Wayfair (NYSE:W) Earns “Outperform” Rating from Wedbush

Wedbush reaffirmed their outperform rating on shares of Wayfair (NYSE:W) in a report released on Wednesday morning, Benzinga reports. They currently have a $70.00 price objective on the stock.

Other equities analysts also recently issued reports about the company. Morgan Stanley increased their target price on Wayfair from $85.00 to $90.00 and gave the stock an overweight rating in a research report on Monday, May 13th. Royal Bank of Canada boosted their target price on shares of Wayfair from $61.00 to $65.00 and gave the company a sector perform rating in a report on Monday, May 6th. Piper Sandler reaffirmed an overweight rating and set a $91.00 price target (up previously from $88.00) on shares of Wayfair in a research note on Friday, May 3rd. TD Cowen lifted their price target on shares of Wayfair from $55.00 to $58.00 and gave the company a hold rating in a report on Friday, May 3rd. Finally, Sanford C. Bernstein upped their price objective on Wayfair from $50.00 to $55.00 and gave the stock a market perform rating in a report on Friday, May 3rd. One equities research analyst has rated the stock with a sell rating, eight have assigned a hold rating, eighteen have assigned a buy rating and one has given a strong buy rating to the company’s stock. Based on data from MarketBeat.com, the stock presently has a consensus rating of Moderate Buy and a consensus price target of $78.37.

Wayfair Price Performance

W stock opened at $53.02 on Wednesday. The company’s 50 day simple moving average is $55.06 and its 200-day simple moving average is $57.25. Wayfair has a 12 month low of $38.37 and a 12 month high of $90.71. The firm has a market capitalization of $6.38 billion, a PE ratio of -9.89 and a beta of 3.43.

Wayfair (NYSE:W) last issued its quarterly earnings data on Thursday, May 2nd. The company reported ($1.38) earnings per share (EPS) for the quarter, beating the consensus estimate of ($1.49) by $0.11. The company had revenue of $2.73 billion during the quarter, compared to analysts’ expectations of $2.64 billion. As a group, sell-side analysts anticipate that Wayfair will post -2.93 earnings per share for the current year.

Insider Buying and Selling at Wayfair

In other Wayfair news, insider Jon Blotner sold 4,395 shares of the firm’s stock in a transaction that occurred on Monday, July 15th. The shares were sold at an average price of $56.09, for a total value of $246,515.55. Following the sale, the insider now owns 43,926 shares in the company, valued at $2,463,809.34. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. In other Wayfair news, insider Jon Blotner sold 4,395 shares of the business’s stock in a transaction on Monday, July 15th. The stock was sold at an average price of $56.09, for a total transaction of $246,515.55. Following the completion of the transaction, the insider now owns 43,926 shares in the company, valued at approximately $2,463,809.34. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, CEO Niraj Shah sold 10,000 shares of the stock in a transaction on Monday, July 8th. The stock was sold at an average price of $52.62, for a total value of $526,200.00. Following the completion of the transaction, the chief executive officer now directly owns 209,137 shares of the company’s stock, valued at approximately $11,004,788.94. The disclosure for this sale can be found here. Over the last three months, insiders have sold 60,030 shares of company stock worth $3,327,414. 26.81% of the stock is owned by insiders.

Hedge Funds Weigh In On Wayfair

Institutional investors and hedge funds have recently added to or reduced their stakes in the company. Capital World Investors lifted its stake in Wayfair by 0.9% during the first quarter. Capital World Investors now owns 12,145,579 shares of the company’s stock valued at $824,442,000 after buying an additional 103,369 shares in the last quarter. Vanguard Group Inc. raised its holdings in shares of Wayfair by 4.5% during the first quarter. Vanguard Group Inc. now owns 8,467,900 shares of the company’s stock valued at $574,801,000 after acquiring an additional 363,948 shares during the period. Norges Bank purchased a new stake in shares of Wayfair in the 4th quarter valued at approximately $47,374,000. Wellington Management Group LLP boosted its stake in Wayfair by 18.6% in the 4th quarter. Wellington Management Group LLP now owns 764,495 shares of the company’s stock worth $47,169,000 after purchasing an additional 119,873 shares during the period. Finally, Charles Schwab Investment Management Inc. grew its position in Wayfair by 6.2% during the 4th quarter. Charles Schwab Investment Management Inc. now owns 674,156 shares of the company’s stock worth $41,595,000 after purchasing an additional 39,545 shares in the last quarter. 89.67% of the stock is 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.