Wayfair (NYSE:W) Reaches New 12-Month High – Here’s Why

Wayfair Inc. (NYSE:W) reached a new 52-week high on Tuesday . The stock traded as high as $118.37 and last traded at $116.9080, with a volume of 270175 shares. The stock had previously closed at $114.84.

Wall Street Analyst Weigh In

Several analysts recently weighed in on W shares. UBS Group upped their price objective on Wayfair from $102.00 to $135.00 and gave the stock a “buy” rating in a research report on Wednesday, October 29th. Mizuho restated an “outperform” rating and issued a $130.00 price target on shares of Wayfair in a research note on Friday, January 2nd. Citigroup upped their price objective on shares of Wayfair from $105.00 to $135.00 and gave the stock a “buy” rating in a research report on Wednesday, October 29th. Royal Bank Of Canada upped their price target on shares of Wayfair from $51.00 to $86.00 and gave the stock a “sector perform” rating in a report on Thursday, October 30th. Finally, Wells Fargo & Company upped their target price on Wayfair from $90.00 to $110.00 and gave the stock an “overweight” rating in a report on Wednesday, October 29th. Two research analysts have rated the stock with a Strong Buy rating, eighteen have issued a Buy rating, ten have given a Hold rating and two have assigned a Sell rating to the stock. Based on data from MarketBeat, Wayfair presently has a consensus rating of “Moderate Buy” and an average price target of $107.21.

Wayfair Stock Performance

The stock has a market cap of $15.38 billion, a P/E ratio of -46.09 and a beta of 3.31. The firm’s fifty day simple moving average is $104.24 and its 200-day simple moving average is $86.57.

Wayfair (NYSE:W) last issued its earnings results on Tuesday, October 28th. The company reported $0.70 earnings per share for the quarter, topping analysts’ consensus estimates of $0.44 by $0.26. The business had revenue of $3.12 billion during the quarter, compared to the consensus estimate of $3.01 billion. The company’s revenue for the quarter was up 8.1% compared to the same quarter last year. During the same quarter in the previous year, the firm posted $0.22 earnings per share. Analysts predict that Wayfair Inc. will post -2.54 earnings per share for the current fiscal year.

Insider Transactions at Wayfair

In other news, CTO Fiona Tan sold 9,000 shares of the stock in a transaction dated Tuesday, January 13th. The shares were sold at an average price of $119.00, for a total transaction of $1,071,000.00. Following the transaction, the chief technology officer owned 200,328 shares of the company’s stock, valued at $23,839,032. This represents a 4.30% decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. Also, insider Jon Blotner sold 4,997 shares of the company’s stock in a transaction that occurred on Monday, January 5th. The stock was sold at an average price of $105.84, for a total value of $528,882.48. Following the transaction, the insider directly owned 106,107 shares in the company, valued at approximately $11,230,364.88. This trade represents a 4.50% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. In the last quarter, insiders sold 1,136,453 shares of company stock valued at $109,198,287. 21.91% of the stock is owned by insiders.

Institutional Inflows and Outflows

Hedge funds have recently modified their holdings of the stock. Cornerstone Planning Group LLC raised its position in Wayfair by 28,200.0% in the 3rd quarter. Cornerstone Planning Group LLC now owns 283 shares of the company’s stock valued at $25,000 after buying an additional 282 shares during the last quarter. True Wealth Design LLC grew its stake in shares of Wayfair by 250.5% in the 3rd quarter. True Wealth Design LLC now owns 326 shares of the company’s stock worth $29,000 after acquiring an additional 233 shares in the last quarter. Global Retirement Partners LLC grew its stake in shares of Wayfair by 156.3% in the 3rd quarter. Global Retirement Partners LLC now owns 328 shares of the company’s stock worth $29,000 after acquiring an additional 200 shares in the last quarter. Larson Financial Group LLC raised its holdings in shares of Wayfair by 30.0% in the third quarter. Larson Financial Group LLC now owns 520 shares of the company’s stock valued at $46,000 after purchasing an additional 120 shares during the last quarter. Finally, Comerica Bank lifted its position in shares of Wayfair by 56.5% during the third quarter. Comerica Bank now owns 634 shares of the company’s stock valued at $57,000 after purchasing an additional 229 shares in the last quarter. Hedge funds and other institutional investors own 89.67% of the company’s stock.

About Wayfair

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.