Wayfair (NYSE:W) Stock Price Up 8.5% – Time to Buy?

Wayfair Inc. (NYSE:W) shares traded up 8.5% during mid-day trading on Monday . The company traded as high as $91.42 and last traded at $91.36. 436,446 shares traded hands during trading, a decline of 88% from the average session volume of 3,705,489 shares. The stock had previously closed at $84.18.

Analysts Set New Price Targets

A number of brokerages have recently commented on W. Jefferies Financial Group lowered their price target on Wayfair from $86.00 to $70.00 and set a “hold” rating for the company in a research note on Thursday, April 30th. Weiss Ratings raised shares of Wayfair from a “sell (e+)” rating to a “sell (d-)” rating in a research note on Wednesday, June 17th. Needham & Company LLC decreased their price objective on shares of Wayfair from $125.00 to $83.00 and set a “buy” rating for the company in a report on Friday, May 1st. Wedbush began coverage on shares of Wayfair in a research note on Thursday, July 16th. They issued a “neutral” rating and a $104.00 target price for the company. Finally, Mizuho cut their target price on shares of Wayfair from $110.00 to $90.00 and set an “outperform” rating on the stock in a report on Friday, May 8th. One analyst has rated the stock with a Strong Buy rating, eighteen have issued a Buy rating, eleven have assigned a Hold rating and one has issued a Sell rating to the company’s stock. According to MarketBeat, Wayfair currently has a consensus rating of “Moderate Buy” and a consensus price target of $100.36.

Wayfair Stock Up 10.1%

The company has a market capitalization of $12.23 billion, a P/E ratio of -39.61, a P/E/G ratio of 4.66 and a beta of 2.96. The firm has a fifty day simple moving average of $81.25 and a 200-day simple moving average of $82.93.

Wayfair (NYSE:W) last released its quarterly earnings data on Thursday, April 30th. The company reported $0.26 earnings per share for the quarter, meeting the consensus estimate of $0.26. The business 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 revenue for the quarter was up 7.4% on a year-over-year basis. During the same quarter in the previous year, the business posted $0.10 EPS. On average, sell-side analysts predict that Wayfair Inc. will post 0.6 earnings per share for the current fiscal year.

Insider Buying and Selling at Wayfair

In related news, insider Jon Blotner sold 5,925 shares of the firm’s stock in a transaction on Thursday, July 2nd. The shares were sold at an average price of $96.29, for a total transaction of $570,518.25. Following the sale, the insider directly owned 117,344 shares in the company, valued at $11,299,053.76. This trade represents a 4.81% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which is available at this hyperlink. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. The sale was made to cover tax withholding obligations related to the vesting of equity awards. 18.44% of the stock is owned by company insiders.

Institutional Trading of Wayfair

Hedge funds and other institutional investors have recently modified their holdings of the company. Handelsbanken Fonder AB boosted its position in shares of Wayfair by 10.9% during the second quarter. Handelsbanken Fonder AB now owns 34,500 shares of the company’s stock worth $3,188,000 after buying an additional 3,400 shares during the period. Chemistry Wealth Management LLC boosted its position in Wayfair by 5.9% during the 2nd quarter. Chemistry Wealth Management LLC now owns 45,368 shares of the company’s stock worth $4,193,000 after acquiring an additional 2,534 shares during the last quarter. Assenagon Asset Management S.A. grew its stake in shares of Wayfair by 42.2% during the 2nd quarter. Assenagon Asset Management S.A. now owns 818,591 shares of the company’s stock worth $75,654,000 after acquiring an additional 242,791 shares in the last quarter. Versant Capital Management Inc grew its stake in shares of Wayfair by 34.5% during the 2nd quarter. Versant Capital Management Inc now owns 3,411 shares of the company’s stock worth $315,000 after acquiring an additional 874 shares in the last quarter. Finally, Empowered Funds LLC raised its holdings in shares of Wayfair by 67.7% in the first quarter. Empowered Funds LLC now owns 6,829 shares of the company’s stock valued at $514,000 after purchasing an additional 2,758 shares during the last quarter. 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.