Wayfair (NYSE:W) Sets New 1-Year High on Analyst Upgrade

Wayfair Inc. (NYSE:W)’s stock price reached a new 52-week high during mid-day trading on Thursday after Zelman & Associates raised their price target on the stock from $55.00 to $72.00. Zelman & Associates currently has an outperform rating on the stock. Wayfair traded as high as $58.96 and last traded at $58.35, with a volume of 2055362 shares trading hands. The stock had previously closed at $56.57.

A number of other research firms have also commented on W. Needham & Company LLC reaffirmed a “buy” rating and set a $50.00 price target on shares of Wayfair in a research report on Thursday, May 1st. Wedbush raised Wayfair to a “hold” rating in a research report on Thursday, May 1st. Evercore ISI raised their price objective on Wayfair from $50.00 to $60.00 and gave the company an “outperform” rating in a research report on Tuesday, June 24th. Mizuho reduced their price objective on Wayfair from $60.00 to $50.00 and set an “outperform” rating for the company in a research report on Friday, May 2nd. Finally, Loop Capital reiterated a “sell” rating and set a $35.00 target price on shares of Wayfair in a research note on Wednesday, May 14th. One research analyst has rated the stock with a sell rating, twelve have issued a hold rating, thirteen have issued a buy rating and two have given a strong buy rating to the stock. According to data from MarketBeat, the company presently has an average rating of “Moderate Buy” and a consensus target price of $46.72.

Insiders Place Their Bets

In other Wayfair news, insider Steven Conine sold 7,094 shares of the business’s stock in a transaction that occurred on Wednesday, July 2nd. The stock was sold at an average price of $55.21, for a total transaction of $391,659.74. Following the completion of the transaction, the insider owned 229,073 shares in the company, valued at $12,647,120.33. The trade was a 3.00% decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available at this link. Also, CTO Fiona Tan sold 3,214 shares of the business’s stock in a transaction that occurred on Tuesday, June 17th. The shares were sold at an average price of $49.00, for a total value of $157,486.00. Following the completion of the sale, the chief technology officer owned 70,891 shares of the company’s stock, valued at $3,473,659. The trade was a 4.34% decrease in their position. The disclosure for this sale can be found here. Insiders have sold 666,874 shares of company stock valued at $32,647,157 over the last ninety days. 21.91% of the stock is owned by insiders.

Institutional Trading of Wayfair

Several hedge funds and other institutional investors have recently bought and sold shares of the stock. True Wealth Design LLC boosted its position in Wayfair by 207.1% during the 4th quarter. True Wealth Design LLC now owns 565 shares of the company’s stock valued at $25,000 after acquiring an additional 381 shares in the last quarter. California State Teachers Retirement System boosted its holdings in Wayfair by 0.4% in the fourth quarter. California State Teachers Retirement System now owns 87,089 shares of the company’s stock valued at $3,860,000 after purchasing an additional 383 shares during the last quarter. Jones Financial Companies Lllp boosted its holdings in Wayfair by 577.0% in the fourth quarter. Jones Financial Companies Lllp now owns 589 shares of the company’s stock valued at $26,000 after purchasing an additional 502 shares during the last quarter. Swiss National Bank boosted its stake in shares of Wayfair by 0.3% during the 1st quarter. Swiss National Bank now owns 183,300 shares of the company’s stock worth $5,871,000 after acquiring an additional 600 shares in the last quarter. Finally, GAMMA Investing LLC boosted its stake in shares of Wayfair by 85.8% during the 1st quarter. GAMMA Investing LLC now owns 1,319 shares of the company’s stock worth $42,000 after acquiring an additional 609 shares in the last quarter. Institutional investors own 89.67% of the company’s stock.

Wayfair Stock Performance

The stock has a market capitalization of $7.57 billion, a PE ratio of -20.69 and a beta of 2.97. The stock’s 50 day moving average is $43.99 and its two-hundred day moving average is $40.41.

Wayfair (NYSE:W) last released its quarterly earnings data on Thursday, May 1st. The company reported $0.10 EPS for the quarter, beating analysts’ consensus estimates of ($0.14) by $0.24. The business had revenue of $2.73 billion during the quarter, compared to analyst estimates of $2.71 billion. The firm’s revenue was up .0% on a year-over-year basis. During the same quarter in the previous year, the company posted ($0.32) EPS. Equities research analysts expect that Wayfair Inc. will post -2.54 EPS for the current fiscal year.

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.