Wayfair (NYSE:W) Sets New 1-Year High on Analyst Upgrade

Wayfair Inc. (NYSE:W - Get Free Report)'s stock price hit a new 52-week high during mid-day trading on Thursday after Zelman & Associates raised their price target on the stock from $55.00 to $72.00. Zelman & Associates currently has an outperform rating on the stock. Wayfair traded as high as $58.96 and last traded at $58.35, with a volume of 2055362 shares. The stock had previously closed at $56.57.

A number of other brokerages have also recently commented on W. Jefferies Financial Group reaffirmed a "buy" rating on shares of Wayfair in a research report on Tuesday, July 1st. Wedbush raised shares of Wayfair to a "hold" rating in a research report on Thursday, May 1st. Guggenheim cut their price objective on shares of Wayfair from $60.00 to $50.00 and set a "buy" rating on the stock in a research report on Friday, May 2nd. Evercore ISI increased their price objective on shares of Wayfair from $50.00 to $60.00 and gave the stock an "outperform" rating in a research report on Tuesday, June 24th. Finally, TD Cowen raised shares of Wayfair from a "hold" rating to a "strong-buy" rating in a research report on Thursday, June 5th. One research analyst has rated the stock with a sell rating, twelve have issued a hold rating, thirteen have given a buy rating and two have issued a strong buy rating to the company. According to MarketBeat, the stock currently has a consensus rating of "Moderate Buy" and an average target price of $46.72.

Insider Buying and Selling at Wayfair

In other news, CTO Fiona Tan sold 3,214 shares of the business's stock in a transaction on Tuesday, June 17th. The shares were sold at an average price of $49.00, for a total transaction of $157,486.00. Following the completion of the transaction, the chief technology officer directly owned 70,891 shares in the company, valued at $3,473,659. The trade was a 4.34% decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. Also, insider Steven Conine sold 7,094 shares of the business's stock in a transaction on Wednesday, July 2nd. The shares were sold at an average price of $55.21, for a total transaction of $391,659.74. Following the transaction, the insider owned 229,073 shares of the company's stock, valued at $12,647,120.33. This trade represents a 3.00% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold 666,874 shares of company stock valued at $32,647,157 in the last 90 days. 21.91% of the stock is currently owned by company insiders.

Institutional Inflows and Outflows

Several hedge funds and other institutional investors have recently added to or reduced their stakes in W. True Wealth Design LLC lifted its stake in Wayfair by 207.1% in the fourth quarter. True Wealth Design LLC now owns 565 shares of the company's stock worth $25,000 after purchasing an additional 381 shares during the last quarter. California State Teachers Retirement System raised its stake in shares of Wayfair by 0.4% during the fourth quarter. California State Teachers Retirement System now owns 87,089 shares of the company's stock valued at $3,860,000 after acquiring an additional 383 shares during the last quarter. Jones Financial Companies Lllp raised its stake in shares of Wayfair by 577.0% during the fourth quarter. Jones Financial Companies Lllp now owns 589 shares of the company's stock valued at $26,000 after acquiring an additional 502 shares during the last quarter. Swiss National Bank raised its stake in shares of Wayfair by 0.3% during the first quarter. Swiss National Bank now owns 183,300 shares of the company's stock valued at $5,871,000 after acquiring an additional 600 shares during the last quarter. Finally, GAMMA Investing LLC raised its stake in shares of Wayfair by 85.8% during the first quarter. GAMMA Investing LLC now owns 1,319 shares of the company's stock valued at $42,000 after acquiring an additional 609 shares during the last quarter. 89.67% of the stock is currently owned by hedge funds and other institutional investors.

Wayfair Price Performance

The stock has a market capitalization of $7.34 billion, a P/E ratio of -20.06 and a beta of 2.97. The firm's 50 day moving average price is $45.02 and its 200 day moving average price is $40.53.

Wayfair (NYSE:W - Get Free Report) last issued its quarterly earnings data on Thursday, May 1st. The company reported $0.10 EPS for the quarter, beating the consensus estimate of ($0.14) by $0.24. The firm had revenue of $2.73 billion for the quarter, compared to the consensus estimate of $2.71 billion. The business's revenue was up .0% on a year-over-year basis. During the same period last year, the company posted ($0.32) earnings per share. On average, equities research analysts forecast that Wayfair Inc. will post -2.54 earnings per share for the current year.

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.