Citigroup Inc. upgraded shares of Wayfair Inc (NYSE:W) from a neutral rating to a buy rating in a research note published on Wednesday, The Fly reports. Citigroup Inc. currently has $38.40 price objective on the stock, down from their previous price objective of $56.60.

“beat and raise,” Citigroup Inc.’s analyst commented.

Shares of Wayfair (NYSE:W) traded up 1.4485% during midday trading on Wednesday, hitting $44.8301. 709,092 shares of the stock traded hands. Wayfair has a 12-month low of $18.12 and a 12-month high of $56.84. The firm’s 50 day moving average price is $44.81 and its 200 day moving average price is $40.55. The company’s market capitalization is $3.77 billion.

Wayfair (NYSE:W) last released its earnings results on Tuesday, November 10th. The company reported ($0.13) EPS for the quarter, beating the Thomson Reuters’ consensus estimate of ($0.24) by $0.11. The firm earned $594 million during the quarter, compared to the consensus estimate of $521.24 million. The company’s revenue was up 76.7% on a year-over-year basis. During the same quarter in the previous year, the firm posted ($0.29) EPS. Analysts expect that Wayfair will post ($0.62) EPS for the current year.

In other news, CFO Michael D. Fleisher sold 20,120 shares of the company’s stock in a transaction on Wednesday, December 30th. The stock was sold at an average price of $49.77, for a total transaction of $1,001,372.40. Following the completion of the sale, the chief financial officer now directly owns 41,941 shares in the company, valued at approximately $2,087,403.57. The transaction was disclosed in a filing with the SEC, which is accessible through this hyperlink. Also, insider Harbourvest Partners 2007 Dire sold 83,837 shares of the company’s stock in a transaction on Monday, November 30th. The shares were sold at an average price of $38.23, for a total value of $3,205,088.51. The disclosure for this sale can be found here.

Several other equities research analysts have also recently commented on the company. Zacks Investment Research cut Wayfair from a strong-buy rating to a hold rating in a research note on Tuesday, October 13th. Wells Fargo restated an outperform rating on shares of Wayfair in a research note on Tuesday, October 6th. Cowen and Company restated an outperform rating and issued a $55.00 target price on shares of Wayfair in a research note on Tuesday, September 22nd. Pacific Crest started coverage on Wayfair in a research note on Tuesday, December 8th. They issued a sector weight rating on the stock. Finally, Vetr cut Wayfair from a strong-buy rating to a buy rating and set a $54.05 target price on the stock. in a research note on Monday, December 21st. Five research analysts have rated the stock with a hold rating, ten have given a buy rating and one has issued a strong buy rating to the company’s stock. The company has an average rating of Buy and a consensus target price of $49.82.

Wayfair Inc. (NYSE:W) is an online destination for the home. 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. The Company offers a range of furniture, home furnishings, decor and goods. Wayfair.com is its flagship mass market brand that focuses on offering a range of home furnishings and decor. Joss & Main is the Company’s online flash sales site. AllModern is an online destination for original design for home enthusiasts. DwellStudio is an online design studio for home furnishings. Birch Lane is a new destination for home designs. Wayfair also generates revenues online through its retail partners. Wayfair Media Solutions helps selected manufacturers, retailers and other advertisers market to its consumer audience.

12 Month Chart for NYSE:W

The Fly

Receive News & Ratings for Wayfair Inc Daily - Enter your email address below to receive a concise daily summary of the latest news and analysts' ratings for Wayfair Inc and related companies with MarketBeat.com's FREE daily email newsletter.