Wayfair (NYSE:W) Earns “Outperform” Rating from Wedbush

Wedbush restated their outperform rating on shares of Wayfair (NYSE:W) in a report published on Wednesday, Benzinga reports. They currently have a $70.00 price target on the stock.

A number of other research analysts have also recently issued reports on the stock. TD Cowen lifted their price objective on shares of Wayfair from $55.00 to $58.00 and gave the company a hold rating in a report on Friday, May 3rd. Morgan Stanley boosted their price target on shares of Wayfair from $85.00 to $90.00 and gave the company an overweight rating in a research report on Monday, May 13th. Needham & Company LLC reaffirmed a buy rating and set a $75.00 target price on shares of Wayfair in a report on Thursday, May 16th. Evercore ISI raised shares of Wayfair from an in-line rating to an outperform rating and upped their target price for the stock from $65.00 to $80.00 in a report on Thursday, April 4th. Finally, Truist Financial increased their price target on shares of Wayfair from $63.00 to $70.00 and gave the stock a buy rating in a report on Friday, May 3rd. One analyst has rated the stock with a sell rating, eight have assigned a hold rating, eighteen have given a buy rating and one has assigned a strong buy rating to the stock. According to data from MarketBeat.com, the company currently has a consensus rating of Moderate Buy and an average price target of $78.37.

Wayfair Stock Performance

Shares of NYSE:W opened at $53.02 on Wednesday. Wayfair has a 52 week low of $38.37 and a 52 week high of $90.71. The firm’s fifty day moving average is $55.06 and its 200-day moving average is $57.25. The firm has a market cap of $6.38 billion, a PE ratio of -9.89 and a beta of 3.43.

Wayfair (NYSE:W) last announced its earnings results on Thursday, May 2nd. The company reported ($1.38) earnings per share for the quarter, topping analysts’ consensus estimates of ($1.49) by $0.11. The firm had revenue of $2.73 billion for the quarter, compared to the consensus estimate of $2.64 billion. Sell-side analysts forecast that Wayfair will post -2.93 EPS for the current year.

Insiders Place Their Bets

In other news, insider Jon Blotner sold 4,395 shares of the stock in a transaction on Monday, July 15th. The stock was sold at an average price of $56.09, for a total transaction of $246,515.55. Following the transaction, the insider now owns 43,926 shares of the company’s stock, valued at approximately $2,463,809.34. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through this link. In related news, insider Steven Conine sold 10,000 shares of the firm’s stock in a transaction dated Friday, June 7th. The stock was sold at an average price of $56.79, for a total transaction of $567,900.00. Following the sale, the insider now owns 219,073 shares of the company’s stock, valued at $12,441,155.67. The sale was disclosed in a filing with the SEC, which is available through the SEC website. Also, insider Jon Blotner sold 4,395 shares of the stock in a transaction that occurred on Monday, July 15th. The shares were sold at an average price of $56.09, for a total transaction of $246,515.55. Following the completion of the transaction, the insider now directly owns 43,926 shares of the company’s stock, valued at $2,463,809.34. The disclosure for this sale can be found here. Insiders have sold a total of 60,030 shares of company stock worth $3,327,414 over the last quarter. Company insiders own 26.81% of the company’s stock.

Institutional Inflows and Outflows

Hedge funds have recently bought and sold shares of the stock. WealthPlan Investment Management LLC boosted its position in Wayfair by 5.6% in the first quarter. WealthPlan Investment Management LLC now owns 5,097 shares of the company’s stock valued at $346,000 after buying an additional 271 shares during the last quarter. Treasurer of the State of North Carolina lifted its stake in Wayfair by 1.0% during the 4th quarter. Treasurer of the State of North Carolina now owns 36,486 shares of the company’s stock valued at $2,251,000 after acquiring an additional 360 shares during the period. Amalgamated Bank boosted its holdings in shares of Wayfair by 2.8% in the 4th quarter. Amalgamated Bank now owns 14,640 shares of the company’s stock valued at $903,000 after acquiring an additional 397 shares during the last quarter. QRG Capital Management Inc. increased its stake in shares of Wayfair by 12.0% in the first quarter. QRG Capital Management Inc. now owns 3,716 shares of the company’s stock worth $252,000 after acquiring an additional 399 shares during the period. Finally, Riverview Trust Co acquired a new stake in Wayfair during the 1st quarter worth about $27,000. Institutional investors and hedge funds 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.