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

Wayfair Inc. (NYSE:W) gapped down prior to trading 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 the stock in a transaction dated Wednesday, April 2nd. The stock was sold at an average price of $31.92, for a total transaction of $760,813.20. Following the transaction, the chief technology officer now directly owns 111,128 shares in the company, valued at approximately $3,547,205.76. This represents a 17.66 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which can be accessed through this hyperlink. Also, insider Jon Blotner sold 19,257 shares of the stock in a transaction dated Wednesday, April 2nd. The stock was sold at an average price of $31.68, for a total transaction of $610,061.76. Following the transaction, the insider now owns 78,308 shares in the company, valued at approximately $2,480,797.44. The trade was a 19.74 % decrease in their ownership of the stock. The disclosure for this sale can be found here. In related news, CFO Kate Gulliver sold 19,296 shares of Wayfair stock in a transaction on Wednesday, April 2nd. The shares were sold at an average price of $31.67, for a total transaction of $611,104.32. Following the transaction, the chief financial officer now owns 144,474 shares in the company, valued at approximately $4,575,491.58. The trade was a 11.78 % decrease in their position. The transaction was disclosed in a legal filing with the SEC, which can be accessed through this link.

Wall Street Analyst Weigh In

Several brokerages have recently commented on W. Piper Sandler set a $58.00 price target on shares of Wayfair and gave the stock an “overweight” rating in a research report on Friday, February 21st. Wedbush reissued a “neutral” rating and set a $46.00 target price (up from $44.00) on shares of Wayfair in a report on Friday, February 21st. Guggenheim restated a “buy” rating and issued a $60.00 target price on shares of Wayfair in a research note on Monday, March 10th. Needham & Company LLC reiterated a “buy” rating and set a $50.00 price target on shares of Wayfair in a research report on Friday, February 21st. Finally, Canaccord Genuity Group reduced their price objective on Wayfair from $76.00 to $68.00 and set a “buy” rating for the company in a research report on Friday, February 21st. Fourteen research analysts have rated the stock with a hold rating, thirteen have given a buy rating and one has issued a strong buy rating to the stock. According to data from MarketBeat.com, Wayfair presently has a consensus rating of “Moderate Buy” and a consensus price target of $56.81.

Wayfair Stock Performance

The business’s 50 day moving average is $40.41 and its 200 day moving average is $45.01. The stock has a market cap of $3.11 billion, a price-to-earnings ratio of -6.06 and a beta of 3.44.

Wayfair (NYSE:W) last announced its quarterly earnings data on Thursday, February 20th. The company reported ($0.96) EPS for the quarter, missing analysts’ consensus estimates of $0.05 by ($1.01). The business had revenue of $3.12 billion during the quarter, compared to analysts’ expectations of $3.07 billion. Research analysts expect that Wayfair Inc. will post -2.54 earnings per share for the current year.

Institutional Investors Weigh In On Wayfair

A number of large investors have recently added to or reduced their stakes in the stock. California State Teachers Retirement System boosted its holdings in shares of Wayfair by 0.4% during the 4th quarter. California State Teachers Retirement System now owns 87,089 shares of the company’s stock worth $3,860,000 after buying an additional 383 shares during the period. Employees Retirement System of Texas boosted its stake in Wayfair by 28.5% during the 4th quarter. Employees Retirement System of Texas now owns 35,270 shares of the company’s stock valued at $1,563,000 after purchasing an additional 7,813 shares during the period. Polar Asset Management Partners Inc. lifted its holdings in shares of Wayfair by 142.3% during the fourth quarter. Polar Asset Management Partners Inc. now owns 151,653 shares of the company’s stock worth $6,721,000 after buying an additional 89,053 shares during the last quarter. Toronto Dominion Bank acquired a new stake in shares of Wayfair in the fourth quarter worth $1,536,000. Finally, Neo Ivy Capital Management bought a new position in Wayfair during the fourth quarter worth $3,560,000. Institutional investors own 89.67% of the company’s stock.

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.