Wayfair (NYSE:W) Shares Gap Up – Still a Buy?

Wayfair Inc. (NYSE:W) shares gapped up prior to trading on Thursday . The stock had previously closed at $46.33, but opened at $49.22. Wayfair shares last traded at $45.36, with a volume of 2,939,805 shares changing hands.

Analysts Set New Price Targets

W has been the subject of a number of recent analyst reports. Mizuho reduced their target price on Wayfair from $65.00 to $60.00 and set an “outperform” rating for the company in a research note on Monday, November 4th. Truist Financial reduced their price objective on shares of Wayfair from $60.00 to $55.00 and set a “buy” rating for the company in a research report on Monday, November 4th. Piper Sandler dropped their target price on shares of Wayfair from $67.00 to $63.00 and set an “overweight” rating on the stock in a research report on Monday, October 28th. Needham & Company LLC reissued a “buy” rating and set a $60.00 target price on shares of Wayfair in a research note on Friday, November 1st. Finally, BMO Capital Markets lowered their price objective on Wayfair from $58.00 to $50.00 and set a “market perform” rating on the stock in a report on Monday, November 4th. Fourteen research analysts have rated the stock with a hold rating, twelve have assigned a buy rating and one has given a strong buy rating to the company’s stock. According to MarketBeat, Wayfair currently has an average rating of “Moderate Buy” and an average target price of $60.24.

Wayfair Price Performance

The firm has a 50 day moving average price of $46.57 and a 200-day moving average price of $46.51. The firm has a market capitalization of $5.68 billion, a price-to-earnings ratio of -10.03 and a beta of 3.43.

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). Equities research analysts predict that Wayfair Inc. will post -2.89 earnings per share for the current year.

Insider Buying and Selling at Wayfair

In related news, insider Steven Conine sold 30,000 shares of the company’s stock in a transaction on Friday, December 20th. The shares were sold at an average price of $45.75, for a total value of $1,372,500.00. Following the completion of the sale, the insider now owns 602,573 shares in the company, valued at $27,567,714.75. This represents a 4.74 % decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. Also, COO Thomas Netzer sold 1,039 shares of the stock in a transaction on Tuesday, December 17th. The stock was sold at an average price of $50.65, for a total transaction of $52,625.35. Following the sale, the chief operating officer now owns 171,790 shares of the company’s stock, valued at approximately $8,701,163.50. This represents a 0.60 % decrease in their position. The disclosure for this sale can be found here. Insiders have sold a total of 134,228 shares of company stock worth $6,440,118 over the last ninety days. Corporate insiders own 26.81% of the company’s stock.

Institutional Investors Weigh In On Wayfair

A number of hedge funds have recently added to or reduced their stakes in the company. J.Safra Asset Management Corp grew its stake in shares of Wayfair by 71.3% during the 4th quarter. J.Safra Asset Management Corp now owns 586 shares of the company’s stock worth $26,000 after purchasing an additional 244 shares during the period. Creative Planning raised its position in Wayfair by 2.1% during the third quarter. Creative Planning now owns 13,261 shares of the company’s stock worth $745,000 after acquiring an additional 272 shares during the last quarter. GAMMA Investing LLC grew its holdings in 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 buying an additional 281 shares during the last quarter. True Wealth Design LLC increased its position in Wayfair by 207.1% during the fourth quarter. True Wealth Design LLC now owns 565 shares of the company’s stock worth $25,000 after buying an additional 381 shares in the last quarter. Finally, Jones Financial Companies Lllp raised its holdings in shares of Wayfair by 577.0% in the fourth quarter. Jones Financial Companies Lllp now owns 589 shares of the company’s stock worth $26,000 after acquiring an additional 502 shares during the last quarter. Institutional investors and hedge funds 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.