Wayfair (NYSE:W) Stock Price Expected to Rise, Canaccord Genuity Group Analyst Says

Wayfair (NYSE:W) had its price objective hoisted by research analysts at Canaccord Genuity Group from $100.00 to $125.00 in a report released on Wednesday,Benzinga reports. The firm currently has a “buy” rating on the stock. Canaccord Genuity Group’s price target would suggest a potential upside of 21.86% from the company’s current price.

Several other research analysts have also issued reports on the stock. Royal Bank Of Canada upped their target price on shares of Wayfair from $25.00 to $51.00 and gave the stock a “sector perform” rating in a research report on Tuesday, August 5th. Gordon Haskett upgraded shares of Wayfair from an “accumulate” rating to a “buy” rating and set a $150.00 target price for the company in a research report on Tuesday. Stifel Nicolaus set a $100.00 price target on shares of Wayfair in a research report on Wednesday. Zacks Research lowered shares of Wayfair from a “strong-buy” rating to a “hold” rating in a research report on Monday, September 29th. Finally, JPMorgan Chase & Co. upped their price target on shares of Wayfair from $82.00 to $105.00 and gave the company an “overweight” rating in a research report on Monday. Two investment analysts have rated the stock with a Strong Buy rating, eighteen have given a Buy rating, ten have assigned a Hold rating and two have given a Sell rating to the stock. According to data from MarketBeat, Wayfair has an average rating of “Moderate Buy” and an average target price of $102.04.

Wayfair Stock Performance

Shares of NYSE:W opened at $102.58 on Wednesday. Wayfair has a 52-week low of $20.41 and a 52-week high of $108.72. The firm has a fifty day moving average of $84.18 and a 200 day moving average of $61.62. The firm 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 earnings results on Tuesday, October 28th. The company reported $0.70 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.44 by $0.26. The company had revenue of $3.12 billion during the quarter, compared to analysts’ expectations of $3.01 billion. During the same quarter last year, the firm posted $0.22 earnings per share. The firm’s revenue was up 8.1% on a year-over-year basis. On average, sell-side analysts forecast that Wayfair will post -2.54 EPS for the current fiscal year.

Insiders Place Their Bets

In related 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 transaction, the chief executive officer owned 544,137 shares in the company, valued at approximately $42,660,340.80. The trade was a 26.82% decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this link. Also, insider Steven Conine sold 199,473 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 $15,638,683.20. Following the transaction, the insider owned 544,073 shares in the company, valued at approximately $42,655,323.20. This trade represents a 26.83% decrease in their position. The SEC filing for this sale provides additional information. In the last 90 days, insiders have sold 1,260,000 shares of company stock worth $103,696,337. 21.91% of the stock is owned by corporate insiders.

Institutional Trading of Wayfair

A number of institutional investors and hedge funds have recently bought and sold shares of W. Alyeska Investment Group L.P. increased its holdings in shares of Wayfair by 681.8% in the 1st quarter. Alyeska Investment Group L.P. now owns 5,462,651 shares of the company’s stock worth $174,969,000 after buying an additional 4,763,944 shares during the last quarter. Southpoint Capital Advisors LP increased its holdings in shares of Wayfair by 42.9% in the 1st quarter. Southpoint Capital Advisors LP now owns 4,000,000 shares of the company’s stock worth $128,120,000 after buying an additional 1,200,000 shares during the last quarter. Spruce House Investment Management LLC increased its holdings in shares of Wayfair by 37.6% in the 2nd quarter. Spruce House Investment Management LLC now owns 3,000,000 shares of the company’s stock worth $153,420,000 after buying an additional 819,615 shares during the last quarter. Geode Capital Management LLC increased its holdings in shares of Wayfair by 3.7% in the 2nd quarter. Geode Capital Management LLC now owns 1,661,496 shares of the company’s stock worth $84,985,000 after buying an additional 59,083 shares during the last quarter. Finally, AQR Capital Management LLC increased its holdings in shares of Wayfair by 197.3% in the 2nd quarter. AQR Capital Management LLC now owns 1,557,937 shares of the company’s stock worth $79,673,000 after buying an additional 1,033,865 shares during the last quarter. 89.67% of the stock is currently owned by 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.