Wayfair (NYSE:W) Stock Price Up 8.7% – Should You Buy?

Wayfair Inc. (NYSE:W)’s stock price rose 8.7% during mid-day trading on Wednesday . The stock traded as high as $61.32 and last traded at $62.41. Approximately 887,294 shares were traded during mid-day trading, a decline of 77% from the average daily volume of 3,803,191 shares. The stock had previously closed at $57.40.

Wall Street Analyst Weigh In

W has been the topic of several recent research reports. Morgan Stanley set a $110.00 price target on Wayfair in a research report on Friday, May 1st. Citigroup reduced their price target on Wayfair from $110.00 to $95.00 and set a “buy” rating on the stock in a research report on Tuesday. The Goldman Sachs Group set a $79.00 price target on Wayfair in a research report on Friday, May 1st. Truist Financial reduced their price target on Wayfair from $120.00 to $105.00 and set a “buy” rating on the stock in a research report on Friday, February 20th. Finally, TD Cowen reduced their price target on Wayfair from $88.00 to $75.00 and set a “hold” rating on the stock in a research report on Thursday, April 30th. One analyst has rated the stock with a Strong Buy rating, eighteen have issued a Buy rating, ten have given a Hold rating and one has assigned a Sell rating to the company’s stock. According to MarketBeat, Wayfair presently has a consensus rating of “Moderate Buy” and a consensus price target of $99.89.

Wayfair Stock Up 1.2%

The company has a fifty day simple moving average of $71.79 and a two-hundred day simple moving average of $89.16. The stock has a market capitalization of $8.86 billion, a P/E ratio of -28.66, a price-to-earnings-growth ratio of 3.69 and a beta of 3.02.

Wayfair (NYSE:W) last posted its earnings results on Thursday, April 30th. The company reported $0.26 earnings per share for the quarter, hitting the consensus estimate of $0.26. The firm had revenue of $2.93 billion for the quarter, compared to analyst estimates of $2.89 billion. Wayfair had a negative return on equity of 2.20% and a negative net margin of 2.41%.The company’s revenue for the quarter was up 7.4% on a year-over-year basis. During the same period in the previous year, the company posted $0.10 earnings per share. As a group, equities analysts forecast that Wayfair Inc. will post 0.58 earnings per share for the current year.

Insider Activity

In other Wayfair news, CEO Niraj Shah sold 113,863 shares of Wayfair stock in a transaction dated Thursday, April 23rd. The stock was sold at an average price of $77.49, for a total value of $8,823,243.87. Following the sale, the chief executive officer owned 435,274 shares of the company’s stock, valued at $33,729,382.26. This trade represents a 20.73% decrease in their position. The transaction was disclosed in a document filed with the SEC, which is available through the SEC website. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, Director Steven Conine sold 112,861 shares of Wayfair stock in a transaction dated Thursday, April 23rd. The shares were sold at an average price of $77.50, for a total value of $8,746,727.50. Following the completion of the sale, the director directly owned 436,212 shares in the company, valued at $33,806,430. This represents a 20.55% decrease in their position. The SEC filing for this sale provides additional information. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Over the last quarter, insiders have sold 703,785 shares of company stock worth $54,004,173. Corporate insiders own 18.44% of the company’s stock.

Institutional Trading of Wayfair

Hedge funds and other institutional investors have recently modified their holdings of the company. Cornerstone Planning Group LLC raised its stake in shares of Wayfair by 28,200.0% in the 3rd quarter. Cornerstone Planning Group LLC now owns 283 shares of the company’s stock valued at $25,000 after purchasing an additional 282 shares during the period. Webster Bank N. A. acquired a new stake in shares of Wayfair in the 4th quarter valued at about $30,000. V Square Quantitative Management LLC acquired a new stake in shares of Wayfair in the 4th quarter valued at about $33,000. Havemeyer Place LP acquired a new stake in shares of Wayfair in the 4th quarter valued at about $39,000. Finally, Kestra Advisory Services LLC acquired a new stake in shares of Wayfair in the 4th quarter valued at about $44,000. Institutional investors and hedge funds own 89.67% of the company’s stock.

Wayfair Company Profile

Wayfair Inc (NYSE: W) is an e-commerce company focused on home furnishings and décor. Through its platform, Wayfair offers a broad assortment of furniture, lighting, home textiles, kitchenware and decorative accessories. The company’s portfolio includes flagship sites such as Wayfair.com, as well as specialty retail brands like Joss & Main, AllModern, Birch Lane and Perigold, each catering to distinct design styles and price points.

Founded in 2002 by Niraj Shah and Steve Conine under the name CSN Stores, the business rebranded as Wayfair in 2011 and went public in 2014.