Wayfair (NYSE:W) Stock Price Up 8.5% – Here’s What Happened

Wayfair Inc. (NYSE:WGet Free Report) shares traded up 8.5% during trading on Monday . The company traded as high as $91.42 and last traded at $91.36. Approximately 436,446 shares were traded during mid-day trading, a decline of 88% from the average session volume of 3,705,489 shares. The stock had previously closed at $84.18.

Analyst Upgrades and Downgrades

W has been the subject of several recent analyst reports. Wedbush began coverage on Wayfair in a research note on Thursday, July 16th. They set a “neutral” rating and a $104.00 target price for the company. Mizuho decreased their price target on Wayfair from $110.00 to $90.00 and set an “outperform” rating on the stock in a research note on Friday, May 8th. Needham & Company LLC lowered their price target on Wayfair from $125.00 to $83.00 and set a “buy” rating for the company in a report on Friday, May 1st. TD Cowen cut their price objective on Wayfair from $88.00 to $75.00 and set a “hold” rating for the company in a research report on Thursday, April 30th. Finally, Weiss Ratings upgraded shares of Wayfair from a “sell (e+)” rating to a “sell (d-)” rating in a report on Wednesday, June 17th. One investment analyst has rated the stock with a Strong Buy rating, eighteen have issued a Buy rating, eleven have issued a Hold rating and one has assigned a Sell rating to the stock. Based on data from MarketBeat, the company currently has an average rating of “Moderate Buy” and an average target price of $100.46.

Read Our Latest Stock Report on Wayfair

Wayfair Trading Up 0.1%

The company’s fifty day moving average is $82.70 and its two-hundred day moving average is $82.71. The stock has a market cap of $12.48 billion, a price-to-earnings ratio of -40.42, a P/E/G ratio of 5.24 and a beta of 2.96.

Wayfair (NYSE:WGet Free Report) last announced its earnings results on Thursday, April 30th. The company reported $0.26 earnings per share (EPS) for the quarter, meeting analysts’ consensus estimates of $0.26. Wayfair had a negative return on equity of 2.20% and a negative net margin of 2.41%.The company had revenue of $2.93 billion for the quarter, compared to analyst estimates of $2.89 billion. During the same quarter in the previous year, the company earned $0.10 earnings per share. The firm’s quarterly revenue was up 7.4% compared to the same quarter last year. Analysts predict that Wayfair Inc. will post 0.6 EPS for the current year.

Insider Activity

In related news, insider Jon Blotner sold 5,925 shares of the business’s stock in a transaction on Thursday, July 2nd. The stock was sold at an average price of $96.29, for a total value of $570,518.25. Following the sale, the insider owned 117,344 shares in the company, valued at approximately $11,299,053.76. The trade was a 4.81% decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. The sale was made to cover tax withholding obligations related to the vesting of equity awards. Corporate insiders own 18.44% of the company’s stock.

Hedge Funds Weigh In On Wayfair

Several institutional investors have recently bought and sold shares of the company. Webster Bank N. A. acquired a new stake in shares of Wayfair during the fourth quarter worth about $30,000. V Square Quantitative Management LLC purchased a new position in shares of Wayfair in the fourth quarter valued at approximately $33,000. Piper Sandler & CO. acquired a new position in shares of Wayfair in the fourth quarter valued at approximately $34,000. Havemeyer Place LP acquired a new position in shares of Wayfair in the fourth quarter valued at approximately $39,000. Finally, EverSource Wealth Advisors LLC increased its stake in Wayfair by 393.4% during the 2nd quarter. EverSource Wealth Advisors LLC now owns 819 shares of the company’s stock worth $42,000 after buying an additional 653 shares during the period. 89.67% of the stock is owned by institutional investors and hedge funds.

Wayfair Company Profile

(Get Free Report)

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.

Further Reading

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