Up 70% in 2023, Is Wayfair Stock Ready to Skyrocket?

January isn't over yet, but Wayfair (NYSE: W) stock is already up a whopping 71% to start the year. After shares of the online home furnishings retailer plunged 83% in 2021, the recovery seems to show that investors now see an opportunity in the beaten-down growth stock. Much of Wayfair's gain this year came in a two-day stretch, when the stock jumped 52% after the company announced the next step in its plan to cut costs by $1.4 billion a year.