Wayfair (NYSE:W) Trading Up 7.8%

Wayfair Inc. (NYSE:W) shares shot up 7.8% on Friday . The company traded as high as $45.09 and last traded at $45.03. 1,023,025 shares were traded during mid-day trading, a decline of 76% from the average session volume of 4,273,667 shares. The stock had previously closed at $41.78.

Wall Street Analysts Forecast Growth

A number of equities analysts have commented on the stock. Sanford C. Bernstein boosted their price target on shares of Wayfair from $50.00 to $55.00 and gave the stock a “market perform” rating in a research note on Friday, May 3rd. Argus raised Wayfair from a “hold” rating to a “buy” rating and set a $83.00 target price on the stock in a research note on Thursday, May 16th. Morgan Stanley raised their price target on Wayfair from $85.00 to $90.00 and gave the company an “overweight” rating in a research report on Monday, May 13th. Truist Financial cut their price objective on Wayfair from $70.00 to $60.00 and set a “buy” rating for the company in a report on Friday, August 2nd. Finally, Piper Sandler decreased their price objective on Wayfair from $91.00 to $67.00 and set an “overweight” rating on the stock in a report on Friday, August 2nd. Eleven investment analysts have rated the stock with a hold rating, fourteen have issued a buy rating and one has assigned a strong buy rating to the stock. Based on data from MarketBeat.com, the stock has a consensus rating of “Moderate Buy” and a consensus price target of $65.63.

Wayfair Price Performance

The firm’s 50 day moving average price is $49.29 and its 200 day moving average price is $56.06. The stock has a market capitalization of $5.62 billion, a P/E ratio of -8.50 and a beta of 3.43.

Wayfair (NYSE:W) last announced its quarterly earnings results on Thursday, August 1st. The company reported $0.47 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $0.50 by ($0.03). The company had revenue of $3.18 billion during the quarter, compared to the consensus estimate of $3.18 billion. During the same quarter in the previous year, the company posted ($1.27) EPS. Wayfair’s revenue for the quarter was up .2% compared to the same quarter last year. On average, equities research analysts forecast that Wayfair Inc. will post -2.8 earnings per share for the current year.

Insider Activity at Wayfair

In other news, CTO Fiona Tan sold 8,036 shares of the firm’s stock in a transaction dated Tuesday, July 2nd. The shares were sold at an average price of $50.64, for a total value of $406,943.04. Following the completion of the sale, the chief technology officer now directly owns 64,074 shares of the company’s stock, valued at approximately $3,244,707.36. The transaction was disclosed in a filing with the SEC, which is available at the SEC website. In related news, insider Jon Blotner sold 4,395 shares of Wayfair stock in a transaction that occurred on Monday, July 15th. The stock was sold at an average price of $56.09, for a total transaction of $246,515.55. Following the sale, the insider now directly owns 43,926 shares in the company, valued at $2,463,809.34. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at the SEC website. Also, CTO Fiona Tan sold 8,036 shares of the stock in a transaction on Tuesday, July 2nd. The stock was sold at an average price of $50.64, for a total value of $406,943.04. Following the completion of the transaction, the chief technology officer now owns 64,074 shares of the company’s stock, valued at approximately $3,244,707.36. The disclosure for this sale can be found here. Insiders sold a total of 50,102 shares of company stock worth $2,644,559 over the last quarter. 26.81% of the stock is owned by corporate insiders.

Institutional Trading of Wayfair

A number of hedge funds and other institutional investors have recently modified their holdings of W. Riverview Trust Co bought a new stake in shares of Wayfair in the 1st quarter worth approximately $27,000. GAMMA Investing LLC bought a new stake in Wayfair in the fourth quarter worth $31,000. ORG Partners LLC purchased a new stake in shares of Wayfair in the first quarter worth $37,000. International Assets Investment Management LLC bought a new position in shares of Wayfair during the second quarter valued at $58,000. Finally, BI Asset Management Fondsmaeglerselskab A S bought a new position in shares of Wayfair during the fourth quarter valued at $74,000. 89.67% of the stock is owned by hedge funds and other institutional investors.

Wayfair Company Profile

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.