Wayfair (NYSE:W) Stock Price Up 10% – What’s Next?

Wayfair Inc. (NYSE:W) shot up 10% on Thursday . The company traded as high as $88.78 and last traded at $89.72. 536,507 shares changed hands during trading, a decline of 86% from the average session volume of 3,846,524 shares. The stock had previously closed at $81.59.

Analysts Set New Price Targets

A number of research analysts have recently issued reports on the company. Needham & Company LLC reduced their price objective on Wayfair from $125.00 to $83.00 and set a “buy” rating on the stock in a research note on Friday, May 1st. TD Cowen reduced their price objective on Wayfair from $88.00 to $75.00 and set a “hold” rating on the stock in a research note on Thursday, April 30th. The Goldman Sachs Group set a $79.00 price objective on Wayfair in a research note on Friday, May 1st. Robert W. Baird set a $76.00 price objective on Wayfair in a research note on Monday, May 4th. Finally, Mizuho reduced their price objective on Wayfair from $110.00 to $90.00 and set an “outperform” rating on the stock in a research note on Friday, May 8th. One analyst has rated the stock with a Strong Buy rating, eighteen have issued a Buy rating, ten have assigned a Hold rating and one has issued a Sell rating to the company’s stock. Based on data from MarketBeat.com, Wayfair has a consensus rating of “Moderate Buy” and an average price target of $99.68.

Wayfair Price Performance

The stock has a market capitalization of $11.69 billion, a P/E ratio of -37.89, a PEG ratio of 4.37 and a beta of 3.02. The stock has a 50 day moving average price of $71.17 and a 200-day moving average price of $84.94.

Wayfair (NYSE:W) last posted its earnings results on Thursday, April 30th. The company reported $0.26 earnings per share (EPS) for the quarter, hitting the consensus estimate of $0.26. The company had revenue of $2.93 billion for the quarter, compared to analysts’ expectations of $2.89 billion. Wayfair had a negative return on equity of 2.20% and a negative net margin of 2.41%.Wayfair’s quarterly revenue was up 7.4% on a year-over-year basis. During the same period last year, the firm earned $0.10 earnings per share. Research analysts predict that Wayfair Inc. will post 0.63 earnings per share for the current fiscal year.

Insider Buying and Selling

In related news, CEO Niraj Shah sold 6,137 shares of the firm’s stock in a transaction dated Friday, April 24th. The stock was sold at an average price of $78.62, for a total value of $482,490.94. Following the sale, the chief executive officer directly owned 429,137 shares of the company’s stock, valued at $33,738,750.94. This trade represents a 1.41% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, Director Steven Conine sold 7,139 shares of Wayfair stock in a transaction that occurred on Friday, April 24th. The shares were sold at an average price of $78.55, for a total value of $560,768.45. Following the sale, the director directly owned 429,073 shares in the company, valued at approximately $33,703,684.15. The trade was a 1.64% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Insiders have sold 463,785 shares of company stock valued at $35,864,224 over the last ninety days. 18.44% of the stock is owned by insiders.

Institutional Trading of Wayfair

Several large investors have recently bought and sold shares of W. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. boosted its position in Wayfair by 29.0% during the 1st quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 67,023 shares of the company’s stock valued at $2,147,000 after acquiring an additional 15,084 shares in the last quarter. Prudential Financial Inc. boosted its position in Wayfair by 30.4% during the 2nd quarter. Prudential Financial Inc. now owns 7,328 shares of the company’s stock valued at $375,000 after acquiring an additional 1,710 shares in the last quarter. Northwestern Mutual Wealth Management Co. boosted its position in Wayfair by 12.3% during the 2nd quarter. Northwestern Mutual Wealth Management Co. now owns 2,462 shares of the company’s stock valued at $126,000 after acquiring an additional 270 shares in the last quarter. M&T Bank Corp bought a new stake in Wayfair during the 2nd quarter valued at approximately $262,000. Finally, EverSource Wealth Advisors LLC boosted its position in Wayfair by 393.4% during the 2nd quarter. EverSource Wealth Advisors LLC now owns 819 shares of the company’s stock valued at $42,000 after acquiring an additional 653 shares in the last quarter. 89.67% of the stock is owned by institutional investors.

About Wayfair

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.