Wayfair (NYSE:W) Shares Up 2.9%

Wayfair Inc. (NYSE:W)’s share price rose 2.9% during mid-day trading on Friday . The company traded as high as $44.41 and last traded at $43.95. Approximately 507,856 shares were traded during trading, a decline of 88% from the average daily volume of 4,232,775 shares. The stock had previously closed at $42.72.

Wall Street Analyst Weigh In

A number of equities analysts recently issued reports on W shares. Morgan Stanley raised their price objective on shares of Wayfair from $85.00 to $90.00 and gave the stock an “overweight” rating in a report on Monday, May 13th. Stifel Nicolaus reduced their price objective on shares of Wayfair from $56.00 to $55.00 and set a “hold” rating for the company in a research note on Friday, August 2nd. Loop Capital lowered their target price on shares of Wayfair from $60.00 to $50.00 and set a “hold” rating on the stock in a research note on Friday, June 21st. Truist Financial cut their price target on Wayfair from $70.00 to $60.00 and set a “buy” rating for the company in a research note on Friday, August 2nd. Finally, Citigroup lowered their price objective on Wayfair from $85.00 to $70.00 and set a “buy” rating on the stock in a research report on Friday, August 2nd. Twelve equities research analysts have rated the stock with a hold rating, thirteen have issued a buy rating and one has issued a strong buy rating to the company. According to data from MarketBeat.com, the stock currently has a consensus rating of “Moderate Buy” and a consensus price target of $65.63.

Wayfair Price Performance

The company has a market cap of $5.26 billion, a PE ratio of -7.95 and a beta of 3.40. The company has a 50-day moving average of $47.44 and a 200 day moving average of $55.39.

Wayfair (NYSE:W) last released its quarterly earnings results on Thursday, August 1st. The company reported $0.47 EPS for the quarter, missing analysts’ consensus estimates of $0.50 by ($0.03). The company had revenue of $3.18 billion for the quarter, compared to analysts’ expectations of $3.18 billion. The company’s revenue for the quarter was up .2% compared to the same quarter last year. During the same period in the previous year, the company posted ($1.27) earnings per share. Equities research analysts expect that Wayfair Inc. will post -2.66 EPS for the current year.

Insiders Place Their Bets

In related news, insider Jon Blotner sold 4,395 shares of the stock in a transaction that occurred on Monday, July 15th. The stock was sold at an average price of $56.09, for a total value of $246,515.55. Following the transaction, the insider now owns 43,926 shares of the company’s stock, valued at $2,463,809.34. The sale was disclosed in a legal filing with the SEC, which can be accessed through the SEC website. In other Wayfair news, CTO Fiona Tan sold 8,036 shares of the business’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 transaction, the chief technology officer now directly owns 64,074 shares in the company, valued at $3,244,707.36. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, insider Jon Blotner sold 4,395 shares of the stock in a transaction that occurred on Monday, July 15th. The shares were 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 of the company’s stock, valued at approximately $2,463,809.34. The disclosure for this sale can be found here. Insiders have sold a total of 40,102 shares of company stock worth $2,076,659 over the last quarter. Company insiders own 26.81% of the company’s stock.

Institutional Inflows and Outflows

Several institutional investors and hedge funds have recently added to or reduced their stakes in the business. Truist Financial Corp purchased a new position in shares of Wayfair in the fourth quarter worth about $504,000. Victory Capital Management Inc. boosted its position in Wayfair by 1,323.1% during the fourth quarter. Victory Capital Management Inc. now owns 127,044 shares of the company’s stock worth $7,839,000 after purchasing an additional 118,117 shares in the last quarter. Amalgamated Bank lifted its position in shares of Wayfair by 2.8% during the 4th quarter. Amalgamated Bank now owns 14,640 shares of the company’s stock valued at $903,000 after buying an additional 397 shares in the last quarter. National Bank of Canada FI grew its position in shares of Wayfair by 9.7% in the fourth quarter. National Bank of Canada FI now owns 44,926 shares of the company’s stock valued at $2,641,000 after purchasing an additional 3,973 shares during the period. Finally, Charles Schwab Investment Management Inc. boosted its holdings in Wayfair by 6.2% in the 4th quarter. Charles Schwab Investment Management Inc. now owns 674,156 shares of the company’s stock worth $41,595,000 after buying an additional 39,545 shares during the last quarter. 89.67% of the stock is currently owned by hedge funds and other institutional investors.

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.