Wayfair (NYSE:W) Trading Up 16.1% – Time to Buy?

Wayfair Inc. (NYSE:W) shot up 16.1% during mid-day trading on Wednesday . The company traded as high as $26.31 and last traded at $28.04. 4,810,829 shares traded hands during mid-day trading, a decline of 3% from the average session volume of 4,947,846 shares. The stock had previously closed at $24.14.

Analyst Upgrades and Downgrades

Several equities research analysts have recently commented on the company. StockNews.com raised Wayfair from a “sell” rating to a “hold” rating in a report on Thursday, December 19th. Canaccord Genuity Group decreased their target price on shares of Wayfair from $76.00 to $68.00 and set a “buy” rating for the company in a report on Friday, February 21st. Loop Capital reduced their price target on shares of Wayfair from $55.00 to $45.00 and set a “hold” rating for the company in a research report on Friday, February 21st. BMO Capital Markets upped their price target on Wayfair from $50.00 to $55.00 and gave the company a “market perform” rating in a research report on Friday, February 21st. Finally, Piper Sandler set a $58.00 target price on Wayfair and gave the company an “overweight” rating in a research note on Friday, February 21st. Fifteen equities research analysts have rated the stock with a hold rating, eleven have issued a buy rating and one has issued a strong buy rating to the company’s stock. According to MarketBeat.com, the stock presently has a consensus rating of “Hold” and a consensus price target of $54.84.

Wayfair Stock Performance

The stock has a market cap of $3.74 billion, a P/E ratio of -7.32 and a beta of 3.72. The firm has a 50 day moving average of $38.08 and a two-hundred day moving average of $44.10.

Wayfair (NYSE:W) last announced its quarterly earnings data on Thursday, February 20th. The company reported ($0.96) earnings per share (EPS) for the quarter, missing the consensus estimate of $0.05 by ($1.01). The firm had revenue of $3.12 billion for the quarter, compared to analyst estimates of $3.07 billion. On average, sell-side analysts anticipate that Wayfair Inc. will post -2.54 EPS for the current fiscal year.

Insider Activity at Wayfair

In related news, insider Jon Blotner sold 5,669 shares of the stock in a transaction that occurred on Monday, January 13th. The stock was sold at an average price of $42.83, for a total transaction of $242,803.27. Following the sale, the insider now directly owns 57,899 shares in the company, valued at $2,479,814.17. This represents a 8.92 % decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. Also, CTO Fiona Tan sold 23,835 shares of Wayfair stock in a transaction on Wednesday, April 2nd. The shares were sold at an average price of $31.92, for a total value of $760,813.20. Following the completion of the transaction, the chief technology officer now owns 111,128 shares of the company’s stock, valued at approximately $3,547,205.76. The trade was a 17.66 % decrease in their position. The disclosure for this sale can be found here. Over the last 90 days, insiders sold 128,532 shares of company stock worth $5,090,232. Company insiders own 23.50% of the company’s stock.

Institutional Trading of Wayfair

Hedge funds and other institutional investors have recently made changes to their positions in the business. Jacobs Levy Equity Management Inc. acquired a new stake in Wayfair in the 3rd quarter valued at about $384,000. Quantinno Capital Management LP increased its holdings in shares of Wayfair by 8.5% in the third quarter. Quantinno Capital Management LP now owns 25,992 shares of the company’s stock valued at $1,460,000 after purchasing an additional 2,047 shares in the last quarter. Wellington Management Group LLP raised its position in Wayfair by 22.4% in the 3rd quarter. Wellington Management Group LLP now owns 1,097,822 shares of the company’s stock worth $61,676,000 after purchasing an additional 201,157 shares during the last quarter. National Bank of Canada FI lifted its holdings in Wayfair by 30.9% during the 3rd quarter. National Bank of Canada FI now owns 34,345 shares of the company’s stock worth $1,930,000 after buying an additional 8,102 shares in the last quarter. Finally, XTX Topco Ltd acquired a new position in shares of Wayfair during the third quarter valued at $557,000. 89.67% of the stock is currently owned by institutional investors and hedge funds.

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.