Wayfair (NYSE:W) Shares Gap Up – Here’s Why

Wayfair Inc. (NYSE:W)’s stock price gapped up prior to trading on Thursday . The stock had previously closed at $46.33, but opened at $49.22. Wayfair shares last traded at $45.36, with a volume of 2,939,805 shares changing hands.

Wall Street Analyst Weigh In

A number of brokerages recently issued reports on W. Deutsche Bank Aktiengesellschaft decreased their target price on shares of Wayfair from $69.00 to $46.00 and set a “buy” rating on the stock in a research report on Monday, November 4th. BMO Capital Markets decreased their price objective on Wayfair from $58.00 to $50.00 and set a “market perform” rating on the stock in a report on Monday, November 4th. Stifel Nicolaus reduced their target price on Wayfair from $55.00 to $47.00 and set a “hold” rating on the stock in a research report on Monday, November 4th. Truist Financial lowered their price target on Wayfair from $60.00 to $55.00 and set a “buy” rating for the company in a report on Monday, November 4th. Finally, Royal Bank of Canada decreased their target price on shares of Wayfair from $53.00 to $50.00 and set a “sector perform” rating on the stock in a research report on Monday, November 4th. Fourteen investment analysts have rated the stock with a hold rating, twelve have issued a buy rating and one has given a strong buy rating to the stock. Based on data from MarketBeat, the stock currently has a consensus rating of “Moderate Buy” and an average target price of $60.24.

Wayfair Price Performance

The stock has a market capitalization of $5.68 billion, a price-to-earnings ratio of -10.03 and a beta of 3.43. The firm’s fifty day moving average is $46.57 and its 200-day moving average is $46.51.

Wayfair (NYSE:W) last announced its quarterly earnings results on Thursday, February 20th. The company reported ($0.96) earnings per share for the quarter, missing analysts’ consensus estimates of $0.05 by ($1.01). On average, sell-side analysts expect that Wayfair Inc. will post -2.89 EPS for the current year.

Insider Activity

In related news, insider Steven Conine sold 30,000 shares of the firm’s stock in a transaction that occurred on Friday, December 6th. The shares were sold at an average price of $53.14, for a total transaction of $1,594,200.00. Following the completion of the sale, the insider now directly owns 632,573 shares in the company, valued at approximately $33,614,929.22. This trade represents a 4.53 % decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is available at the SEC website. Also, CTO Fiona Tan sold 8,249 shares of Wayfair stock in a transaction that occurred on Friday, January 3rd. The stock was sold at an average price of $44.91, for a total transaction of $370,462.59. Following the completion of the transaction, the chief technology officer now owns 96,557 shares in the company, valued at approximately $4,336,374.87. This trade represents a 7.87 % decrease in their position. The disclosure for this sale can be found here. Over the last quarter, insiders sold 134,228 shares of company stock valued at $6,440,118. 26.81% of the stock is currently owned by company insiders.

Institutional Investors Weigh In On Wayfair

Several hedge funds have recently modified their holdings of the stock. Capital World Investors boosted its position in shares of Wayfair by 6.2% in the fourth quarter. Capital World Investors now owns 13,506,200 shares of the company’s stock worth $598,596,000 after buying an additional 782,757 shares during the period. Vanguard Group Inc. grew its holdings in shares of Wayfair by 3.6% during the 4th quarter. Vanguard Group Inc. now owns 9,315,337 shares of the company’s stock valued at $412,856,000 after acquiring an additional 327,603 shares in the last quarter. Baillie Gifford & Co. increased its stake in shares of Wayfair by 13.6% in the fourth quarter. Baillie Gifford & Co. now owns 6,179,761 shares of the company’s stock worth $273,887,000 after acquiring an additional 740,641 shares during the last quarter. Renaissance Technologies LLC raised its holdings in shares of Wayfair by 17.9% during the fourth quarter. Renaissance Technologies LLC now owns 3,834,667 shares of the company’s stock worth $169,952,000 after acquiring an additional 581,000 shares in the last quarter. Finally, Southpoint Capital Advisors LP boosted its position in Wayfair by 100.0% during the fourth quarter. Southpoint Capital Advisors LP now owns 2,800,000 shares of the company’s stock valued at $124,096,000 after purchasing an additional 1,400,000 shares during the last quarter. 89.67% of the stock is owned by hedge funds and other institutional investors.

Wayfair Company Profile

Wayfair Inc provides e-commerce business in the United States and internationally. The company offers approximately thirty million products for the home sector. It offers online selections of furniture, décor, housewares, and home improvement products through its sites consisting of Wayfair, Joss & Main, AllModern, Birch Lane, Perigold, and Wayfair Professional.