Streetbeat News

Wayfair Inc.

https://www.wayfair.com

Industry

Specialty Retail

Wayfair Inc. engages in the e-commerce business in the United States and internationally. The company provides approximately thirty-three 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, and Perigold brands. The company was founded in 2002 and is headquartered in Boston, Massachusetts.

Open

40.09

Mkt cap

Volume

5.3M

High

42.07

P/E Ratio

-8.92

52-wk high

76.17

Low

39.34

Div yield

N/A

52-wk low

37.60

In Friday's intraday session, several consumer discretionary stocks experienced significant movements. Kirkland's (KIRK) saw a 13.5% increase, while iRobot (IRBT) faced a steep decline of 28.2%. Other notable gainers included Allied Gaming (AGAE), Codere Online Luxembourg (CDRO), Lanvin Group Hldgs (LANV), Wayfair (W), and Hall Of Fame Resort (HOFV). On the losing side, in addition to iRobot, were Singing Machine Co (MICS), Polished.com (POL), Mullen Automotive (MULN), Vision Marine (VMAR), and JX Luxventure (JXJT). Vision Marine's drop followed their Q1 earnings release three days prior.

Portfolio Pulse from Benzinga Insights

January 19, 2024 | 5:31 pm

World Acceptance Corporation (WRLD) reported higher-than-expected quarterly earnings and sales, causing its shares to rise by 10.2%. Other stocks also moved higher, including Kaman Corporation (KAMN) after an acquisition announcement, Spirit Airlines (SAVE) following merger and guidance updates, and several others due to various positive developments such as earnings beats, analyst upgrades, and business transactions.

Portfolio Pulse from Avi Kapoor

January 19, 2024 | 3:20 pm

Wayfair shares have risen following the announcement of a workforce realignment plan, which entails a reduction of about 13% of its global workforce.

Portfolio Pulse from Benzinga Newsdesk

January 19, 2024 | 1:48 pm

Wayfair Inc (NYSE:W) shares surged over 15% after announcing a workforce reduction of approximately 1,650 employees, or 13% of its global workforce. The company expects to incur costs of $70 million-$80 million due to the job cuts, primarily for employee severance and benefits, with most costs expected in Q1 2024. The restructuring is projected to save over $280 million annually, contributing to a significant increase in Adjusted EBITDA in 2024. Despite challenges in revenue growth, CEO Shah remains positive about market share gains and anticipates over $600 million in Adjusted EBITDA in 2024 in a flat revenue scenario. Wayfair will release Q4 FY23 results in February 2024. In Q3 FY23, Wayfair reported a 3.7% Y/Y sales increase to $2.94 billion and an adjusted EPS of $(0.13), with over $1.28 billion in cash and equivalents.

Portfolio Pulse from Lekha Gupta

January 19, 2024 | 1:17 pm

In Friday's pre-market session, several consumer discretionary stocks showed significant movement. Wayfair (W) shares rose by 15.1%, while iRobot (IRBT) shares saw a sharp decline of 34.6%. Other notable gainers included Kirkland's (KIRK), Kidpik (PIK), BowFlex (BFX), and Allbirds (BIRD). On the losing side, JX Luxventure (JXJT), Vision Marine (VMAR), Chijet Motor Co (CJET), Super Group (SGHC), and Volcon (VLCN) experienced declines.

Portfolio Pulse from Benzinga Insights

January 19, 2024 | 1:06 pm

Wayfair anticipates delivering over $600M in Adjusted EBITDA for 2024, despite facing challenges in revenue growth due to persistent category weakness. The company will release full quarterly and annual results for the period ending December 31, 2023, during its February 2024 earnings call.

Portfolio Pulse from Benzinga Newsdesk

January 19, 2024 | 12:10 pm

Wayfair has announced a workforce reduction involving 1,650 employees, which is 13% of its global workforce. This move is part of the company's efforts to right-size its cost structure, a series of actions that began in August 2022.

Portfolio Pulse from Benzinga Newsdesk

January 19, 2024 | 12:07 pm

Morgan Stanley analyst Simeon Gutman has upgraded Wayfair (NYSE:W) from Equal-Weight to Overweight and increased the price target from $60 to $80.

Portfolio Pulse from Benzinga Newsdesk

January 16, 2024 | 11:05 am

Stifel has maintained its Hold rating on Wayfair (NYSE:W) but increased its price target from $52.00 to $55.00. Wayfair's shares are currently trading at $56.40, which is above the new target price. The revised target suggests a potential downside of 2.47% from the current trading price. Wayfair is an e-commerce company specializing in home goods and furniture, operating mainly in the United States and other regions.

Portfolio Pulse from Benzinga Insights

January 09, 2024 | 5:00 pm

Stifel analyst Mark Kelley has maintained a Hold rating on Wayfair (NYSE:W) and increased the price target from $52 to $55. This adjustment reflects a slightly more optimistic outlook for the company's stock, suggesting that Wayfair may perform modestly better than previously expected.

Portfolio Pulse from Benzinga Newsdesk

January 09, 2024 | 2:07 pm

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