Wayfair (NYSE:W) Shares Gap Up to $64.76

Shares of Wayfair Inc. (NYSE:W) gapped up before the market opened on Wednesday . The stock had previously closed at $64.76, but opened at $67.62. Wayfair shares last traded at $66.77, with a volume of 994,299 shares.

Analyst Upgrades and Downgrades

Several equities analysts have recently issued reports on W shares. Royal Bank of Canada upped their price target on Wayfair from $55.00 to $62.00 and gave the company a “sector perform” rating in a research note on Friday, February 23rd. Raymond James raised Wayfair from a “market perform” rating to a “strong-buy” rating and set a $65.00 price target on the stock in a research note on Friday, February 16th. Mizuho started coverage on Wayfair in a research note on Tuesday, March 19th. They set a “buy” rating and a $72.00 price target on the stock. Truist Financial cut their price target on Wayfair from $65.00 to $63.00 and set a “buy” rating on the stock in a research note on Friday, February 23rd. Finally, Needham & Company LLC reaffirmed a “buy” rating and set a $75.00 price target on shares of Wayfair in a research note on Thursday, February 22nd. Eleven research analysts have rated the stock with a hold rating, sixteen have issued a buy rating and one has issued a strong buy rating to the company. According to MarketBeat, Wayfair currently has a consensus rating of “Moderate Buy” and a consensus target price of $74.59.

Wayfair Stock Performance

The company has a market capitalization of $8.30 billion, a price-to-earnings ratio of -10.48 and a beta of 3.27. The business has a 50 day moving average price of $56.27 and a 200-day moving average price of $55.29.

Wayfair (NYSE:W) last posted its quarterly earnings results on Thursday, February 22nd. The company reported ($1.46) earnings per share for the quarter, topping analysts’ consensus estimates of ($1.54) by $0.08. The firm had revenue of $3.11 billion for the quarter, compared to analyst estimates of $3.10 billion. As a group, equities analysts predict that Wayfair Inc. will post -3.39 EPS for the current fiscal year.

Insiders Place Their Bets

In other news, COO Thomas Netzer sold 984 shares of the company’s stock in a transaction that occurred on Monday, March 18th. The stock was sold at an average price of $60.58, for a total value of $59,610.72. Following the completion of the transaction, the chief operating officer now directly owns 117,841 shares of the company’s stock, valued at $7,138,807.78. The transaction was disclosed in a filing with the SEC, which is accessible through this hyperlink. In related news, CEO Niraj Shah sold 10,000 shares of the stock in a transaction that occurred on Thursday, March 7th. The stock was sold at an average price of $59.90, for a total transaction of $599,000.00. Following the completion of the sale, the chief executive officer now directly owns 249,137 shares of the company’s stock, valued at $14,923,306.30. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, COO Thomas Netzer sold 984 shares of the firm’s stock in a transaction on Monday, March 18th. The stock was sold at an average price of $60.58, for a total value of $59,610.72. Following the completion of the sale, the chief operating officer now directly owns 117,841 shares of the company’s stock, valued at $7,138,807.78. The disclosure for this sale can be found here. In the last ninety days, insiders sold 81,300 shares of company stock valued at $4,591,396. Corporate insiders own 26.81% of the company’s stock.

Hedge Funds Weigh In On Wayfair

A number of large investors have recently made changes to their positions in the stock. Capital World Investors boosted its holdings 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 worth $743,004,000 after acquiring an additional 962,307 shares during the period. Vanguard Group Inc. boosted its holdings in shares of Wayfair by 3.5% in the fourth quarter. Vanguard Group Inc. now owns 8,103,952 shares of the company’s stock worth $500,014,000 after acquiring an additional 273,652 shares during the period. Spruce House Investment Management LLC boosted its stake in Wayfair by 4.3% during the fourth quarter. Spruce House Investment Management LLC now owns 3,650,000 shares of the company’s stock valued at $120,048,000 after buying an additional 150,000 shares during the period. Ruane Cunniff & Goldfarb L.P. boosted its stake in Wayfair by 9.1% during the first quarter. Ruane Cunniff & Goldfarb L.P. now owns 3,440,017 shares of the company’s stock valued at $381,085,000 after buying an additional 285,729 shares during the period. Finally, Two Sigma Investments LP boosted its stake in Wayfair by 30.3% during the first quarter. Two Sigma Investments LP now owns 1,291,717 shares of the company’s stock valued at $44,358,000 after buying an additional 300,645 shares during the period. 89.67% of the stock is owned by institutional investors.

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.