Wayfair (NYSE:W) Stock Price Up 7% – Here’s What Happened

Wayfair Inc. (NYSE:W)’s stock price rose 7% on Thursday . The stock traded as high as $99.80 and last traded at $99.8170. Approximately 856,746 shares traded hands during trading, a decline of 82% from the average daily volume of 4,652,596 shares. The stock had previously closed at $93.31.

Wall Street Analysts Forecast Growth

A number of brokerages recently issued reports on W. UBS Group upped their price target on shares of Wayfair from $102.00 to $135.00 and gave the stock a “buy” rating in a research note on Wednesday, October 29th. Bank of America raised shares of Wayfair from a “neutral” rating to a “buy” rating in a report on Tuesday, October 28th. Oppenheimer upped their target price on shares of Wayfair from $100.00 to $144.00 and gave the stock an “outperform” rating in a research note on Wednesday, November 12th. Needham & Company LLC raised their price target on shares of Wayfair from $83.00 to $125.00 and gave the company a “buy” rating in a research report on Wednesday, October 29th. Finally, Wells Fargo & Company upped their price objective on Wayfair from $90.00 to $110.00 and gave the company an “overweight” rating in a research report on Wednesday, October 29th. Two investment analysts have rated the stock with a Strong Buy rating, eighteen have issued a Buy rating, ten have issued a Hold rating and two have issued a Sell rating to the company’s stock. According to data from MarketBeat, the company currently has an average rating of “Moderate Buy” and a consensus target price of $105.29.

Wayfair Stock Down 2.3%

The company has a market cap of $12.68 billion, a PE ratio of -37.99 and a beta of 3.25. The company’s fifty day moving average is $95.91 and its 200-day moving average is $76.73.

Wayfair (NYSE:W) last released its quarterly earnings results on Tuesday, October 28th. The company reported $0.70 earnings per share for the quarter, beating the consensus estimate of $0.44 by $0.26. The firm had revenue of $3.12 billion for the quarter, compared to the consensus estimate of $3.01 billion. During the same period in the previous year, the company earned $0.22 earnings per share. Wayfair’s quarterly revenue was up 8.1% compared to the same quarter last year. Equities research analysts expect that Wayfair Inc. will post -2.54 EPS for the current fiscal year.

Insider Transactions at Wayfair

In other news, CTO Fiona Tan sold 6,347 shares of the company’s stock in a transaction dated Wednesday, November 5th. The shares were sold at an average price of $100.54, for a total transaction of $638,127.38. Following the completion of the sale, the chief technology officer owned 198,860 shares of the company’s stock, valued at $19,993,384.40. This represents a 3.09% 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 Steven Conine sold 150,000 shares of the firm’s stock in a transaction that occurred on Monday, November 24th. The stock was sold at an average price of $105.92, for a total transaction of $15,888,000.00. Following the completion of the transaction, the insider directly owned 729,073 shares in the company, valued at approximately $77,223,412.16. The trade was a 17.06% decrease in their position. The SEC filing for this sale provides additional information. In the last quarter, insiders have sold 955,959 shares of company stock valued at $88,260,274. 21.91% of the stock is owned by company insiders.

Institutional Investors Weigh In On Wayfair

A number of hedge funds have recently modified their holdings of the business. Charles Schwab Investment Management Inc. lifted its position in Wayfair by 0.3% during the first quarter. Charles Schwab Investment Management Inc. now owns 1,012,048 shares of the company’s stock valued at $32,416,000 after purchasing an additional 2,736 shares in the last quarter. Swiss National Bank grew its stake in shares of Wayfair by 0.3% during the 1st quarter. Swiss National Bank now owns 183,300 shares of the company’s stock valued at $5,871,000 after acquiring an additional 600 shares during the period. Fox Run Management L.L.C. purchased a new stake in Wayfair in the 1st quarter worth approximately $215,000. Corient IA LLC bought a new stake in Wayfair during the 1st quarter worth approximately $240,000. Finally, Algert Global LLC purchased a new position in Wayfair during the first quarter valued at approximately $869,000. Institutional investors 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.