Wayfair (NYSE:W) Stock Price Up 2.3% – Here’s Why

Wayfair Inc. (NYSE:W)’s share price rose 2.3% during trading on Friday . The company traded as high as $31.65 and last traded at $32.29. Approximately 255,362 shares changed hands during trading, a decline of 94% from the average daily volume of 4,192,170 shares. The stock had previously closed at $31.55.

Analyst Upgrades and Downgrades

Several analysts have commented on W shares. Jefferies Financial Group upgraded Wayfair from a “hold” rating to a “buy” rating and lifted their price target for the company from $45.00 to $47.00 in a report on Friday, March 7th. JPMorgan Chase & Co. lowered their price target on Wayfair from $63.00 to $50.00 and set an “overweight” rating for the company in a report on Monday, March 10th. StockNews.com upgraded Wayfair from a “sell” rating to a “hold” rating in a report on Thursday, December 19th. Needham & Company LLC restated a “buy” rating and issued a $50.00 price target on shares of Wayfair in a report on Friday, February 21st. Finally, Wedbush restated a “neutral” rating and issued a $46.00 price target (up previously from $44.00) on shares of Wayfair in a report on Friday, February 21st. Fourteen research analysts have rated the stock with a hold rating, thirteen have given a buy rating and one has given a strong buy rating to the company. According to MarketBeat, Wayfair presently has a consensus rating of “Moderate Buy” and a consensus target price of $56.81.

Wayfair Stock Performance

The firm has a market capitalization of $4.21 billion, a P/E ratio of -8.26 and a beta of 3.44. The stock has a fifty day moving average price of $42.20 and a two-hundred day moving average price of $45.53.

Wayfair (NYSE:W) last issued 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 firm had revenue of $3.12 billion during the quarter, compared to analyst estimates of $3.07 billion. As a group, research analysts anticipate that Wayfair Inc. will post -2.54 earnings per share for the current fiscal year.

Insider Activity

In related news, CTO Fiona Tan sold 7,581 shares of the company’s stock in a transaction on Monday, January 6th. The stock was sold at an average price of $47.17, for a total transaction of $357,595.77. Following the completion of the transaction, the chief technology officer now directly owns 88,976 shares in the company, valued at $4,196,997.92. This represents a 7.85 % decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, insider Steven Conine sold 30,000 shares of the company’s stock in a transaction on Tuesday, January 21st. The stock was sold at an average price of $48.45, for a total value of $1,453,500.00. Following the transaction, the insider now owns 589,073 shares of the company’s stock, valued at approximately $28,540,586.85. The trade was a 4.85 % decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last ninety days, insiders sold 103,189 shares of company stock worth $4,810,693. 26.81% of the stock is currently owned by insiders.

Institutional Inflows and Outflows

A number of institutional investors have recently added to or reduced their stakes in W. True Wealth Design LLC boosted its position 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 during the period. J.Safra Asset Management Corp boosted its position 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 during the period. Jones Financial Companies Lllp boosted its position 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 during the period. GAMMA Investing LLC boosted its position 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 during the period. Finally, Point72 Asia Singapore Pte. Ltd. acquired a new position in Wayfair during the 3rd quarter worth $44,000. 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.