Wayfair (NYSE:W) Trading Up 8.1% After Analyst Upgrade

Wayfair Inc. (NYSE:W)’s stock price shot up 8.1% on Wednesday after Evercore ISI raised their price target on the stock from $50.00 to $60.00. Evercore ISI currently has an outperform rating on the stock. Wayfair traded as high as $56.13 and last traded at $56.19. 3,112,355 shares traded hands during trading, a decline of 35% from the average session volume of 4,800,769 shares. The stock had previously closed at $51.99.

Several other brokerages have also weighed in on W. Royal Bank Of Canada reissued a “sector perform” rating and set a $25.00 price objective on shares of Wayfair in a report on Friday, April 25th. BMO Capital Markets set a $38.00 price objective on Wayfair in a report on Friday, May 2nd. Deutsche Bank Aktiengesellschaft lowered Wayfair from a “buy” rating to a “hold” rating and set a $25.00 price objective on the stock. in a report on Monday, April 14th. The Goldman Sachs Group decreased their price objective on Wayfair from $50.00 to $31.00 and set a “neutral” rating on the stock in a report on Tuesday, April 22nd. Finally, Loop Capital reissued a “sell” rating and set a $35.00 price objective on shares of Wayfair in a report on Wednesday, May 14th. One analyst has rated the stock with a sell rating, twelve have issued a hold rating, thirteen have issued a buy rating and two have assigned a strong buy rating to the company. According to data from MarketBeat.com, Wayfair currently has an average rating of “Moderate Buy” and an average price target of $45.67.

Insider Buying and Selling at Wayfair

In other Wayfair news, insider Steven Conine sold 180,943 shares of Wayfair stock in a transaction on Tuesday, July 1st. The stock was sold at an average price of $52.59, for a total value of $9,515,792.37. Following the completion of the transaction, the insider owned 236,167 shares in the company, valued at approximately $12,420,022.53. The trade was a 43.38% decrease in their position. The sale was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. Also, CEO Niraj Shah sold 179,707 shares of Wayfair stock in a transaction 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 transaction, the chief executive officer owned 236,850 shares of the company’s stock, valued at approximately $12,453,573. The trade was a 43.14% decrease in their position. The disclosure for this sale can be found here. In the last quarter, insiders sold 652,067 shares of company stock valued at $31,829,662. Corporate insiders own 21.91% of the company’s stock.

Hedge Funds Weigh In On Wayfair

Several institutional investors have recently bought and sold shares of the business. True Wealth Design LLC raised its position in shares of Wayfair by 207.1% during the fourth quarter. True Wealth Design LLC now owns 565 shares of the company’s stock worth $25,000 after acquiring an additional 381 shares during the last quarter. Jones Financial Companies Lllp raised its position in shares of Wayfair by 577.0% during the fourth quarter. Jones Financial Companies Lllp now owns 589 shares of the company’s stock worth $26,000 after acquiring an additional 502 shares during the last quarter. J.Safra Asset Management Corp raised its position in shares of Wayfair by 71.3% during the fourth quarter. J.Safra Asset Management Corp now owns 586 shares of the company’s stock worth $26,000 after acquiring an additional 244 shares during the last quarter. Aster Capital Management DIFC Ltd bought a new stake in shares of Wayfair during the fourth quarter worth $41,000. Finally, GAMMA Investing LLC raised its position 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 acquiring an additional 609 shares during the last quarter. Institutional investors own 89.67% of the company’s stock.

Wayfair Stock Up 0.7%

The company has a market cap of $7.30 billion, a P/E ratio of -19.96 and a beta of 2.97. The business has a 50-day moving average price of $41.40 and a two-hundred day moving average price of $40.10.

Wayfair (NYSE:W) last released its earnings results on Thursday, May 1st. The company reported $0.10 earnings per share for the quarter, topping analysts’ consensus estimates of ($0.14) by $0.24. The firm had revenue of $2.73 billion for the quarter, compared to the consensus estimate of $2.71 billion. The company’s revenue was up .0% compared to the same quarter last year. During the same quarter in the previous year, the firm earned ($0.32) EPS. As a group, sell-side analysts expect that Wayfair Inc. will post -2.54 EPS for the current fiscal year.

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.