Wayfair (NYSE:W) Shares Up 2.3% - Time to Buy?

Wayfair Inc. (NYSE:W - Get Free Report)'s stock price shot up 2.3% during mid-day trading on Friday . The stock traded as high as $31.65 and last traded at $32.29. 255,362 shares were traded during mid-day trading, a decline of 94% from the average session volume of 4,192,170 shares. The stock had previously closed at $31.55.

Analyst Upgrades and Downgrades

Several equities research analysts have recently commented on the company. Jefferies Financial Group upgraded Wayfair from a "hold" rating to a "buy" rating and boosted their price objective for the company from $45.00 to $47.00 in a report on Friday, March 7th. Bank of America lowered their price objective on shares of Wayfair from $52.00 to $50.00 and set a "neutral" rating on the stock in a report on Friday, February 21st. StockNews.com raised shares of Wayfair from a "sell" rating to a "hold" rating in a research note on Thursday, December 19th. Royal Bank of Canada decreased their target price 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. Finally, Wedbush restated a "neutral" rating and issued a $46.00 target price (up previously from $44.00) on shares of Wayfair in a report on Friday, February 21st. Fourteen analysts have rated the stock with a hold rating, thirteen have given a buy rating and one has given a strong buy rating to the company's stock. According to MarketBeat.com, Wayfair has an average rating of "Moderate Buy" and a consensus target price of $56.81.

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Wayfair Trading Up 1.8 %

The stock has a market cap of $4.89 billion, a PE ratio of -9.59 and a beta of 3.44. The business has a 50-day moving average price of $41.78 and a 200 day moving average price of $45.46.

Wayfair (NYSE:W - Get Free Report) last released 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 business had revenue of $3.12 billion for the quarter, compared to analyst estimates of $3.07 billion. On average, equities analysts predict that Wayfair Inc. will post -2.54 earnings per share for the current year.

Insider Buying and Selling

In other news, insider Jon Blotner sold 4,966 shares of the stock in a transaction dated Friday, January 3rd. The shares were sold at an average price of $44.93, for a total value of $223,122.38. Following the sale, the insider now directly owns 68,089 shares of the company's stock, valued at approximately $3,059,238.77. This represents a 6.80 % decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which can be accessed through the SEC website. Also, CTO Fiona Tan sold 8,249 shares of the stock in a transaction that occurred on Friday, January 3rd. The stock was sold at an average price of $44.91, for a total transaction of $370,462.59. Following the completion of the sale, the chief technology officer now owns 96,557 shares in the company, valued at $4,336,374.87. This represents a 7.87 % decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last ninety days, insiders sold 103,189 shares of company stock valued at $4,810,693. Company insiders own 26.81% of the company's stock.

Hedge Funds Weigh In On Wayfair

A number of institutional investors have recently added to or reduced their stakes in W. Tabor Asset Management LP boosted its position in shares of Wayfair by 11.3% during the 3rd quarter. Tabor Asset Management LP now owns 156,871 shares of the company's stock valued at $8,813,000 after acquiring an additional 15,932 shares during the last quarter. Groupama Asset Managment lifted its position in Wayfair by 100.0% during the third quarter. Groupama Asset Managment now owns 1,000,000 shares of the company's stock valued at $56,180,000 after purchasing an additional 500,000 shares during the last quarter. Assenagon Asset Management S.A. bought a new stake in Wayfair during the fourth quarter valued at approximately $6,799,000. Wellington Management Group LLP grew its stake in Wayfair by 22.4% in the 3rd quarter. Wellington Management Group LLP now owns 1,097,822 shares of the company's stock worth $61,676,000 after buying an additional 201,157 shares in the last quarter. Finally, Cerity Partners LLC bought a new position in shares of Wayfair in the 3rd quarter worth $1,070,000. 89.67% of the stock is currently owned by 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.