Wayfair (NYSE:W) stock is rising higher on Tuesday despite a lack of news explaining why the shares are up.
Wayfair hasn’t released any recent news that would explain its shares gaining today. That includes no news press releases or filings with the U.S. Securities and Exchange Commission (SEC).
It’s also worth mentioning that W stock isn’t seeing heavy trading today that could be behind its rise. As of this writing, about 1.8 million shares of the stock have changed hands. That’s still short of its daily average trading volume of almost 2 million shares.
Without heavy trading, it’s unlikely that retail traders are behind the rise of W stock today. Also, Wayfair is far from a penny stock with its last closing price coming in at $104.81 per share. That makes it less likely to be targeted by day traders looking for quick pump and dumps.
It’s possible that the increase in W stock today comes as market sentiment turns positive ahead of the Federal Reserve’s interest rate decision. Many investors have been waiting for the Fed to reveal interest rate plans after announcing its intention to raise rates earlier this year. This is part of its plan to combat rising inflation.
Wayfair is an e-commerce company dedicated to providing home decor to customers. The company was founded in 2002 under the name CSN Stores and went public in 2014 via an initial public offering (IPO).
W stock is up 6.5% as of Tuesday afternoon but is down 43% since the start of the year.
There’s more stock market news for investors to sink their teeth into below!
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On the date of publication, William White did not have (either directly or indirectly) any positions in the securities mentioned in this article. The opinions expressed in this article are those of the writer, subject to the InvestorPlace.com Publishing Guidelines.