Wayfair (NYSE:W) Stock Price Up 9.8% – Here’s What Happened

Wayfair Inc. (NYSE:W)’s stock price was up 9.8% on Tuesday . The stock traded as high as $74.88 and last traded at $73.72. Approximately 502,243 shares were traded during trading, a decline of 87% from the average daily volume of 3,825,057 shares. The stock had previously closed at $67.15.

Analyst Ratings Changes

Several analysts have weighed in on W shares. Wall Street Zen cut Wayfair from a “buy” rating to a “hold” rating in a report on Saturday, February 21st. The Goldman Sachs Group set a $79.00 price objective on Wayfair in a report on Friday, May 1st. Robert W. Baird set a $76.00 price objective on Wayfair in a report on Monday, May 4th. Evercore set a $100.00 price objective on Wayfair in a report on Friday, February 20th. Finally, Piper Sandler reissued an “overweight” rating and set a $125.00 price objective on shares of Wayfair in a report on Friday, February 20th. One analyst has rated the stock with a Strong Buy rating, eighteen have assigned a Buy rating, ten have issued a Hold rating and one has assigned a Sell rating to the company’s stock. Based on data from MarketBeat, Wayfair has a consensus rating of “Moderate Buy” and an average price target of $99.68.

Wayfair Trading Up 4.3%

The company has a market capitalization of $9.25 billion, a P/E ratio of -29.85, a PEG ratio of 3.59 and a beta of 3.02. The firm’s 50 day moving average price is $70.47 and its two-hundred day moving average price is $86.33.

Wayfair (NYSE:W) last issued its quarterly earnings results on Thursday, April 30th. The company reported $0.26 earnings per share for the quarter, hitting the consensus estimate of $0.26. The company had revenue of $2.93 billion during the quarter, compared to analysts’ expectations of $2.89 billion. Wayfair had a negative net margin of 2.41% and a negative return on equity of 2.20%. The business’s quarterly revenue was up 7.4% on a year-over-year basis. During the same period last year, the business earned $0.10 EPS. Analysts anticipate that Wayfair Inc. will post 0.63 earnings per share for the current fiscal year.

Insider Activity at Wayfair

In other Wayfair news, Director Steven Conine sold 112,861 shares of the firm’s stock in a transaction on Thursday, April 23rd. The stock was sold at an average price of $77.50, for a total transaction of $8,746,727.50. Following the completion of the sale, the director owned 436,212 shares of the company’s stock, valued at $33,806,430. This trade represents a 20.55% decrease in their position. The sale was disclosed in a document filed with the SEC, which is available through this hyperlink. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, CEO Niraj Shah sold 113,863 shares of Wayfair stock in a transaction that occurred on Thursday, April 23rd. The stock was sold at an average price of $77.49, for a total value of $8,823,243.87. Following the sale, the chief executive officer directly owned 435,274 shares of the company’s stock, valued at approximately $33,729,382.26. The trade was a 20.73% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Over the last three months, insiders sold 463,785 shares of company stock valued at $35,864,224. 18.44% of the stock is owned by corporate insiders.

Institutional Investors Weigh In On Wayfair

A number of hedge funds and other institutional investors have recently modified their holdings of the company. Webster Bank N. A. acquired a new position in Wayfair in the fourth quarter valued at about $30,000. V Square Quantitative Management LLC acquired a new position in Wayfair in the fourth quarter valued at about $33,000. Piper Sandler & CO. acquired a new position in Wayfair in the fourth quarter valued at about $34,000. Havemeyer Place LP acquired a new position in Wayfair in the fourth quarter valued at about $39,000. Finally, EverSource Wealth Advisors LLC raised its stake in Wayfair by 393.4% in the second quarter. EverSource Wealth Advisors LLC now owns 819 shares of the company’s stock valued at $42,000 after purchasing an additional 653 shares in the last quarter. Institutional investors and hedge funds own 89.67% of the company’s stock.

Wayfair Company Profile

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.