Wayfair (NYSE:W) Stock Price Up 5.6% After Analyst Upgrade

Shares of Wayfair Inc. (NYSE:W) rose 5.6% during mid-day trading on Monday after Citigroup raised their price target on the stock from $28.00 to $30.00. Citigroup currently has a neutral rating on the stock. Wayfair traded as high as $31.09 and last traded at $30.89. Approximately 677,281 shares were traded during mid-day trading, a decline of 85% from the average daily volume of 4,620,098 shares. The stock had previously closed at $29.25.

Several other brokerages have also recently weighed in on W. Bank of America reduced their price objective on Wayfair from $52.00 to $50.00 and set a “neutral” rating on the stock in a research note on Friday, February 21st. Needham & Company LLC reiterated a “buy” rating and set a $50.00 price objective on shares of Wayfair in a research report on Friday, February 21st. Stifel Nicolaus reduced their target price on shares of Wayfair from $46.00 to $29.00 and set a “hold” rating on the stock in a research note on Wednesday, April 23rd. Wedbush reiterated a “neutral” rating and set a $46.00 price target (up from $44.00) on shares of Wayfair in a report on Friday, February 21st. Finally, The Goldman Sachs Group dropped their target price on Wayfair from $50.00 to $31.00 and set a “neutral” rating for the company in a research report on Tuesday, April 22nd. Sixteen equities research analysts have rated the stock with a hold rating, ten have given a buy rating and one has issued a strong buy rating to the company’s stock. According to MarketBeat.com, Wayfair presently has a consensus rating of “Hold” and a consensus target price of $50.28.

Insider Activity at Wayfair

In other news, insider Steven Conine sold 30,000 shares of Wayfair stock in a transaction on Thursday, February 20th. The shares were sold at an average price of $46.33, for a total transaction of $1,389,900.00. Following the completion of the sale, the insider now directly owns 559,073 shares in the company, valued at approximately $25,901,852.09. The trade was a 5.09 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is accessible through the SEC website. Also, CTO Fiona Tan sold 23,835 shares of the company’s stock in a transaction that occurred on Wednesday, April 2nd. The shares were sold at an average price of $31.92, for a total value of $760,813.20. Following the completion of the sale, the chief technology officer now owns 111,128 shares in the company, valued at approximately $3,547,205.76. This represents a 17.66 % decrease in their position. The disclosure for this sale can be found here. Insiders sold 92,863 shares of company stock valued at $3,393,929 over the last 90 days. Insiders own 21.91% of the company’s stock.

Institutional Inflows and Outflows

A number of large investors have recently bought and sold shares of W. Southpoint Capital Advisors LP grew its holdings in shares of Wayfair by 100.0% during the fourth quarter. Southpoint Capital Advisors LP now owns 2,800,000 shares of the company’s stock worth $124,096,000 after buying an additional 1,400,000 shares in the last quarter. Capital World Investors grew its holdings in shares of Wayfair by 6.2% during the 4th quarter. Capital World Investors now owns 13,506,200 shares of the company’s stock worth $598,596,000 after purchasing an additional 782,757 shares during the period. Baillie Gifford & Co. lifted its position in Wayfair by 13.6% in the fourth quarter. Baillie Gifford & Co. now owns 6,179,761 shares of the company’s stock valued at $273,887,000 after buying an additional 740,641 shares during the last quarter. Norges Bank acquired a new stake in shares of Wayfair during the fourth quarter valued at about $31,472,000. Finally, Arrowstreet Capital Limited Partnership purchased a new position in shares of Wayfair during the 4th quarter worth approximately $30,735,000. 89.67% of the stock is owned by institutional investors and hedge funds.

Wayfair Stock Up 5.8 %

The business has a 50-day simple moving average of $32.54 and a 200-day simple moving average of $41.45. The company has a market cap of $3.93 billion, a PE ratio of -7.69 and a beta of 3.72.

Wayfair (NYSE:W) last posted its quarterly earnings data on Thursday, February 20th. The company reported ($0.96) EPS for the quarter, missing the consensus estimate of $0.05 by ($1.01). The firm had revenue of $3.12 billion for the quarter, compared to analyst estimates of $3.07 billion. As a group, equities research analysts predict that Wayfair Inc. will post -2.54 EPS for the current fiscal 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.