Wayfair (NYSE:W) Reaches New 52-Week High After Analyst Upgrade

Wayfair Inc. (NYSE:W) shares reached a new 52-week high during mid-day trading on Tuesday after Bank of America upgraded the stock from a neutral rating to a buy rating. The company traded as high as $103.39 and last traded at $105.1240, with a volume of 2397308 shares changing hands. The stock had previously closed at $86.45.

Several other equities research analysts have also recently weighed in on W. Stifel Nicolaus upped their price target on shares of Wayfair from $68.00 to $80.00 and gave the stock a “hold” rating in a research report on Friday, October 24th. Truist Financial set a $120.00 price objective on shares of Wayfair in a research note on Tuesday. Needham & Company LLC upped their target price on Wayfair from $40.00 to $83.00 and gave the stock a “buy” rating in a report on Monday, August 4th. Zacks Research downgraded Wayfair from a “strong-buy” rating to a “hold” rating in a report on Monday, September 29th. Finally, JPMorgan Chase & Co. boosted their price target on Wayfair from $82.00 to $105.00 and gave the stock an “overweight” rating in a research report on Monday. Two equities research analysts have rated the stock with a Strong Buy rating, seventeen have issued a Buy rating, nine have given a Hold rating and two have given a Sell rating to the stock. Based on data from MarketBeat, the stock presently has an average rating of “Moderate Buy” and a consensus target price of $78.73.

Insider Buying and Selling at Wayfair

In other news, CEO Niraj Shah sold 120,000 shares of Wayfair stock in a transaction dated Thursday, October 23rd. The stock was sold at an average price of $82.17, for a total value of $9,860,400.00. Following the completion of the transaction, the chief executive officer owned 169,137 shares in the company, valued at approximately $13,897,987.29. This trade represents a 41.50% decrease in their position. The sale was disclosed in a filing with the SEC, which can be accessed through the SEC website. Also, insider Steven Conine sold 120,000 shares of Wayfair stock in a transaction that occurred on Thursday, October 23rd. The stock was sold at an average price of $82.17, for a total transaction of $9,860,400.00. Following the completion of the transaction, the insider owned 169,073 shares of the company’s stock, valued at $13,892,728.41. This represents a 41.51% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. Over the last quarter, insiders sold 1,200,000 shares of company stock worth $97,390,637. Insiders own 21.91% of the company’s stock.

Institutional Investors Weigh In On Wayfair

A number of institutional investors and hedge funds have recently added to or reduced their stakes in W. True Wealth Design LLC boosted its stake in Wayfair by 250.5% during the 3rd quarter. True Wealth Design LLC now owns 326 shares of the company’s stock worth $29,000 after purchasing an additional 233 shares during the period. Global Retirement Partners LLC boosted its stake in shares of Wayfair by 156.3% during the third quarter. Global Retirement Partners LLC now owns 328 shares of the company’s stock worth $29,000 after buying an additional 200 shares during the period. GAMMA Investing LLC grew its holdings in shares of 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 buying an additional 609 shares during the last quarter. EverSource Wealth Advisors LLC increased its position in Wayfair by 393.4% in the 2nd quarter. EverSource Wealth Advisors LLC now owns 819 shares of the company’s stock valued at $42,000 after acquiring an additional 653 shares during the period. Finally, Parallel Advisors LLC increased its position in Wayfair by 229.0% in the 2nd quarter. Parallel Advisors LLC now owns 1,576 shares of the company’s stock valued at $81,000 after acquiring an additional 1,097 shares during the period. Hedge funds and other institutional investors own 89.67% of the company’s stock.

Wayfair Trading Up 23.3%

The company has a 50 day simple moving average of $83.19 and a 200 day simple moving average of $60.80. The stock has a market capitalization of $13.82 billion, a PE ratio of -44.40 and a beta of 3.03.

Wayfair (NYSE:W) last released its earnings results on Tuesday, October 28th. The company reported $0.70 EPS for the quarter, topping the consensus estimate of $0.44 by $0.26. The firm had revenue of $3.12 billion during the quarter, compared to analyst estimates of $3.01 billion. The firm’s revenue was up 8.1% on a year-over-year basis. During the same quarter last year, the business posted $0.22 EPS. On average, equities research analysts predict that Wayfair Inc. will post -2.54 EPS for the current year.

About Wayfair

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.