Wayfair (NYSE:W) Trading Up 8.7% – Here’s Why

Wayfair Inc. (NYSE:W)’s share price rose 8.7% during trading on Wednesday . The company traded as high as $61.32 and last traded at $62.41. Approximately 887,294 shares changed hands during trading, a decline of 77% from the average daily volume of 3,803,191 shares. The stock had previously closed at $57.40.

Analyst Ratings Changes

W has been the subject of several recent analyst reports. TD Cowen cut their target price on shares of Wayfair from $88.00 to $75.00 and set a “hold” rating for the company in a research note on Thursday, April 30th. Royal Bank Of Canada cut their target price on shares of Wayfair from $92.00 to $76.00 and set a “sector perform” rating for the company in a research note on Thursday, April 30th. Citigroup cut their price objective on shares of Wayfair from $110.00 to $95.00 and set a “buy” rating for the company in a research report on Tuesday. UBS Group cut their price objective on shares of Wayfair from $130.00 to $115.00 and set a “buy” rating for the company in a research report on Friday, May 1st. Finally, Wall Street Zen downgraded shares of Wayfair from a “buy” rating to a “hold” rating in a research report on Saturday, February 21st. One investment analyst has rated the stock with a Strong Buy rating, eighteen have assigned a Buy rating, ten have assigned a Hold rating and one has issued a Sell rating to the company. Based on data from MarketBeat, Wayfair currently has an average rating of “Moderate Buy” and a consensus target price of $99.89.

Wayfair Stock Up 11.0%

The company’s fifty day moving average price is $72.19 and its 200 day moving average price is $89.69. The company has a market capitalization of $8.41 billion, a P/E ratio of -27.28, a PEG ratio of 3.38 and a beta of 3.02.

Wayfair (NYSE:W) last announced its earnings results on Thursday, April 30th. The company reported $0.26 EPS for the quarter, hitting the consensus estimate of $0.26. Wayfair had a negative net margin of 2.41% and a negative return on equity of 2.20%. The company had revenue of $2.93 billion for the quarter, compared to analysts’ expectations of $2.89 billion. During the same period last year, the firm earned $0.10 earnings per share. The business’s revenue for the quarter was up 7.4% on a year-over-year basis. Research analysts predict that Wayfair Inc. will post 0.58 earnings per share for the current fiscal year.

Insider Buying and Selling at Wayfair

In other Wayfair news, CEO Niraj Shah sold 6,137 shares of the firm’s stock in a transaction that occurred on Friday, April 24th. The shares were sold at an average price of $78.62, for a total value of $482,490.94. Following the sale, the chief executive officer owned 429,137 shares in the company, valued at $33,738,750.94. This trade represents a 1.41% decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is available at this link. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, Director Steven Conine sold 7,139 shares of the firm’s stock in a transaction that occurred on Friday, April 24th. The shares were sold at an average price of $78.55, for a total transaction of $560,768.45. Following the completion of the sale, the director owned 429,073 shares in the company, valued at $33,703,684.15. This represents a 1.64% decrease in their position. The disclosure for this sale is available in the SEC filing. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Insiders have sold 703,785 shares of company stock worth $54,004,173 over the last quarter. Corporate insiders own 18.44% of the company’s stock.

Hedge Funds Weigh In On Wayfair

A number of hedge funds have recently modified their holdings of the business. Janus Henderson Group PLC lifted its holdings in shares of Wayfair by 8.3% during the first quarter. Janus Henderson Group PLC now owns 3,866,708 shares of the company’s stock worth $290,813,000 after purchasing an additional 296,233 shares during the period. Atreides Management LP lifted its holdings in shares of Wayfair by 64.3% during the first quarter. Atreides Management LP now owns 1,430,997 shares of the company’s stock worth $107,625,000 after purchasing an additional 560,133 shares during the period. California State Teachers Retirement System lifted its holdings in shares of Wayfair by 26.8% during the first quarter. California State Teachers Retirement System now owns 119,772 shares of the company’s stock worth $9,008,000 after purchasing an additional 25,317 shares during the period. Empowered Funds LLC lifted its holdings in shares of Wayfair by 67.7% during the first quarter. Empowered Funds LLC now owns 6,829 shares of the company’s stock worth $514,000 after purchasing an additional 2,758 shares during the period. Finally, The Manufacturers Life Insurance Company lifted its holdings in shares of Wayfair by 18.7% during the first quarter. The Manufacturers Life Insurance Company now owns 22,059 shares of the company’s stock worth $1,659,000 after purchasing an additional 3,470 shares during the period. Institutional investors and hedge funds own 89.67% of the company’s stock.

Wayfair Company Profile

Wayfair Inc (NYSE: W) is an e-commerce company focused on home furnishings and décor. Through its platform, Wayfair offers a broad assortment of furniture, lighting, home textiles, kitchenware and decorative accessories. The company’s portfolio includes flagship sites such as Wayfair.com, as well as specialty retail brands like Joss & Main, AllModern, Birch Lane and Perigold, each catering to distinct design styles and price points.

Founded in 2002 by Niraj Shah and Steve Conine under the name CSN Stores, the business rebranded as Wayfair in 2011 and went public in 2014.