Wayfair (NYSE:W) Trading 2.3% Higher – Here’s Why

Wayfair Inc. (NYSE:W)’s stock price shot up 2.3% on Friday . The company traded as high as $31.65 and last traded at $32.29. 255,362 shares changed hands during mid-day trading, a decline of 94% from the average session volume of 4,192,170 shares. The stock had previously closed at $31.55.

Wall Street Analysts Forecast Growth

A number of brokerages have recently weighed in on W. Piper Sandler set a $58.00 price target on shares of Wayfair and gave the stock an “overweight” rating in a research note on Friday, February 21st. Royal Bank of Canada cut their target price on shares of Wayfair from $50.00 to $43.00 and set a “sector perform” rating for the company in a research note on Monday, February 24th. Guggenheim reissued a “buy” rating and set a $60.00 target price on shares of Wayfair in a research note on Monday, March 10th. Loop Capital cut their target price on shares of Wayfair from $55.00 to $45.00 and set a “hold” rating for the company in a research note on Friday, February 21st. Finally, Truist Financial cut their target price on shares of Wayfair from $55.00 to $53.00 and set a “buy” rating for the company in a research note on Friday, February 21st. Fourteen 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. Based on data from MarketBeat, the company presently has an average rating of “Moderate Buy” and a consensus price target of $56.81.

Wayfair Stock Performance

The stock has a market cap of $4.27 billion, a price-to-earnings ratio of -8.37 and a beta of 3.44. The company’s 50 day simple moving average is $41.99 and its two-hundred day simple moving average is $45.50.

Wayfair (NYSE:W) last released its quarterly earnings data on Thursday, February 20th. The company reported ($0.96) earnings per share for the quarter, missing the consensus estimate of $0.05 by ($1.01). The business had revenue of $3.12 billion for the quarter, compared to analysts’ expectations of $3.07 billion. On average, equities research analysts predict that Wayfair Inc. will post -2.54 earnings per share for the current fiscal year.

Insider Buying and Selling at Wayfair

In other Wayfair news, CFO Kate Gulliver sold 5,974 shares of the business’s stock in a transaction that occurred on Friday, January 3rd. The shares were sold at an average price of $44.95, for a total value of $268,531.30. Following the completion of the sale, the chief financial officer now directly owns 129,964 shares of the company’s stock, valued at $5,841,881.80. The trade was a 4.39 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is available at this hyperlink. Also, insider Jon Blotner sold 4,966 shares of the business’s stock in a transaction that occurred on Friday, January 3rd. The stock was sold at an average price of $44.93, for a total transaction of $223,122.38. Following the completion of the sale, the insider now directly owns 68,089 shares of the company’s stock, valued at $3,059,238.77. This represents a 6.80 % decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last quarter, insiders have sold 103,189 shares of company stock worth $4,810,693. 26.81% of the stock is currently owned by company insiders.

Institutional Trading of Wayfair

Several large investors have recently added to or reduced their stakes in W. California State Teachers Retirement System boosted its holdings in shares of Wayfair by 0.4% during the 4th quarter. California State Teachers Retirement System now owns 87,089 shares of the company’s stock worth $3,860,000 after buying an additional 383 shares during the period. Employees Retirement System of Texas boosted its holdings in shares of Wayfair by 28.5% during the 4th quarter. Employees Retirement System of Texas now owns 35,270 shares of the company’s stock worth $1,563,000 after buying an additional 7,813 shares during the period. Polar Asset Management Partners Inc. boosted its holdings in shares of Wayfair by 142.3% during the 4th quarter. Polar Asset Management Partners Inc. now owns 151,653 shares of the company’s stock worth $6,721,000 after buying an additional 89,053 shares during the period. Toronto Dominion Bank bought a new stake in shares of Wayfair during the 4th quarter worth $1,536,000. Finally, Neo Ivy Capital Management bought a new stake in shares of Wayfair during the 4th quarter worth $3,560,000. 89.67% of the stock is owned by 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.