Wayfair (NYSE:W) Rating Increased to Buy at Gordon Haskett

Wayfair (NYSE:W) was upgraded by stock analysts at Gordon Haskett from an “accumulate” rating to a “buy” rating in a research note issued to investors on Tuesday, Marketbeat Ratings reports.

Several other research firms have also recently weighed in on W. Truist Financial upped their price target on shares of Wayfair from $80.00 to $95.00 and gave the company a “buy” rating in a report on Thursday, September 25th. BMO Capital Markets reiterated a “market perform” rating and issued a $68.00 price target (up previously from $38.00) on shares of Wayfair in a report on Tuesday, August 5th. Morgan Stanley restated an “overweight” rating and set a $70.00 target price (up previously from $50.00) on shares of Wayfair in a report on Wednesday, July 2nd. Stifel Nicolaus increased their target price on shares of Wayfair from $68.00 to $80.00 and gave the stock a “hold” rating in a report on Friday, October 24th. Finally, Evercore ISI increased their target price on shares of Wayfair from $85.00 to $100.00 and gave the stock an “outperform” rating in a report on Tuesday, September 16th. Two analysts have rated the stock with a Strong Buy rating, eighteen have issued a Buy rating, nine have assigned a Hold rating and two have given a Sell rating to the company. According to data from MarketBeat, the stock presently has a consensus rating of “Moderate Buy” and an average price target of $82.33.

Wayfair Stock Up 23.3%

Wayfair stock opened at $106.56 on Tuesday. The stock has a market capitalization of $13.82 billion, a PE ratio of -44.40 and a beta of 3.03. Wayfair has a twelve month low of $20.41 and a twelve month high of $108.44. The company has a 50 day moving average of $83.19 and a 200-day moving average of $60.80.

Wayfair (NYSE:W) last released its quarterly earnings results on Tuesday, October 28th. The company reported $0.70 earnings per share for the quarter, beating the consensus estimate of $0.44 by $0.26. The company had revenue of $3.12 billion during the quarter, compared to analyst estimates of $3.01 billion. The firm’s quarterly revenue was up 8.1% compared to the same quarter last year. During the same quarter last year, the company earned $0.22 EPS. Equities analysts anticipate that Wayfair will post -2.54 EPS for the current fiscal year.

Insider Transactions at Wayfair

In other news, CEO Niraj Shah sold 199,422 shares of Wayfair stock in a transaction dated Wednesday, August 13th. The shares were sold at an average price of $78.40, for a total value of $15,634,684.80. Following the completion of the transaction, the chief executive officer owned 544,137 shares of the company’s stock, valued at $42,660,340.80. This trade represents a 26.82% decrease in their position. The sale was disclosed in a legal filing with the SEC, which is available at this link. Also, insider Steven Conine sold 199,473 shares of Wayfair stock in a transaction dated Wednesday, August 13th. The shares were sold at an average price of $78.40, for a total transaction of $15,638,683.20. Following the completion of the transaction, the insider directly owned 544,073 shares of the company’s stock, valued at approximately $42,655,323.20. This trade represents a 26.83% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. In the last three months, insiders sold 1,200,000 shares of company stock valued at $97,390,637. Insiders own 21.91% of the company’s stock.

Institutional Inflows and Outflows

A number of hedge funds and other institutional investors have recently modified their holdings of W. GAMMA Investing LLC grew its position in shares of Wayfair by 85.8% in the 1st quarter. GAMMA Investing LLC now owns 1,319 shares of the company’s stock valued at $42,000 after acquiring an additional 609 shares during the period. Ameritas Advisory Services LLC grew its position in shares of Wayfair by 304.3% in the 1st quarter. Ameritas Advisory Services LLC now owns 20,916 shares of the company’s stock valued at $672,000 after acquiring an additional 15,742 shares during the period. Vontobel Holding Ltd. grew its position in shares of Wayfair by 182.7% in the 1st quarter. Vontobel Holding Ltd. now owns 33,717 shares of the company’s stock valued at $1,080,000 after acquiring an additional 21,790 shares during the period. Summit Trail Advisors LLC bought a new position in shares of Wayfair in the 1st quarter valued at about $320,000. Finally, Teacher Retirement System of Texas bought a new position in shares of Wayfair in the 1st quarter valued at about $443,000. Institutional investors own 89.67% of the company’s stock.

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.