Wayfair (NYSE:W) Hits New 12-Month High Following Analyst Upgrade

Posted by on Aug 1st, 2023

Shares of Wayfair Inc. (NYSE:W – Get Free Report) hit a new 52-week high on Monday after Piper Sandler upgraded the stock from a neutral rating to an overweight rating. Piper Sandler now has a $97.00 price target on the stock, up from their previous price target of $35.00. Wayfair traded as high as $77.40 and last traded at $77.40, with a volume of 166624 shares traded. The stock had previously closed at $73.09.

W has been the subject of several other research reports. Citigroup raised their price objective on shares of Wayfair from $65.00 to $88.00 and gave the company a “buy” rating in a research note on Friday. The Goldman Sachs Group raised their target price on shares of Wayfair from $35.00 to $55.00 in a report on Monday, July 17th. Loop Capital reduced their target price on shares of Wayfair from $30.00 to $25.00 in a report on Friday, May 5th. StockNews.com began coverage on shares of Wayfair in a report on Thursday, May 18th. They issued a “sell” rating on the stock. Finally, Guggenheim raised their target price on shares of Wayfair from $60.00 to $70.00 in a report on Monday, July 10th. Two equities research analysts have rated the stock with a sell rating, thirteen have issued a hold rating and eleven have assigned a buy rating to the stock. Based on data from MarketBeat, Wayfair currently has a consensus rating of “Hold” and an average price target of $55.60.

Insider Activity at Wayfair

In other news, insider Steve Oblak sold 24,653 shares of the company’s stock in a transaction dated Thursday, June 1st. The shares were sold at an average price of $39.54, for a total transaction of $974,779.62. Following the completion of the transaction, the insider now owns 219,548 shares of the company’s stock, valued at approximately $8,680,927.92. The transaction was disclosed in a filing with the SEC, which is available at this hyperlink. In other news, CFO Kate Gulliver sold 17,720 shares of the business’s stock in a transaction dated Wednesday, July 5th. The stock was sold at an average price of $64.12, for a total transaction of $1,136,206.40. Following the completion of the sale, the chief financial officer now owns 47,786 shares in the company, valued at approximately $3,064,038.32. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, insider Steve Oblak sold 24,653 shares of the business’s stock in a transaction dated Thursday, June 1st. The stock was sold at an average price of $39.54, for a total value of $974,779.62. Following the sale, the insider now owns 219,548 shares of the company’s stock, valued at approximately $8,680,927.92. The disclosure for this sale can be found here. In the last quarter, insiders sold 121,810 shares of company stock valued at $7,066,202. 26.81% of the stock is owned by insiders.

Institutional Trading of Wayfair

A number of institutional investors have recently modified their holdings of W. Parallel Advisors LLC boosted its holdings in Wayfair by 132.4% in the 4th quarter. Parallel Advisors LLC now owns 853 shares of the company’s stock worth $28,000 after acquiring an additional 486 shares during the period. Captrust Financial Advisors raised its position in shares of Wayfair by 24.1% in the 2nd quarter. Captrust Financial Advisors now owns 968 shares of the company’s stock valued at $42,000 after purchasing an additional 188 shares in the last quarter. CWM LLC raised its position in shares of Wayfair by 102.1% in the 4th quarter. CWM LLC now owns 1,991 shares of the company’s stock valued at $65,000 after purchasing an additional 1,006 shares in the last quarter. WealthPlan Investment Management LLC acquired a new position in shares of Wayfair in the 1st quarter valued at approximately $79,000. Finally, Baystate Wealth Management LLC raised its position in shares of Wayfair by 628.7% in the 1st quarter. Baystate Wealth Management LLC now owns 2,645 shares of the company’s stock valued at $91,000 after purchasing an additional 2,282 shares in the last quarter. Hedge funds and other institutional investors own 87.35% of the company’s stock.

Wayfair Trading Up 6.6 %

The stock has a 50-day simple moving average of $57.99 and a 200-day simple moving average of $47.31. The company has a market capitalization of $8.75 billion, a price-to-earnings ratio of -6.12 and a beta of 3.15.

Wayfair (NYSE:W – Get Free Report) last announced its earnings results on Thursday, May 4th. The company reported ($2.50) earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of ($3.14) by $0.64. The business had revenue of $2.77 billion during the quarter, compared to analyst estimates of $2.74 billion. On average, research analysts forecast that Wayfair Inc. will post -8.8 EPS for the current year.

About Wayfair

(Get Free Report)

Wayfair Inc engages in the e-commerce business in the United States and internationally. The company provides approximately fourty million products for the home sector under various brands. It offers online selections of furniture, décor, housewares, and home improvement products through its sites, including Wayfair, Joss & Main, AllModern, Birch Lane, Perigold, and Wayfair Professional.

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