Wayfair (NYSE:W) Sets New 52-Week High - Here's Why

Key Points

• Wayfair's stock price recently hit a new **52-week high**, trading at **$78.22**, and closed at **$77.47** with a trading volume of **1.6 million shares**.
• JPMorgan Chase & Co. has raised its price target for Wayfair from **$75.00 to $82.00**, while Citigroup upgraded it from **neutral** to **buy** with a target of **$93.00**.
• Wayfair reported **$0.87 earnings per share** for the last quarter, exceeding analysts' expectations of **$0.33**, with revenue of **$3.27 billion**, up **5.0% year-over-year**.

Wayfair Inc. (NYSE:W - Get Free Report)'s share price reached a new 52-week high during trading on Wednesday . The company traded as high as $78.22 and last traded at $77.47, with a volume of 1613651 shares. The stock had previously closed at $74.63.

Analysts Set New Price Targets

A number of analysts have issued reports on W shares. JPMorgan Chase & Co. lifted their target price on shares of Wayfair from $75.00 to $82.00 and gave the company an "overweight" rating in a research note on Tuesday, August 5th. Evercore ISI lifted their target price on shares of Wayfair from $50.00 to $60.00 and gave the company an "outperform" rating in a research note on Tuesday, June 24th. Truist Financial set a $40.00 price target on Wayfair in a report on Friday, May 2nd. The Goldman Sachs Group upped their price target on Wayfair from $31.00 to $80.00 and gave the stock a "neutral" rating in a report on Wednesday, August 6th. Finally, Citigroup upgraded Wayfair from a "neutral" rating to a "buy" rating and upped their price target for the stock from $32.00 to $93.00 in a report on Tuesday, August 5th. One analyst has rated the stock with a sell rating, nine have issued a hold rating, sixteen have assigned a buy rating and two have given a strong buy rating to the stock. According to MarketBeat.com, Wayfair has an average rating of "Moderate Buy" and an average target price of $65.96.

Wayfair Trading Up 5.6%

The stock's 50-day moving average is $57.13 and its 200-day moving average is $43.58. The firm has a market capitalization of $10.22 billion, a price-to-earnings ratio of -32.84 and a beta of 2.92.

Wayfair (NYSE:W - Get Free Report) last announced its earnings results on Monday, August 4th. The company reported $0.87 earnings per share for the quarter, topping analysts' consensus estimates of $0.33 by $0.54. The business had revenue of $3.27 billion during the quarter, compared to analysts' expectations of $3.11 billion. During the same quarter in the previous year, the firm earned $0.47 EPS. Wayfair's quarterly revenue was up 5.0% on a year-over-year basis. On average, equities research analysts anticipate that Wayfair Inc. will post -2.54 EPS for the current fiscal year.

Insider Transactions at Wayfair

In other Wayfair news, insider Jon Blotner sold 13,857 shares of the stock in a transaction on Tuesday, July 15th. The stock was sold at an average price of $56.45, for a total transaction of $782,227.65. Following the sale, the insider owned 91,263 shares in the company, valued at $5,151,796.35. This represents a 13.18% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is available at this link. Also, CEO Niraj Shah sold 17,742 shares of the business's stock in a transaction that occurred on Thursday, August 7th. The shares were sold at an average price of $77.29, for a total transaction of $1,371,279.18. Following the transaction, the chief executive officer directly owned 143,559 shares of the company's stock, valued at approximately $11,095,675.11. This represents a 11.00% decrease in their position. The disclosure for this sale can be found here. Insiders sold a total of 816,894 shares of company stock worth $42,702,627 in the last quarter. Insiders own 21.91% of the company's stock.

Institutional Investors Weigh In On Wayfair

Large investors have recently made changes to their positions in the business. Capital World Investors increased its position in shares of Wayfair by 6.2% during the fourth quarter. Capital World Investors now owns 13,506,200 shares of the company's stock valued at $598,596,000 after acquiring an additional 782,757 shares in the last quarter. Alyeska Investment Group L.P. lifted its position in Wayfair by 681.8% during the first quarter. Alyeska Investment Group L.P. now owns 5,462,651 shares of the company's stock valued at $174,969,000 after purchasing an additional 4,763,944 shares during the period. Southpoint Capital Advisors LP lifted its position in Wayfair by 42.9% during the first quarter. Southpoint Capital Advisors LP now owns 4,000,000 shares of the company's stock valued at $128,120,000 after purchasing an additional 1,200,000 shares during the period. Geode Capital Management LLC lifted its position in Wayfair by 3.7% during the second quarter. Geode Capital Management LLC now owns 1,661,496 shares of the company's stock valued at $84,985,000 after purchasing an additional 59,083 shares during the period. Finally, Charles Schwab Investment Management Inc. grew its position in Wayfair by 0.3% during the first quarter. Charles Schwab Investment Management Inc. now owns 1,012,048 shares of the company's stock valued at $32,416,000 after buying an additional 2,736 shares during the period. 89.67% of the stock is currently owned by institutional investors.

Wayfair Company Profile

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.

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