Wayfair (NYSE:W) Trading 2.3% Higher – Here’s What Happened

Wayfair Inc. (NYSE:W) traded up 2.3% during mid-day trading on Friday . The stock traded as high as $31.65 and last traded at $32.29. 255,362 shares traded hands during trading, a decline of 94% from the average session volume of 4,192,170 shares. The stock had previously closed at $31.55.

Analysts Set New Price Targets

Several research analysts recently issued reports on the stock. Guggenheim reissued a “buy” rating and set a $60.00 price target on shares of Wayfair in a report on Monday, March 10th. JPMorgan Chase & Co. cut their price target on shares of Wayfair from $63.00 to $50.00 and set an “overweight” rating for the company in a report on Monday, March 10th. Bank of America cut their price target on shares of Wayfair from $52.00 to $50.00 and set a “neutral” rating for the company in a report on Friday, February 21st. Wedbush reissued a “neutral” rating and set a $46.00 price target (up from $44.00) on shares of Wayfair in a report on Friday, February 21st. Finally, Piper Sandler set a $58.00 target price on shares of Wayfair and gave the stock an “overweight” rating in a research report on Friday, February 21st. Fourteen research analysts have rated the stock with a hold rating, thirteen have assigned a buy rating and one has assigned a strong buy rating to the stock. Based on data from MarketBeat, the stock currently has an average rating of “Moderate Buy” and an average target price of $56.81.

Wayfair Stock Up 6.7 %

The company has a market cap of $4.27 billion, a PE ratio of -8.37 and a beta of 3.44. The stock’s 50 day simple moving average is $41.99 and its two-hundred day simple moving average is $45.50.

Wayfair (NYSE:W) last posted its quarterly earnings results on Thursday, February 20th. The company reported ($0.96) earnings per share for the quarter, missing analysts’ consensus estimates of $0.05 by ($1.01). The business had revenue of $3.12 billion for the quarter, compared to the consensus estimate of $3.07 billion. Analysts forecast that Wayfair Inc. will post -2.54 EPS for the current year.

Insider Activity

In related news, insider Jon Blotner sold 5,669 shares of the firm’s stock in a transaction on Monday, January 13th. The shares were sold at an average price of $42.83, for a total transaction of $242,803.27. Following the completion of the sale, the insider now directly owns 57,899 shares of the company’s stock, valued at approximately $2,479,814.17. This trade represents a 8.92 % decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Also, insider Steven Conine sold 30,000 shares of the firm’s stock in a transaction on Thursday, February 20th. The shares were sold at an average price of $46.33, for a total transaction of $1,389,900.00. Following the sale, the insider now directly owns 559,073 shares of the company’s stock, valued at approximately $25,901,852.09. The trade was a 5.09 % decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last 90 days, insiders have sold 103,189 shares of company stock valued at $4,810,693. Company insiders own 26.81% of the company’s stock.

Institutional Investors Weigh In On Wayfair

Large investors have recently added to or reduced their stakes in the company. True Wealth Design LLC grew its holdings in Wayfair by 207.1% during the 4th quarter. True Wealth Design LLC now owns 565 shares of the company’s stock worth $25,000 after acquiring an additional 381 shares in the last quarter. J.Safra Asset Management Corp grew its holdings in Wayfair by 71.3% during the 4th quarter. J.Safra Asset Management Corp now owns 586 shares of the company’s stock worth $26,000 after acquiring an additional 244 shares in the last quarter. Jones Financial Companies Lllp grew its holdings in Wayfair by 577.0% during the 4th quarter. Jones Financial Companies Lllp now owns 589 shares of the company’s stock worth $26,000 after acquiring an additional 502 shares in the last quarter. GAMMA Investing LLC grew its holdings in Wayfair by 65.5% during the 4th quarter. GAMMA Investing LLC now owns 710 shares of the company’s stock worth $31,000 after acquiring an additional 281 shares in the last quarter. Finally, Aster Capital Management DIFC Ltd acquired a new position in Wayfair during the 4th quarter worth $41,000. 89.67% of the stock is owned by institutional investors and hedge funds.

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.