Shares of Wayfair Inc. (NYSE:W) popped 22.1% in June, according to data provided by S&P Global Market Intelligence, after two analysts published positive investor notes on the company. The notes came at a time when Wayfair investor sentiment is already sky high.
Piper Jaffray's Peter Keith upped his price target for Wayfair from $70 to $87 in the middle of June, following an interview with Wayfair CEO Niraj Shah at Piper Jaffray's 37th Annual Consumer Conference.
That was the second time Wayfair's stock received some positive vibes from an analyst in June. The first came from Oppenheimer analyst Brian Nagel, who upgraded the stock from Perform to Outperform at the beginning of the month and set a price target of $80.
Investors may not have needed too much encouragement to push up Wayfair's stock price though. The company's shares jumped nearly 38% in May after revenue spiked 29% year over year in the first quarter.
Wayfair's stock is up more than 100% over the past 12 months, and the majority of those gains have come in May and June. Wayfair is expecting revenue of $1.03 to $1.05 billion in the second quarter, but investors should remember that there's likely to be some volatility with this company as it continues to grow. That doesn't necessarily make Wayfair a bad investment though. The company has amassed an active customer base of about 9 million -- a 46% jump in Q1 from the year before -- and already has 10,000 suppliers selling more than 8 million products. It's still unclear where this company will end up, but Wayfair is a prime example that companies can still compete in the online retail space even if their name isn't Amazon.