Wayfair (NYSE:W) Shares Gap Up – Time to Buy?

Wayfair Inc. (NYSE:W)’s stock 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.

Analyst Ratings Changes

W has been the subject of several analyst reports. Piper Sandler lowered their price target on shares of Wayfair from $67.00 to $63.00 and set an “overweight” rating for the company in a research report on Monday, October 28th. UBS Group lowered their target price on shares of Wayfair from $70.00 to $65.00 and set a “buy” rating for the company in a report on Tuesday, October 22nd. Mizuho cut their price target on Wayfair from $65.00 to $60.00 and set an “outperform” rating on the stock in a research note on Monday, November 4th. Citigroup decreased their price objective on Wayfair from $70.00 to $54.00 and set a “buy” rating for the company in a research note on Monday, November 4th. Finally, Royal Bank of Canada dropped their price objective on Wayfair from $53.00 to $50.00 and set a “sector perform” rating for the company in a report on Monday, November 4th. Fourteen equities research analysts have rated the stock with a hold rating, twelve have issued a buy rating and one has assigned a strong buy rating to the stock. According to MarketBeat, Wayfair currently has an average rating of “Moderate Buy” and an average price target of $60.24.

Wayfair Price Performance

The stock has a market capitalization of $6.18 billion, a P/E ratio of -11.04 and a beta of 3.43. The company’s 50-day simple moving average is $45.82 and its 200-day simple moving average is $47.25.

Wayfair (NYSE:W) last released its quarterly earnings data on Friday, November 1st. The company reported $0.22 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.13 by $0.09. The business had revenue of $2.88 billion during the quarter, compared to the consensus estimate of $2.87 billion. During the same quarter in the prior year, the company earned ($1.38) EPS. Wayfair’s quarterly revenue was down 2.0% on a year-over-year basis. On average, analysts forecast that Wayfair Inc. will post -2.91 earnings per share for the current fiscal year.

Insider Activity at Wayfair

In other news, insider Steven Conine sold 30,000 shares of the business’s stock in a transaction that occurred on Wednesday, November 20th. The shares were sold at an average price of $42.31, for a total value of $1,269,300.00. Following the completion of the transaction, the insider now directly owns 179,073 shares in the company, valued at approximately $7,576,578.63. The trade was a 14.35 % decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, COO Thomas Netzer sold 1,039 shares of the business’s stock in a transaction on Tuesday, December 17th. The stock was sold at an average price of $50.65, for a total value of $52,625.35. Following the transaction, the chief operating officer now directly owns 171,790 shares of the company’s stock, valued at $8,701,163.50. This trade represents a 0.60 % decrease in their position. The disclosure for this sale can be found here. Insiders sold 134,150 shares of company stock worth $6,250,114 in the last ninety days. 23.50% of the stock is owned by company insiders.

Institutional Investors Weigh In On Wayfair

A number of hedge funds and other institutional investors have recently bought and sold shares of the company. Southpoint Capital Advisors LP acquired a new stake in Wayfair during the 3rd quarter valued at approximately $78,652,000. Holocene Advisors LP increased its holdings in Wayfair by 5,699.8% in the third quarter. Holocene Advisors LP now owns 1,235,193 shares of the company’s stock worth $69,393,000 after purchasing an additional 1,213,896 shares in the last quarter. Groupama Asset Managment increased its stake in shares of Wayfair by 100.0% in the 3rd quarter. Groupama Asset Managment now owns 1,000,000 shares of the company’s stock valued at $56,180,000 after acquiring an additional 500,000 shares in the last quarter. Charles Schwab Investment Management Inc. raised its holdings in shares of Wayfair by 35.2% during the third quarter. Charles Schwab Investment Management Inc. now owns 974,255 shares of the company’s stock valued at $54,734,000 after purchasing an additional 253,681 shares during the period. Finally, Maverick Capital Ltd. raised its stake in Wayfair by 46.2% during the 2nd quarter. Maverick Capital Ltd. now owns 721,618 shares of the company’s stock worth $38,051,000 after buying an additional 227,908 shares during the period. Institutional investors own 89.67% of the company’s stock.

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.