Wayfair (NYSE:W) Sees Unusually-High Trading Volume Following Analyst Upgrade

Shares of Wayfair Inc. (NYSE:W – Get Rating) saw unusually-strong trading volume on Friday after Citigroup raised their price target on the stock from $50.00 to $57.00. Approximately 98,508 shares were traded during mid-day trading, a decline of 98% from the previous session’s volume of 4,406,935 shares.The stock last traded at $41.69 and had previously closed at $38.91.

Several other equities analysts have also recently issued reports on the company. Royal Bank of Canada decreased their price target on Wayfair from $62.00 to $35.00 and set a “sector perform” rating on the stock in a report on Monday, November 7th. MKM Partners reduced their target price on Wayfair from $60.00 to $40.00 and set a “neutral” rating on the stock in a report on Wednesday, October 19th. Truist Financial cut their price objective on Wayfair from $60.00 to $50.00 in a report on Monday, November 7th. Moffett Nathanson assumed coverage on Wayfair in a report on Tuesday, November 15th. They set an “underperform” rating and a $20.00 price objective on the stock. Finally, The Goldman Sachs Group lifted their price objective on Wayfair from $36.00 to $40.00 and gave the company a “neutral” rating in a report on Friday, November 4th. Eight equities research analysts have rated the stock with a sell rating, thirteen have issued a hold rating and seven have given a buy rating to the stock. According to MarketBeat, the stock currently has an average rating of “Hold” and an average price target of $65.00.

Insider Activity

In other news, insider Steve Oblak sold 854 shares of the company’s stock in a transaction on Wednesday, January 18th. The stock was sold at an average price of $44.40, for a total transaction of $37,917.60. Following the completion of the sale, the insider now directly owns 183,941 shares in the company, valued at approximately $8,166,980.40. The transaction was disclosed in a filing with the SEC, which is accessible through this hyperlink. In other news, insider Steve Oblak sold 854 shares of the business’s stock in a transaction on Wednesday, January 18th. The stock was sold at an average price of $44.40, for a total transaction of $37,917.60. Following the completion of the transaction, the insider now owns 183,941 shares of the company’s stock, valued at approximately $8,166,980.40. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this link. Also, CTO Fiona Tan sold 7,418 shares of the business’s stock in a transaction on Wednesday, January 4th. The stock was sold at an average price of $33.49, for a total value of $248,428.82. Following the transaction, the chief technology officer now directly owns 41,925 shares of the company’s stock, valued at approximately $1,404,068.25. The disclosure for this sale can be found here. In the last three months, insiders sold 42,379 shares of company stock worth $1,540,618. 26.81% of the stock is currently owned by company insiders.

Hedge Funds Weigh In On Wayfair

A number of institutional investors and hedge funds have recently bought and sold shares of the company. Captrust Financial Advisors increased its stake in shares of Wayfair by 24.1% in the second quarter. Captrust Financial Advisors now owns 968 shares of the company’s stock valued at $42,000 after buying an additional 188 shares during the period. Yarbrough Capital LLC bought a new stake in shares of Wayfair during the 4th quarter valued at about $43,000. CWM LLC boosted its position in shares of Wayfair by 186.3% during the 2nd quarter. CWM LLC now owns 1,088 shares of the company’s stock valued at $47,000 after purchasing an additional 708 shares in the last quarter. Skylands Capital LLC bought a new stake in shares of Wayfair during the 3rd quarter valued at about $49,000. Finally, Canada Pension Plan Investment Board bought a new stake in shares of Wayfair during the 3rd quarter valued at about $59,000. Institutional investors and hedge funds own 90.61% of the company’s stock.

Wayfair Trading Up 20.3 %

The firm has a 50-day moving average of $36.90 and a 200 day moving average of $43.30. The company has a market cap of $5.01 billion, a P/E ratio of -4.17 and a beta of 2.85.

Wayfair (NYSE:W – Get Rating) last announced its earnings results on Thursday, November 3rd. The company reported ($3.27) EPS for the quarter, beating the consensus estimate of ($3.32) by $0.05. The business had revenue of $2.84 billion for the quarter, compared to the consensus estimate of $2.81 billion. On average, equities analysts predict that Wayfair Inc. will post -12.55 EPS for the current year.

Wayfair Company Profile

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Wayfair, Inc engages in an online home furnishing store. It operates through the U.S. and International segments. The U.S. segment consists of amounts earned through product sales through the company’s five distinct sites in the U.S. and through websites operated by third parties in the U.S. The International segment is composed of earnings through product sales in international sites.