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

Wayfair Inc. (NYSE:W)’s share price gapped up before the market opened on Tuesday . The stock had previously closed at $44.99, but opened at $47.14. Wayfair shares last traded at $48.39, with a volume of 676,048 shares traded.

Wall Street Analysts Forecast Growth

Several analysts have recently weighed in on the stock. Robert W. Baird lowered their target price on shares of Wayfair from $56.00 to $50.00 and set a “neutral” rating on the stock in a report on Monday, November 4th. Citigroup lowered their price objective on Wayfair from $70.00 to $54.00 and set a “buy” rating on the stock in a report on Monday, November 4th. Truist Financial dropped their target price on Wayfair from $60.00 to $55.00 and set a “buy” rating on the stock in a research report on Monday, November 4th. Needham & Company LLC reissued a “buy” rating and issued a $60.00 price target on shares of Wayfair in a report on Friday, November 1st. Finally, Stifel Nicolaus dropped their price objective on Wayfair from $55.00 to $47.00 and set a “hold” rating on the stock in a report on Monday, November 4th. Fourteen investment analysts have rated the stock with a hold rating, twelve have assigned a buy rating and one has issued a strong buy rating to the company. According to MarketBeat.com, the stock presently has an average rating of “Moderate Buy” and a consensus price target of $60.24.

Wayfair Price Performance

The firm has a market capitalization of $5.98 billion, a PE ratio of -10.62 and a beta of 3.43. The company has a 50-day moving average price of $46.00 and a 200-day moving average price of $47.23.

Wayfair (NYSE:W) last announced its earnings results on Friday, November 1st. The company reported $0.22 earnings per share for the quarter, beating the consensus estimate of $0.13 by $0.09. The firm had revenue of $2.88 billion during the quarter, compared to analyst estimates of $2.87 billion. During the same period in the previous year, the firm posted ($1.38) EPS. The company’s revenue for the quarter was down 2.0% compared to the same quarter last year. On average, research analysts predict that Wayfair Inc. will post -2.91 earnings per share for the current fiscal year.

Insider Activity at Wayfair

In related news, CTO Fiona Tan sold 8,249 shares of the business’s stock in a transaction that occurred on Friday, January 3rd. The shares were sold at an average price of $44.91, for a total value of $370,462.59. Following the completion of the sale, the chief technology officer now directly owns 96,557 shares in the company, valued at approximately $4,336,374.87. The trade was a 7.87 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, CFO Kate Gulliver sold 5,974 shares of the stock in a transaction that occurred on Friday, January 3rd. The stock was sold at an average price of $44.95, for a total transaction of $268,531.30. Following the transaction, the chief financial officer now directly owns 129,964 shares in the company, valued at approximately $5,841,881.80. This represents a 4.39 % decrease in their position. The disclosure for this sale can be found here. Over the last 90 days, insiders have sold 134,150 shares of company stock valued at $6,250,114. Company insiders own 26.81% of the company’s stock.

Institutional Trading of Wayfair

A number of institutional investors and hedge funds have recently made changes to their positions in the company. Capital Performance Advisors LLP acquired a new position in Wayfair during the third quarter valued at approximately $29,000. GAMMA Investing LLC lifted its holdings in shares of Wayfair by 65.5% during the 4th quarter. GAMMA Investing LLC now owns 710 shares of the company’s stock valued at $31,000 after acquiring an additional 281 shares in the last quarter. Point72 Asia Singapore Pte. Ltd. purchased a new stake in Wayfair during the 3rd quarter worth $44,000. Brooklyn Investment Group acquired a new stake in Wayfair in the 3rd quarter valued at $50,000. Finally, Northwest & Ethical Investments L.P. purchased a new position in Wayfair in the third quarter valued at about $67,000. 89.67% of the stock is currently owned by institutional investors and hedge funds.

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.