Wayfair (NYSE:W) Rating Increased to Buy at Wall Street Zen

Key Points

• Wayfair has received an upgrade from a "hold" rating to a "buy" rating by Wall Street Zen, reflecting increased confidence in the company's stock performance.
• Several other analysts have also upgraded their ratings on Wayfair, with price targets ranging from $43 to $93, indicating a generally positive outlook for the stock.
• Wayfair reported a quarterly earnings per share of $0.87, significantly exceeding analyst estimates, alongside a revenue increase of 5% compared to the previous year.

Wayfair (NYSE:W - Get Free Report) was upgraded by analysts at Wall Street Zen from a "hold" rating to a "buy" rating in a research report issued on Saturday.

A number of other research firms also recently commented on W. Wedbush reiterated a "neutral" rating on shares of Wayfair in a research report on Tuesday, August 5th. Canaccord Genuity Group increased their target price on Wayfair from $58.00 to $70.00 and gave the company a "buy" rating in a research report on Monday, July 28th. Citigroup upgraded Wayfair from a "neutral" rating to a "buy" rating and increased their target price for the company from $32.00 to $93.00 in a research report on Tuesday, August 5th. Zelman & Associates increased their target price on Wayfair from $85.00 to $96.00 and gave the company an "outperform" rating in a research report on Tuesday, August 5th. Finally, Mizuho increased their target price on Wayfair from $50.00 to $88.00 and gave the company an "outperform" rating in a research report on Tuesday, August 5th. One research analyst has rated the stock with a sell rating, nine have issued a hold rating, sixteen have issued a buy rating and two have given a strong buy rating to the stock. According to data from MarketBeat.com, the company presently has a consensus rating of "Moderate Buy" and a consensus target price of $65.96.

Wayfair Stock Down 0.7%

W stock traded down $0.50 during midday trading on Friday, hitting $71.87. The company's stock had a trading volume of 2,707,493 shares, compared to its average volume of 5,150,570. Wayfair has a 12 month low of $20.41 and a 12 month high of $78.06. The firm has a market capitalization of $9.32 billion, a price-to-earnings ratio of -29.95 and a beta of 2.92. The company has a 50 day moving average of $55.89 and a two-hundred day moving average of $43.20.

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

Insiders Place Their Bets

In related 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 transaction of $9,448,994.06. Following the sale, the chief executive officer owned 236,850 shares of the company's stock, valued at $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 Securities & Exchange Commission, which is available through this link. Also, insider Steven Conine sold 180,943 shares of Wayfair stock in a transaction dated Tuesday, July 1st. The shares were sold at an average price of $52.59, for a total value of $9,515,792.37. Following the completion of the transaction, the insider owned 236,167 shares in the company, valued at $12,420,022.53. This trade represents a 43.38% decrease in their position. The disclosure for this sale can be found here. Insiders have sold a total of 831,984 shares of company stock worth $43,307,428 in the last three months. Corporate insiders own 21.91% of the company's stock.

Hedge Funds Weigh In On Wayfair

Several institutional investors and hedge funds have recently added to or reduced their stakes in W. Amalgamated Bank boosted its holdings in Wayfair by 5.5% in the second quarter. Amalgamated Bank now owns 5,348 shares of the company's stock worth $273,000 after acquiring an additional 278 shares in the last quarter. True Wealth Design LLC boosted its holdings 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 acquiring an additional 381 shares in the last quarter. California State Teachers Retirement System raised its stake in shares of Wayfair by 0.4% in the fourth quarter. California State Teachers Retirement System now owns 87,089 shares of the company's stock worth $3,860,000 after purchasing an additional 383 shares during the last quarter. Swiss National Bank raised its stake in shares of Wayfair by 0.3% in the first quarter. Swiss National Bank now owns 183,300 shares of the company's stock worth $5,871,000 after purchasing an additional 600 shares during the last quarter. Finally, GAMMA Investing LLC raised its stake in shares of Wayfair by 85.8% in the first quarter. GAMMA Investing LLC now owns 1,319 shares of the company's stock worth $42,000 after purchasing an additional 609 shares during the last quarter. Hedge funds and other institutional investors own 89.67% of the company's stock.

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.