Wayfair Target of Unusually Large Options Trading (NYSE:W)

Wayfair Inc. (NYSE:W) saw unusually large options trading on Friday. Stock traders bought 28,618 call options on the stock. This represents an increase of 35% compared to the average volume of 21,275 call options.

Wall Street Analysts Forecast Growth

A number of analysts have recently weighed in on the company. TD Cowen raised their price objective on Wayfair from $55.00 to $58.00 and gave the stock a “hold” rating in a research report on Friday, May 3rd. Wedbush reaffirmed an “outperform” rating and set a $70.00 price target on shares of Wayfair in a research report on Wednesday. Morgan Stanley lifted their price target on Wayfair from $85.00 to $90.00 and gave the stock an “overweight” rating in a research report on Monday, May 13th. StockNews.com cut Wayfair from a “hold” rating to a “sell” rating in a research report on Sunday, June 23rd. Finally, BMO Capital Markets lifted their price target on Wayfair from $57.00 to $61.00 and gave the stock a “market perform” rating in a research report on Friday, May 3rd. One equities research analyst has rated the stock with a sell rating, eight have given a hold rating, eighteen have given a buy rating and one has assigned a strong buy rating to the company. According to data from MarketBeat.com, Wayfair currently has an average rating of “Moderate Buy” and a consensus price target of $78.37.

Wayfair Price Performance

Shares of W opened at $53.01 on Friday. Wayfair has a 1-year low of $38.37 and a 1-year high of $90.71. The stock has a market cap of $6.38 billion, a PE ratio of -9.89 and a beta of 3.43. The firm has a 50-day simple moving average of $55.06 and a two-hundred day simple moving average of $57.23.

Wayfair (NYSE:W) last announced its quarterly earnings results on Thursday, May 2nd. The company reported ($1.38) earnings per share for the quarter, beating analysts’ consensus estimates of ($1.49) by $0.11. The company had revenue of $2.73 billion for the quarter, compared to analyst estimates of $2.64 billion. As a group, sell-side analysts expect that Wayfair will post -2.93 earnings per share for the current fiscal year.

Insiders Place Their Bets

In other Wayfair news, insider Steven Conine sold 10,000 shares of the stock in a transaction on Friday, June 7th. The stock was sold at an average price of $56.79, for a total transaction of $567,900.00. Following the sale, the insider now owns 219,073 shares of the company’s stock, valued at approximately $12,441,155.67. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. In other news, CTO Fiona Tan sold 8,036 shares of the firm’s stock in a transaction on Tuesday, July 2nd. The stock was sold at an average price of $50.64, for a total value of $406,943.04. Following the completion of the sale, the chief technology officer now owns 64,074 shares of the company’s stock, valued at approximately $3,244,707.36. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, insider Steven Conine sold 10,000 shares of the firm’s stock in a transaction on Friday, June 7th. The stock was sold at an average price of $56.79, for a total value of $567,900.00. Following the completion of the sale, the insider now directly owns 219,073 shares of the company’s stock, valued at approximately $12,441,155.67. The disclosure for this sale can be found here. Insiders have sold 60,030 shares of company stock worth $3,327,414 in the last ninety days. 26.81% of the stock is owned by company insiders.

Institutional Investors Weigh In On Wayfair

Institutional investors have recently made changes to their positions in the stock. Capital World Investors boosted its stake in shares of Wayfair by 8.7% in the fourth quarter. Capital World Investors now owns 12,042,210 shares of the company’s stock valued at $743,004,000 after purchasing an additional 962,307 shares during the period. Norges Bank purchased a new position in Wayfair in the fourth quarter worth approximately $47,374,000. Kodai Capital Management LP purchased a new position in Wayfair in the fourth quarter worth approximately $23,552,000. Vanguard Group Inc. lifted its stake in Wayfair by 4.5% in the first quarter. Vanguard Group Inc. now owns 8,467,900 shares of the company’s stock worth $574,801,000 after acquiring an additional 363,948 shares during the last quarter. Finally, Mesirow Institutional Investment Management Inc. purchased a new position in Wayfair in the first quarter worth approximately $13,690,000. 89.67% of the stock is currently owned by institutional investors and hedge funds.

About Wayfair

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.