Wayfair (NYSE:W) Hits New 12-Month High - Here's What Happened

Key Points

• Wayfair shares reached a new 52-week high of $120.77, up 5.6% from the prior close, with a market capitalization of approximately $15.9 billion.
• Analysts maintain a generally positive outlook, with a consensus rating of “Moderate Buy” and an average price target of $121.04; recent targets range as high as $135.
• Wayfair’s latest quarterly results exceeded expectations, with adjusted EPS of $0.95 and revenue of $3.52 billion, up 7.5% year over year. However, insiders have sold roughly 676,570 shares worth $72.2 million over the past 90 days.

Wayfair Inc. (NYSE:W - Get Free Report) reached a new 52-week high during trading on Thursday. The stock traded as high as $120.77 and last traded at $119.95, with a volume of 834,441 shares. The stock had previously closed at $114.02.

Wall Street Analysts Forecast Growth

Several equities research analysts recently weighed in on the company. TD Cowen boosted their target price on Wayfair from $75.00 to $110.00 and gave the stock a "hold" rating in a research note on Wednesday, August 5th. Robert W. Baird boosted their price target on Wayfair from $116.00 to $117.00 and gave the stock a "neutral" rating in a research report on Thursday, October 8th. BMO Capital Markets upped their price target on Wayfair from $105.00 to $115.00 and gave the company a "market perform" rating in a research report on Wednesday, August 5th. Needham & Company LLC upped their target price on Wayfair from $83.00 to $133.00 and gave the company a "buy" rating in a report on Wednesday, August 5th. Finally, Piper Sandler raised their target price on Wayfair from $133.00 to $135.00 and gave the company an "overweight" rating in a research report on Tuesday, October 20th. One research analyst has rated the stock with a Strong Buy rating, fourteen have issued a Buy rating, eleven have given a Hold rating and one has given a Sell rating to the company's stock. According to data from MarketBeat, Wayfair currently has a consensus rating of "Moderate Buy" and a consensus price target of $121.04.

Wayfair Stock Up 5.6%

The stock has a market cap of $15.90 billion, a price-to-earnings ratio of -48.86, a price-to-earnings-growth ratio of 4.04 and a beta of 3.02. The company's 50-day moving average is $104.28 and its 200-day moving average is $89.16.

Wayfair (NYSE:W - Get Free Report) last issued its quarterly earnings data on Tuesday, August 4th. The company reported $0.95 EPS for the quarter, topping analysts' consensus estimates of $0.90 by $0.05. Wayfair had a negative net margin of 2.49% and a negative return on equity of 3.40%. The firm had revenue of $3.52 billion for the quarter, compared to analyst estimates of $3.47 billion. During the same quarter in the prior year, the firm earned $0.87 EPS. The company's revenue was up 7.5% on a year-over-year basis. On average, research analysts forecast that Wayfair Inc. will post 0.93 earnings per share for the current year.

Insider Activity at Wayfair

In related news, CEO Niraj Shah sold 117,000 shares of the company's stock in a transaction dated Thursday, October 15th. The stock was sold at an average price of $111.25, for a total transaction of $13,016,250.00. Following the sale, the chief executive officer owned 105,137 shares in the company, valued at approximately $11,696,491.25. This represents a 52.67% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is accessible through this hyperlink. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, CTO Fiona Tan sold 8,000 shares of the stock in a transaction that occurred on Tuesday, October 20th. The shares were sold at an average price of $115.00, for a total value of $920,000.00. Following the completion of the sale, the chief technology officer directly owned 196,698 shares of the company's stock, valued at approximately $22,620,270. The trade was a 3.91% 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 90 days, insiders sold 676,570 shares of company stock valued at $72,176,934. Corporate insiders own 18.44% of the company's stock.

Hedge Funds Weigh In On Wayfair

Several hedge funds and other institutional investors have recently bought and sold shares of the company. Versant Capital Management Inc increased its stake in shares of Wayfair by 4.1% during the third quarter. Versant Capital Management Inc now owns 3,551 shares of the company's stock valued at $364,000 after buying an additional 140 shares during the period. Flynn Zito Capital Management LLC lifted its position in Wayfair by 6.4% during the 1st quarter. Flynn Zito Capital Management LLC now owns 2,775 shares of the company's stock valued at $209,000 after acquiring an additional 168 shares during the period. Arizona State Retirement System increased its stake in shares of Wayfair by 0.7% during the second quarter. Arizona State Retirement System now owns 28,514 shares of the company's stock valued at $2,635,000 after purchasing an additional 201 shares in the last quarter. Triumph Capital Management increased its position in Wayfair by 6.3% during the 2nd quarter. Triumph Capital Management now owns 3,498 shares of the company's stock valued at $323,000 after buying an additional 207 shares in the last quarter. Finally, Signaturefd LLC increased its stake in Wayfair by 5.0% during the 3rd quarter. Signaturefd LLC now owns 5,039 shares of the company's stock valued at $517,000 after purchasing an additional 239 shares in the last quarter. Institutional investors and hedge funds own 89.67% of the company's stock.

About Wayfair

Wayfair Inc is an e-commerce company that sells furniture, home furnishings and related products through digital platforms. Its selection includes furniture, décor, lighting, rugs, mattresses, kitchen and dining products, housewares, home improvement items, outdoor furnishings and other goods for residential and commercial spaces.

The company operates a portfolio of online brands and retail websites, including Wayfair, Joss & Main, AllModern, Birch Lane and Perigold. These brands are designed to serve different customer preferences, price points and areas of the home-furnishings market.

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