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

Shares of Wayfair Inc. (NYSE:W - Get Free Report) reached a new 52-week high on Tuesday . The stock traded as high as $60.93 and last traded at $60.46, with a volume of 5067852 shares traded. The stock had previously closed at $56.42.

Analyst Ratings Changes

Several equities research analysts recently commented on W shares. TD Cowen upgraded shares of Wayfair from a "hold" rating to a "strong-buy" rating in a research note on Thursday, June 5th. Citigroup lifted their target price on Wayfair from $30.00 to $32.00 and gave the stock a "neutral" rating in a research report on Friday, May 2nd. Wedbush raised Wayfair to a "hold" rating in a research report on Thursday, May 1st. Stifel Nicolaus cut their price target on Wayfair from $46.00 to $29.00 and set a "hold" rating on the stock in a research report on Wednesday, April 23rd. Finally, Piper Sandler reissued an "overweight" rating and issued a $61.00 price objective (up from $46.00) on shares of Wayfair in a report on Friday, June 13th. One investment analyst has rated the stock with a sell rating, twelve have issued a hold rating, fourteen have given a buy rating and two have assigned a strong buy rating to the stock. Based on data from MarketBeat, Wayfair currently has a consensus rating of "Moderate Buy" and a consensus price target of $48.38.

Wayfair Trading Up 3.1%

The company's 50 day simple moving average is $49.16 and its 200-day simple moving average is $41.38. The company has a market capitalization of $8.34 billion, a price-to-earnings ratio of -22.81 and a beta of 2.97.

Wayfair (NYSE:W - Get Free Report) last released its earnings results on Thursday, May 1st. The company reported $0.10 EPS for the quarter, topping the consensus estimate of ($0.14) by $0.24. The firm had revenue of $2.73 billion during the quarter, compared to analysts' expectations of $2.71 billion. During the same period in the previous year, the firm posted ($0.32) earnings per share. The firm's revenue was up .0% on a year-over-year basis. Sell-side analysts anticipate that Wayfair Inc. will post -2.54 EPS for the current year.

Insiders Place Their Bets

In other news, insider Steven Conine sold 60,000 shares of the firm's stock in a transaction dated Monday, July 21st. The stock was sold at an average price of $56.02, for a total value of $3,361,200.00. Following the transaction, the insider directly owned 169,073 shares in the company, valued at $9,471,469.46. This trade represents a 26.19% decrease in their position. The transaction was disclosed in a document filed with the SEC, which is available through this hyperlink. Also, insider Jon Blotner sold 13,857 shares of the business's stock in a transaction dated Tuesday, July 15th. The stock was sold at an average price of $56.45, for a total value of $782,227.65. Following the sale, the insider owned 91,263 shares of the company's stock, valued at $5,151,796.35. The trade was a 13.18% decrease in their position. The disclosure for this sale can be found here. In the last ninety days, insiders have sold 800,731 shares of company stock valued at $40,152,384. Insiders own 21.91% of the company's stock.

Institutional Inflows and Outflows

A number of institutional investors have recently made changes to their positions in the company. CWM LLC lifted its stake in Wayfair by 481.3% during the second quarter. CWM LLC now owns 10,098 shares of the company's stock worth $516,000 after purchasing an additional 8,361 shares during the last quarter. Vanguard Personalized Indexing Management LLC lifted its position in shares of Wayfair by 40.4% in the 2nd quarter. Vanguard Personalized Indexing Management LLC now owns 11,794 shares of the company's stock worth $603,000 after buying an additional 3,395 shares during the last quarter. IFP Advisors Inc lifted its position in shares of Wayfair by 49.3% in the 2nd quarter. IFP Advisors Inc now owns 1,869 shares of the company's stock worth $96,000 after buying an additional 617 shares during the last quarter. GFG Capital LLC acquired a new position in shares of Wayfair in the 2nd quarter valued at about $102,000. Finally, Maryland State Retirement & Pension System bought a new stake in shares of Wayfair during the 2nd quarter valued at about $270,000. 89.67% of the stock is owned by institutional investors and hedge funds.

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.