Piper Sandler Reiterates Overweight Rating for Wayfair (NYSE:W)

Wayfair (NYSE:W)‘s stock had its “overweight” rating reissued by research analysts at Piper Sandler in a research report issued to clients and investors on Wednesday,Benzinga reports. They presently have a $125.00 price objective on the stock, up from their previous price objective of $98.00. Piper Sandler’s price objective would suggest a potential upside of 21.86% from the stock’s current price.

Other equities research analysts have also recently issued research reports about the stock. Bank of America upgraded shares of Wayfair from a “neutral” rating to a “buy” rating in a research report on Tuesday. Zacks Research cut shares of Wayfair from a “strong-buy” rating to a “hold” rating in a research report on Monday, September 29th. Canaccord Genuity Group lifted their price objective on shares of Wayfair from $58.00 to $70.00 and gave the stock a “buy” rating in a research note on Monday, July 28th. Deutsche Bank Aktiengesellschaft set a $75.00 price objective on shares of Wayfair in a research note on Friday, October 24th. Finally, Wall Street Zen raised shares of Wayfair from a “hold” rating to a “buy” rating in a research note on Saturday, August 9th. Two investment analysts have rated the stock with a Strong Buy rating, eighteen have given a Buy rating, ten have issued a Hold rating and two have assigned a Sell rating to the stock. Based on data from MarketBeat.com, Wayfair has an average rating of “Moderate Buy” and a consensus target price of $102.04.

Wayfair Stock Performance

Shares of W opened at $102.58 on Wednesday. The company’s fifty day moving average is $84.18 and its 200 day moving average is $61.62. Wayfair has a fifty-two week low of $20.41 and a fifty-two week high of $108.72. The stock has a market capitalization of $13.30 billion, a PE ratio of -40.07 and a beta of 3.03.

Wayfair (NYSE:W) last announced its quarterly earnings results on Tuesday, October 28th. The company reported $0.70 earnings per share for the quarter, topping the consensus estimate of $0.44 by $0.26. The business had revenue of $3.12 billion during the quarter, compared to the consensus estimate of $3.01 billion. During the same quarter in the prior year, the firm posted $0.22 EPS. The company’s revenue for the quarter was up 8.1% on a year-over-year basis. As a group, research analysts forecast that Wayfair will post -2.54 earnings per share for the current year.

Insider Buying and Selling at Wayfair

In other Wayfair news, CEO Niraj Shah sold 199,422 shares of Wayfair stock in a transaction on Wednesday, August 13th. The shares were sold at an average price of $78.40, for a total transaction of $15,634,684.80. Following the completion of the transaction, the chief executive officer directly owned 544,137 shares of the company’s stock, valued at $42,660,340.80. The trade was a 26.82% decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, insider Steven Conine sold 199,473 shares of the business’s stock in a transaction on 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 sale, the insider directly owned 544,073 shares of the company’s stock, valued at $42,655,323.20. This represents a 26.83% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. Insiders have sold 1,260,000 shares of company stock valued at $103,696,337 over the last ninety days. 21.91% of the stock is owned by insiders.

Institutional Trading of Wayfair

A number of large investors have recently made changes to their positions in W. Alyeska Investment Group L.P. boosted its stake in shares of Wayfair by 681.8% during the first quarter. Alyeska Investment Group L.P. now owns 5,462,651 shares of the company’s stock valued at $174,969,000 after purchasing an additional 4,763,944 shares during the period. Southpoint Capital Advisors LP boosted its stake in shares of Wayfair by 42.9% during the first quarter. Southpoint Capital Advisors LP now owns 4,000,000 shares of the company’s stock valued at $128,120,000 after purchasing an additional 1,200,000 shares during the period. AQR Capital Management LLC boosted its stake in shares of Wayfair by 197.3% during the second quarter. AQR Capital Management LLC now owns 1,557,937 shares of the company’s stock valued at $79,673,000 after purchasing an additional 1,033,865 shares during the period. Holocene Advisors LP raised its holdings in shares of Wayfair by 351.9% in the second quarter. Holocene Advisors LP now owns 1,294,057 shares of the company’s stock valued at $66,178,000 after acquiring an additional 1,007,676 shares in the last quarter. Finally, Spruce House Investment Management LLC raised its holdings in shares of Wayfair by 37.6% in the second quarter. Spruce House Investment Management LLC now owns 3,000,000 shares of the company’s stock valued at $153,420,000 after acquiring an additional 819,615 shares in the last quarter. 89.67% of the stock is owned by hedge funds and other institutional investors.

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.