Wayfair (NYSE:W) Shares Up 6.9% – Here’s Why

Wayfair Inc. (NYSE:W) shares rose 6.9% during mid-day trading on Wednesday . The stock traded as high as $91.13 and last traded at $90.7290. Approximately 455,969 shares changed hands during trading, a decline of 88% from the average session volume of 3,844,083 shares. The stock had previously closed at $84.85.

Wall Street Analyst Weigh In

W has been the subject of several recent research reports. Morgan Stanley set a $110.00 price target on shares of Wayfair in a research report on Friday, May 1st. Wells Fargo & Company reduced their target price on shares of Wayfair from $125.00 to $100.00 and set an “overweight” rating for the company in a research note on Friday, May 1st. Robert W. Baird set a $76.00 target price on shares of Wayfair in a research note on Monday, May 4th. Jefferies Financial Group decreased their target price on shares of Wayfair from $86.00 to $70.00 and set a “hold” rating for the company in a research report on Thursday, April 30th. Finally, Guggenheim restated a “buy” rating and issued a $100.00 price target on shares of Wayfair in a research note on Wednesday, May 20th. One research analyst has rated the stock with a Strong Buy rating, eighteen have given a Buy rating, ten have issued a Hold rating and one has given a Sell rating to the company. According to data from MarketBeat, the company currently has an average rating of “Moderate Buy” and a consensus target price of $99.68.

Wayfair Stock Up 9.3%

The company has a market cap of $12.24 billion, a P/E ratio of -39.66, a PEG ratio of 4.47 and a beta of 3.02. The company has a 50 day moving average price of $72.33 and a 200-day moving average price of $84.44.

Wayfair (NYSE:W) last issued its quarterly earnings data on Thursday, April 30th. The company reported $0.26 earnings per share for the quarter, meeting analysts’ consensus estimates of $0.26. The business had revenue of $2.93 billion for 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 company’s revenue was up 7.4% on a year-over-year basis. During the same period in the previous year, the business earned $0.10 earnings per share. On average, research analysts expect that Wayfair Inc. will post 0.63 earnings per share for the current fiscal year.

Insider Buying and Selling at Wayfair

In other news, insider Jon Blotner sold 4,790 shares of the company’s stock in a transaction that occurred on Thursday, April 2nd. The shares were sold at an average price of $72.19, for a total value of $345,790.10. Following the completion of the sale, the insider directly owned 111,158 shares of the company’s stock, valued at approximately $8,024,496.02. This represents a 4.13% decrease in their position. The sale was disclosed in a legal filing with the SEC, which is accessible through this link. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, Director Steven Conine sold 112,861 shares of the stock in a transaction that occurred on Thursday, April 23rd. The shares were sold at an average price of $77.50, for a total transaction of $8,746,727.50. Following the completion of the transaction, 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 ownership of the stock. The SEC filing for this sale provides additional information. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. In the last 90 days, insiders have sold 244,790 shares of company stock valued at $18,959,021. Company insiders own 18.44% of the company’s stock.

Institutional Investors Weigh In On Wayfair

Several hedge funds and other institutional investors have recently added to or reduced their stakes in W. Covenant Asset Management LLC bought a new position in Wayfair during the fourth quarter valued at about $4,403,000. Capital World Investors grew its holdings in Wayfair by 4.1% during the third quarter. Capital World Investors now owns 13,374,574 shares of the company’s stock worth $1,194,750,000 after acquiring an additional 521,240 shares during the period. WINTON GROUP Ltd bought a new stake in Wayfair in the third quarter worth about $2,635,000. Quantbot Technologies LP bought a new stake in Wayfair in the third quarter worth about $1,958,000. Finally, North Dakota State Investment Board acquired a new stake in Wayfair in the 4th quarter valued at about $3,636,000. Institutional investors 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.