Wayfair Inc (NYSE:W), the U.S. based e-commerce firm that specializes in furniture sales, has seen shares of its stock skyrocket this morning in early trading after they announced record sales numbers over the Thankgiving holiday weekend.
Wayfair Inc (NYSE:W) saw gross direct retail sales increase 130% and gross overall sales increase 109% compared to last year. This news has apparently excited investors who see this as great signs for a company that has been around since 2002.
“The Thanksgiving holiday weekend is typically a busy, high volume period for Wayfair,” said Niraj Shah, CEO, co-founder and co-chairman of Wayfair. “We are continuing to see an industry-wide shift to ecommerce that is especially evident during the peak retail season. Wayfair is benefiting from that shift and from our ongoing success in building a trusted, online destination for everything home. We are excited to welcome new customers while also seeing strong purchasing from repeat customers. We believe our unparalleled selection, top notch service and compelling prices make Wayfair the ideal online destination for holiday and for purchases all year round.”
The stock is currently trading higher by 9.85% or $3.75 following the positive news, hitting $41.83 per share at the time of us publishing this article. About 845,734 shares traded hands. W has risen 14.59% since April 29, 2015 and is uptrending. It has outperformed the S&P500 by 14.79%.
From a total of 5 analysts covering Wayfair LLC (NYSE:W) stock, 4 rate it a “Buy”, 1 a “Sell”, and 0 a “Hold”. This means that 80% of the ratings are positive. The highest target price is $61 while the lowest target price is $45. The mean of all analyst targets is $51.60 which is 23.36% above today’s ($41.83) stock price. Wayfair LLC was the topic of 10 analyst reports since July 31, 2015 according to the firm StockzIntelligence Inc. Raymond James upgraded shares on November 10 to a “Strong Buy” rating. Bank of America upgraded W stock in a recent report from September 8 to a “Buy” rating. Finally, Evercore initiated the stock with a “Buy” rating in a report they issued on a July 31.
The institutional sentiment increased to 1.64 in Q2 2015. It’s up 0.26, from 1.38 in 2015Q1. The ratio is positive, as 21 funds sold all their Wayfair Inc shares they owned while 21 reduced their positions. 28 funds bought stakes while 41 increased their total positions. Institutions now own 44.63 million shares which is 10.99% more than the previous share count of 40.21 million in 2015Q1.
Great Hill Partners L.P. holds 100% of its total portfolio in Wayfair Inc, equating to 7.16 million shares. Harbourvest Partners Llc owns 4.41 million shares representing 76.09% of their total US portfolio. Moreover, Battery Partners Ix Llc has 46.79% of their total portfolio invested in the company, equating to 3.84 million shares. The Massachusetts-based Weatherbie Capital Llc has a total of 3.82% of their portfolio invested in the stock. Contour Asset Management Llc, a New York-based fund reported 1.29 million shares owned.
Since April 3, 2015, the stock had 0 buys, and 85 insider sales for a total of $27.91 million in net activity. Savarese James sold 7,000 shares worth $314,142. Macri Edmond sold 500 shares worth $22,470. Mulliken John Champlin sold 1,580 shares worth $71,100. Oblak Steve sold 600 shares worth $25,152. The insider Malone Nicholas sold 5,250 shares worth $207,795.
Wayfair Inc. is an online destination for the home. The company has a market cap of $3.51 billion. Through its e-commerce business model, the Company offers browsing, merchandising, product discovery and prices for over seven million products from over 7,000 suppliers across five brands: Wayfair.com, Joss & Main, AllModern, DwellStudio and Birch Lane. It currently has negative earnings. The Firm offers a range of furniture, home furnishings, decor and goods.