Wayfair (NYSE:W) Stock Price Up 2.3% – Here’s Why

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

Analysts Set New Price Targets

Several equities research analysts have recently commented on W shares. Royal Bank of Canada reduced their target price on Wayfair from $50.00 to $43.00 and set a “sector perform” rating for the company in a report on Monday, February 24th. Bank of America decreased their price target on Wayfair from $52.00 to $50.00 and set a “neutral” rating for the company in a research report on Friday, February 21st. Wedbush reiterated a “neutral” rating and issued a $46.00 price target (up previously from $44.00) on shares of Wayfair in a research report on Friday, February 21st. Needham & Company LLC reiterated a “buy” rating and issued a $50.00 price target on shares of Wayfair in a research report on Friday, February 21st. Finally, JPMorgan Chase & Co. decreased their price target on Wayfair from $63.00 to $50.00 and set an “overweight” rating for the company in a research report on Monday, March 10th. Fourteen investment analysts have rated the stock with a hold rating, thirteen have issued a buy rating and one has assigned a strong buy rating to the stock. According to data from MarketBeat.com, Wayfair presently has a consensus rating of “Moderate Buy” and an average price target of $56.81.

Wayfair Stock Performance

The stock has a 50 day moving average price of $42.20 and a two-hundred day moving average price of $45.53. The company has a market capitalization of $4.21 billion, a PE ratio of -8.26 and a beta of 3.44.

Wayfair (NYSE:W) last posted its quarterly earnings results on Thursday, February 20th. The company reported ($0.96) earnings per share for the quarter, missing analysts’ consensus estimates of $0.05 by ($1.01). The firm had revenue of $3.12 billion during the quarter, compared to the consensus estimate of $3.07 billion. Sell-side analysts predict that Wayfair Inc. will post -2.54 earnings per share for the current year.

Insider Transactions at Wayfair

In related news, insider Steven Conine sold 30,000 shares of the firm’s stock in a transaction that occurred on Tuesday, January 21st. The stock was sold at an average price of $48.45, for a total value of $1,453,500.00. Following the transaction, the insider now directly owns 589,073 shares of the company’s stock, valued at approximately $28,540,586.85. This trade represents a 4.85 % decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this link. Also, CTO Fiona Tan sold 8,249 shares of the firm’s stock in a transaction that occurred on Friday, January 3rd. The shares were sold at an average price of $44.91, for a total value of $370,462.59. Following the completion of the transaction, the chief technology officer now directly owns 96,557 shares in the company, valued at $4,336,374.87. The trade was a 7.87 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold 103,189 shares of company stock valued at $4,810,693 in the last three months. Corporate insiders own 26.81% of the company’s stock.

Institutional Trading of Wayfair

A number of hedge funds and other institutional investors have recently added to or reduced their stakes in W. Southpoint Capital Advisors LP acquired a new stake in Wayfair in the 3rd quarter valued at approximately $78,652,000. Holocene Advisors LP grew its holdings in shares of Wayfair by 5,699.8% during the 3rd quarter. Holocene Advisors LP now owns 1,235,193 shares of the company’s stock worth $69,393,000 after purchasing an additional 1,213,896 shares in the last quarter. Capital World Investors grew its holdings in shares of Wayfair by 6.2% during the 4th quarter. Capital World Investors now owns 13,506,200 shares of the company’s stock worth $598,596,000 after purchasing an additional 782,757 shares in the last quarter. Baillie Gifford & Co. grew its holdings in shares of Wayfair by 13.6% during the 4th quarter. Baillie Gifford & Co. now owns 6,179,761 shares of the company’s stock worth $273,887,000 after purchasing an additional 740,641 shares in the last quarter. Finally, Norges Bank acquired a new stake in shares of Wayfair during the 4th quarter worth approximately $31,472,000. Institutional investors and hedge funds own 89.67% of the company’s stock.

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.