Wayfair (NYSE:W) Upgraded by Wall Street Zen to Buy Rating

Wayfair (NYSE:W) was upgraded by equities research analysts at Wall Street Zen from a “hold” rating to a “buy” rating in a research note issued to investors on Saturday.

Other analysts have also recently issued research reports about the stock. TD Cowen raised shares of Wayfair from a “hold” rating to a “strong-buy” rating in a report on Thursday, June 5th. Bank of America raised their price objective on shares of Wayfair from $36.00 to $43.00 and gave the stock a “neutral” rating in a report on Wednesday, May 14th. Citigroup raised shares of Wayfair from a “neutral” rating to a “buy” rating and raised their price objective for the stock from $32.00 to $93.00 in a report on Tuesday. Guggenheim cut their price target on Wayfair from $60.00 to $50.00 and set a “buy” rating on the stock in a research report on Friday, May 2nd. Finally, Mizuho lifted their price target on Wayfair from $50.00 to $88.00 and gave the stock an “outperform” rating in a research report on Tuesday. One research analyst has rated the stock with a sell rating, nine have issued a hold rating, sixteen have given a buy rating and two have assigned a strong buy rating to the stock. According to MarketBeat.com, the company presently has an average rating of “Moderate Buy” and an average price target of $65.96.

Wayfair Stock Performance

Shares of W opened at $72.29 on Friday. The stock has a market capitalization of $9.28 billion, a PE ratio of -30.12 and a beta of 2.92. Wayfair has a 1 year low of $20.41 and a 1 year high of $78.06. The company’s 50-day simple moving average is $55.89 and its 200-day simple moving average is $43.26.

Wayfair (NYSE:W) last issued its quarterly earnings results on Monday, August 4th. The company reported $0.87 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.33 by $0.54. The business had revenue of $3.27 billion for the quarter, compared to analyst estimates of $3.11 billion. The firm’s revenue for the quarter was up 5.0% compared to the same quarter last year. During the same period in the prior year, the company posted $0.47 EPS. On average, sell-side analysts predict that Wayfair will post -2.54 earnings per share for the current year.

Insider Activity

In other Wayfair news, CEO Niraj Shah sold 179,707 shares of the stock in a transaction that occurred on Tuesday, July 1st. The shares were sold at an average price of $52.58, for a total value of $9,448,994.06. Following the completion of the sale, the chief executive officer owned 236,850 shares of the company’s stock, valued at $12,453,573. This trade represents a 43.14% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. Also, insider Steven Conine sold 180,943 shares of the stock in a transaction that occurred on Tuesday, July 1st. The shares were sold at an average price of $52.59, for a total transaction of $9,515,792.37. Following the completion of the sale, the insider directly owned 236,167 shares of the company’s stock, valued at $12,420,022.53. This trade represents a 43.38% decrease in their position. The disclosure for this sale can be found here. Over the last quarter, insiders have sold 851,309 shares of company stock worth $44,081,005. Insiders own 21.91% of the company’s stock.

Hedge Funds Weigh In On Wayfair

Several institutional investors and hedge funds have recently made changes to their positions in W. True Wealth Design LLC boosted its stake in shares of 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 buying an additional 381 shares during the last quarter. GAMMA Investing LLC lifted its stake in Wayfair by 85.8% during the first quarter. GAMMA Investing LLC now owns 1,319 shares of the company’s stock worth $42,000 after purchasing an additional 609 shares during the last quarter. Parallel Advisors LLC lifted its stake in Wayfair by 229.0% during the second quarter. Parallel Advisors LLC now owns 1,576 shares of the company’s stock worth $81,000 after purchasing an additional 1,097 shares during the last quarter. IFP Advisors Inc lifted its stake in Wayfair by 49.3% during the second quarter. IFP Advisors Inc now owns 1,869 shares of the company’s stock worth $96,000 after purchasing an additional 617 shares during the last quarter. Finally, GFG Capital LLC bought a new position in Wayfair during the second quarter worth $102,000. 89.67% of the stock is currently owned by hedge funds and other institutional investors.

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.