Why Wayfair Stock Soared 32% in September
Online furniture king 's (NYSE: W) stock skyrocketed 32% in September according to data provided by S&P Global Market Intelligence. Although it didn't report any of its own news, it benefited from positive news about industry peers and an overall sense of confidence in a rebounding real estate and home improvement market.
Wayfair has developed a strong online presence with its collection of furniture brands targeting different demographics. The Wayfair label is probably the most well known and reaches the largest target audience, offering a huge selection of mid-priced furniture all online. In addition to housewares, it also has a large third-party platform with many different products.
After a stunning showing early in the pandemic, sales have drooped and have been almost continuously falling for several years. It's reaching toward a plateau but hasn't quite gotten there yet, and management has been trying to become more efficient at its new sales levels. It reported net profits for a brief time when sales were flying, but it hasn't managed to get back to scaling, impeding its efforts to become profitable.
Source Fool.com
Wayfair Inc. Stock
The stock is an absolute favorite of our community with 42 Buy predictions and no Sell predictions.
With a target price of 89 € there is a slightly positive potential of 14.37% for Wayfair Inc. compared to the current price of 77.82 €.
