Wayfair (NYSE:W) Trading 16.1% Higher - Here's What Happened

Wayfair Inc. (NYSE:W - Get Free Report) shares traded up 16.1% during mid-day trading on Wednesday . The company traded as high as $26.31 and last traded at $28.04. 4,810,829 shares traded hands during mid-day trading, a decline of 3% from the average session volume of 4,947,846 shares. The stock had previously closed at $24.14.

Wall Street Analysts Forecast Growth

Several research analysts have recently weighed in on W shares. Stifel Nicolaus cut their price target on Wayfair from $47.00 to $46.00 and set a "hold" rating for the company in a research note on Friday, February 21st. Wedbush restated a "neutral" rating and issued a $46.00 target price (up previously from $44.00) on shares of Wayfair in a research note on Friday, February 21st. Royal Bank of Canada cut their price objective on shares of Wayfair from $50.00 to $43.00 and set a "sector perform" rating for the company in a research report on Monday, February 24th. Jefferies Financial Group raised shares of Wayfair from a "hold" rating to a "buy" rating and raised their price target for the company from $45.00 to $47.00 in a report on Friday, March 7th. Finally, Canaccord Genuity Group decreased their price target on shares of Wayfair from $76.00 to $68.00 and set a "buy" rating on the stock in a report on Friday, February 21st. Fifteen equities research analysts have rated the stock with a hold rating, eleven have issued a buy rating and one has assigned a strong buy rating to the company's stock. According to data from MarketBeat, the stock presently has an average rating of "Hold" and a consensus target price of $54.16.

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Wayfair Price Performance

The stock has a market cap of $3.42 billion, a P/E ratio of -6.69 and a beta of 3.72. The firm's 50 day moving average price is $36.48 and its 200-day moving average price is $43.39.

Wayfair (NYSE:W - Get Free Report) last announced its quarterly earnings results on Thursday, February 20th. The company reported ($0.96) earnings per share (EPS) for the quarter, missing analysts' consensus estimates of $0.05 by ($1.01). The firm had revenue of $3.12 billion for the quarter, compared to analysts' expectations of $3.07 billion. On average, analysts expect that Wayfair Inc. will post -2.54 earnings per share for the current year.

Insiders Place Their Bets

In other Wayfair news, CFO Kate Gulliver sold 19,296 shares of the firm's stock in a transaction dated Wednesday, April 2nd. The stock was sold at an average price of $31.67, for a total transaction of $611,104.32. Following the sale, the chief financial officer now directly owns 144,474 shares of the company's stock, valued at $4,575,491.58. This trade represents a 11.78 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. Also, CTO Fiona Tan sold 23,835 shares of the company's stock in a transaction dated Wednesday, April 2nd. The stock was sold at an average price of $31.92, for a total value of $760,813.20. Following the completion of the transaction, the chief technology officer now directly owns 111,128 shares of the company's stock, valued at approximately $3,547,205.76. This trade represents a 17.66 % decrease in their position. The disclosure for this sale can be found here. Over the last ninety days, insiders have sold 128,532 shares of company stock worth $5,090,232. Company insiders own 23.50% of the company's stock.

Hedge Funds Weigh In On Wayfair

Several institutional investors have recently bought and sold shares of W. Chemistry Wealth Management LLC grew its stake in shares of Wayfair by 16.1% in the 1st quarter. Chemistry Wealth Management LLC now owns 39,781 shares of the company's stock worth $1,274,000 after buying an additional 5,526 shares in the last quarter. Rhumbline Advisers lifted its stake in shares of Wayfair by 4.3% during the 1st quarter. Rhumbline Advisers now owns 91,272 shares of the company's stock worth $2,923,000 after acquiring an additional 3,725 shares during the last quarter. GAMMA Investing LLC grew its position in Wayfair by 5,850.4% in the 1st quarter. GAMMA Investing LLC now owns 42,248 shares of the company's stock valued at $1,319,000 after acquiring an additional 41,538 shares during the last quarter. California State Teachers Retirement System increased its stake in Wayfair by 0.4% in the 4th quarter. California State Teachers Retirement System now owns 87,089 shares of the company's stock worth $3,860,000 after buying an additional 383 shares during the period. Finally, Employees Retirement System of Texas boosted its position in Wayfair by 28.5% in the 4th quarter. Employees Retirement System of Texas now owns 35,270 shares of the company's stock valued at $1,563,000 after buying an additional 7,813 shares during the period. 89.67% of the stock is owned by hedge funds and other institutional investors.

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.