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

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

Analysts Set New Price Targets

A number of research analysts have commented on W shares. Mizuho reduced their price objective on shares of Wayfair from $110.00 to $90.00 and set an “outperform” rating on the stock in a research note on Friday, May 8th. UBS Group dropped their target price on shares of Wayfair from $130.00 to $115.00 and set a “buy” rating for the company in a research report on Friday, May 1st. Guggenheim restated a “buy” rating and issued a $100.00 target price on shares of Wayfair in a research note on Wednesday, May 20th. Citigroup cut their target price on shares of Wayfair from $110.00 to $95.00 and set a “buy” rating on the stock in a research note on Tuesday, May 19th. Finally, Canaccord Genuity Group reduced their price target on shares of Wayfair from $125.00 to $115.00 and set a “buy” rating on the stock in a research report on Friday, May 1st. One investment analyst has rated the stock with a Strong Buy rating, eighteen have issued a Buy rating, ten have assigned a Hold rating and one has issued a Sell rating to the stock. According to data from MarketBeat.com, the stock presently has a consensus rating of “Moderate Buy” and a consensus target price of $99.68.

Wayfair Trading Up 9.3%

The firm has a market capitalization of $12.24 billion, a price-to-earnings ratio of -39.66, a price-to-earnings-growth ratio of 4.47 and a beta of 3.02. The company has a 50-day moving average of $72.33 and a 200-day moving average of $84.44.

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

Insiders Place Their Bets

In related news, insider Jon Blotner sold 4,790 shares of the business’s stock in a transaction dated Thursday, April 2nd. The shares were sold at an average price of $72.19, for a total transaction of $345,790.10. Following the completion of the sale, the insider owned 111,158 shares of the company’s stock, valued at $8,024,496.02. This represents a 4.13% decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, Director Steven Conine sold 7,139 shares of the stock in a transaction dated Friday, April 24th. The stock was sold at an average price of $78.55, for a total transaction of $560,768.45. Following the sale, the director owned 429,073 shares in the company, valued at approximately $33,703,684.15. This trade represents a 1.64% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Over the last three months, insiders have sold 244,790 shares of company stock valued at $18,959,021. Company insiders own 18.44% of the company’s stock.

Hedge Funds Weigh In On Wayfair

A number of hedge funds and other institutional investors have recently bought and sold shares of the stock. Empowered Funds LLC raised its position in shares of Wayfair by 67.7% during the 1st quarter. Empowered Funds LLC now owns 6,829 shares of the company’s stock worth $514,000 after purchasing an additional 2,758 shares during the period. Janus Henderson Group PLC boosted its position in Wayfair by 8.3% during the 1st quarter. Janus Henderson Group PLC now owns 3,866,708 shares of the company’s stock valued at $290,813,000 after purchasing an additional 296,233 shares during the period. Atreides Management LP boosted its position in Wayfair by 64.3% during the 1st quarter. Atreides Management LP now owns 1,430,997 shares of the company’s stock valued at $107,625,000 after purchasing an additional 560,133 shares during the period. California State Teachers Retirement System grew its stake in Wayfair by 26.8% during the 1st quarter. California State Teachers Retirement System now owns 119,772 shares of the company’s stock worth $9,008,000 after buying an additional 25,317 shares during the last quarter. Finally, The Manufacturers Life Insurance Company grew its stake in Wayfair by 18.7% during the 1st quarter. The Manufacturers Life Insurance Company now owns 22,059 shares of the company’s stock worth $1,659,000 after buying an additional 3,470 shares during the last quarter. 89.67% of the stock is currently owned by institutional investors and hedge funds.

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.