Wayfair (NYSE:W) Shares Gap Down on Insider Selling

Shares of Wayfair Inc. (NYSE:W) gapped down before the market opened on Thursday after an insider sold shares in the company. The stock had previously closed at $33.72, but opened at $28.23. Wayfair shares last traded at $24.44, with a volume of 3,120,147 shares.

Specifically, CTO Fiona Tan sold 23,835 shares of Wayfair stock in a transaction dated Wednesday, April 2nd. The stock was sold at an average price of $31.92, for a total value of $760,813.20. Following the completion of the transaction, the chief technology officer now owns 111,128 shares in the company, valued at approximately $3,547,205.76. This trade represents a 17.66 % decrease in their position. The sale was disclosed in a filing with the SEC, which can be accessed through the SEC website. Also, insider Jon Blotner sold 19,257 shares of Wayfair stock in a transaction that occurred on Wednesday, April 2nd. The stock was sold at an average price of $31.68, for a total transaction of $610,061.76. Following the completion of the transaction, the insider now owns 78,308 shares of the company’s stock, valued at $2,480,797.44. This represents a 19.74 % decrease in their position. The disclosure for this sale can be found here. In related news, CFO Kate Gulliver sold 19,296 shares of the stock in a transaction on Wednesday, April 2nd. The stock was sold at an average price of $31.67, for a total value of $611,104.32. Following the transaction, the chief financial officer now owns 144,474 shares of the company’s stock, valued at $4,575,491.58. This represents a 11.78 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is available through this hyperlink.

Analyst Ratings Changes

A number of research analysts have recently commented on the company. Truist Financial dropped their price objective on Wayfair from $55.00 to $53.00 and set a “buy” rating on the stock in a report on Friday, February 21st. Loop Capital dropped their price objective on Wayfair from $55.00 to $45.00 and set a “hold” rating on the stock in a report on Friday, February 21st. Canaccord Genuity Group cut their target price on Wayfair from $76.00 to $68.00 and set a “buy” rating on the stock in a research report on Friday, February 21st. Guggenheim reissued a “buy” rating and issued a $60.00 target price on shares of Wayfair in a research report on Monday, March 10th. Finally, Piper Sandler set a $58.00 price target on Wayfair and gave the stock an “overweight” rating in a research report on Friday, February 21st. Fourteen investment analysts have rated the stock with a hold rating, thirteen have issued a buy rating and one has assigned a strong buy rating to the company. According to data from MarketBeat, the stock currently has a consensus rating of “Moderate Buy” and an average price target of $56.81.

Wayfair Stock Performance

The company has a market capitalization of $3.11 billion, a PE ratio of -6.06 and a beta of 3.44. The firm’s 50-day simple moving average is $40.41 and its 200 day simple moving average is $45.01.

Wayfair (NYSE:W) last issued its earnings results on Thursday, February 20th. The company reported ($0.96) earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $0.05 by ($1.01). The business had revenue of $3.12 billion for the quarter, compared to the consensus estimate of $3.07 billion. As a group, equities analysts anticipate that Wayfair Inc. will post -2.54 earnings per share for the current year.

Hedge Funds Weigh In On Wayfair

Several hedge funds and other institutional investors have recently bought and sold shares of W. Cerity Partners LLC acquired a new stake in shares of Wayfair in the third quarter valued at approximately $1,070,000. Point72 Asia Singapore Pte. Ltd. acquired a new position in Wayfair in the 3rd quarter valued at about $44,000. Jacobs Levy Equity Management Inc. purchased a new position in Wayfair in the 3rd quarter valued at about $384,000. Polar Asset Management Partners Inc. purchased a new stake in shares of Wayfair during the third quarter worth about $3,517,000. Finally, Quarry LP raised its position in shares of Wayfair by 47.4% in the third quarter. Quarry LP now owns 3,755 shares of the company’s stock valued at $211,000 after buying an additional 1,207 shares during the last quarter. 89.67% of the stock is 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.