Why Is Wayfair's Stock Trading Higher Today?

Wayfair Inc. W shares are trading higher after the company announced a $1 billion buyback.

The Company will begin repurchasing shares under the 2021 Repurchase Program upon the completion of the previous $700 million share repurchase program approved by the Board in August 2020, said in the company's filing.

There is no stated expiration for either of the Repurchase Programs. The Company has repurchased approximately $537 million of Class A common stock under the 2020 Repurchase Program.

Wayfair engages in the e-commerce business in the United States and internationally. It provides approximately twenty-two million products for the home sector under various brands.

Wayfair's stock is trading about 6.6% higher at $304.19 per share on Wednesday at the time of publication. The stock has a 52-week high of $369.00 and a 52-week low of $221.09.