5 Stocks Reddit is Piling Into Before Earnings

4. Wayfair Inc. (NYSE: W)

Number of hedge fund holders: 37
Expected Earnings Date: August 5 (Before Market Open)

Wayfair Inc. (NYSE: W) is a Boston-based firm in the ecommerce business that concentrates on home sector products. It is ranked fourth on our list of 10 stocks Reddit is piling into before earnings. It has a market cap of over $25 billion and posted more than $14 billion in revenue last year. The company will announce the second quarter earnings before the opening of the market on August 5. The stock has soared over the past year as online shopping gains momentum around the world. 

On July 9, investment advisory Jefferies reiterated a Buy rating on Wayfair Inc. (NYSE: W) stock and raised the price target to $355 from $350, raising the second quarter gross margin percentage forecast in the ratings update. 

Out of the hedge funds being tracked by Insider Monkey, New York-based firm Spruce House Investment Management is a leading shareholder in Wayfair Inc. (NYSE: W) with 4.8 million shares worth more than $1.5 billion. 

In its Q1 2021 investor letter, Vulcan Value Partners, an asset management firm, highlighted a few stocks and Wayfair Inc. (NYSE: W) was one of them. Here is what the fund said:

“During the quarter, Wayfair Inc. was a material contributor to the portfolio after reporting strong earnings, increased revenue, positive operating margins, and strong free cash flow generation. The company’s long-term trajectory is positive, and we are pleased to own this business.”