Wayfair (NYSE:W) Trading Up 8.1% After Analyst Upgrade

Wayfair Inc. (NYSE:W - Get Free Report) was up 8.1% on Wednesday after Evercore ISI raised their price target on the stock from $50.00 to $60.00. Evercore ISI currently has an outperform rating on the stock. Wayfair traded as high as $56.13 and last traded at $56.19. Approximately 3,112,355 shares traded hands during mid-day trading, a decline of 35% from the average daily volume of 4,800,769 shares. The stock had previously closed at $51.99.

W has been the subject of several other research reports. Deutsche Bank Aktiengesellschaft lowered Wayfair from a "buy" rating to a "hold" rating and set a $25.00 target price for the company. in a research report on Monday, April 14th. Loop Capital reiterated a "sell" rating and issued a $35.00 price objective on shares of Wayfair in a report on Wednesday, May 14th. Citigroup boosted their target price on shares of Wayfair from $30.00 to $32.00 and gave the company a "neutral" rating in a report on Friday, May 2nd. UBS Group reduced their target price on shares of Wayfair from $60.00 to $55.00 and set a "buy" rating on the stock in a research report on Monday, April 14th. Finally, Mizuho lowered their price target on shares of Wayfair from $60.00 to $50.00 and set an "outperform" rating for the company in a research report on Friday, May 2nd. One equities 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's stock. According to data from MarketBeat.com, the stock has a consensus rating of "Moderate Buy" and an average price target of $45.67.

Insider Buying and Selling

In other Wayfair news, CEO Niraj Shah sold 179,707 shares of the firm's stock in a transaction dated Tuesday, July 1st. The stock was sold at an average price of $52.58, for a total value of $9,448,994.06. Following the transaction, the chief executive officer directly owned 236,850 shares of the company's stock, valued at approximately $12,453,573. This trade represents a 43.14% decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is accessible through this hyperlink. Also, insider Steven Conine sold 180,943 shares of the company's stock in a transaction dated Tuesday, July 1st. The shares were sold at an average price of $52.59, for a total transaction of $9,515,792.37. Following the sale, the insider directly owned 236,167 shares of the company's stock, valued at $12,420,022.53. The trade was a 43.38% decrease in their position. The disclosure for this sale can be found here. Insiders sold 652,067 shares of company stock valued at $31,829,662 over the last 90 days. Company insiders own 21.91% of the company's stock.

Institutional Investors Weigh In On Wayfair

Several hedge funds and other institutional investors have recently modified their holdings of W. True Wealth Design LLC lifted its holdings in Wayfair by 207.1% during the fourth quarter. True Wealth Design LLC now owns 565 shares of the company's stock valued at $25,000 after purchasing an additional 381 shares in the last quarter. Jones Financial Companies Lllp boosted its holdings in Wayfair by 577.0% in the 4th quarter. Jones Financial Companies Lllp now owns 589 shares of the company's stock worth $26,000 after buying an additional 502 shares during the period. J.Safra Asset Management Corp boosted its holdings in Wayfair by 71.3% in the 4th quarter. J.Safra Asset Management Corp now owns 586 shares of the company's stock worth $26,000 after buying an additional 244 shares during the period. Aster Capital Management DIFC Ltd purchased a new stake in Wayfair in the 4th quarter worth $41,000. Finally, GAMMA Investing LLC raised its holdings in 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 period. 89.67% of the stock is currently owned by hedge funds and other institutional investors.

Wayfair Price Performance

The firm has a market capitalization of $7.22 billion, a PE ratio of -19.74 and a beta of 2.97. The company has a 50-day moving average price of $41.40 and a 200 day moving average price of $40.10.

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

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.