owns 565 shares of the company's stock valued at $25,000 after purchasing an additional 381 shares in the last quarter. J.Safra Asset Management Corp lifted its stake in Wayfair by 71.3% in the 4th quarter. J.Safra Asset Management Corp now owns 586 shares of the company's stock valued at $26,000 after buying an additional 244 shares in the last quarter. Jones Financial Companies Lllp lifted its stake in Wayfair by 577.0% in the 4th quarter. Jones Financial Companies Lllp now owns 589 shares of the company's stock valued at $26,000 after buying an additional 502 shares in the last quarter. GAMMA Investing LLC boosted its holdings in Wayfair by 65.5% in the 4th quarter. GAMMA Investing LLC now owns 710 shares of the company's stock worth $31,000 after buying an additional 281 shares during the last quarter. Finally, Aster Capital Management DIFC Ltd purchased a new stake in Wayfair during the 4th quarter worth approximately $41,000. Institutional investors and hedge funds own 89.67% of the company's stock.

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.