Wayfair (NYSE:W) Shares Gap Down – Here’s What Happened

Wayfair Inc. (NYSE:W) gapped down before the market opened on Wednesday . The stock had previously closed at $101.41, but opened at $97.00. Wayfair shares last traded at $96.1120, with a volume of 1,638,592 shares.

Analysts Set New Price Targets

A number of brokerages have recently weighed in on W. Citigroup lifted their price target on Wayfair from $105.00 to $135.00 and gave the company a “buy” rating in a report on Wednesday, October 29th. Guggenheim lifted their price objective on shares of Wayfair from $120.00 to $125.00 and gave the company a “buy” rating in a research note on Thursday, November 13th. Zelman & Associates boosted their target price on Wayfair from $85.00 to $96.00 and gave the stock an “outperform” rating in a report on Tuesday, August 5th. Wells Fargo & Company upped their price target on shares of Wayfair from $90.00 to $110.00 and gave the company an “overweight” rating in a report on Wednesday, October 29th. Finally, Argus raised their price objective on shares of Wayfair from $105.00 to $125.00 and gave the stock a “buy” rating in a research note on Wednesday, October 29th. Two equities research analysts have rated the stock with a Strong Buy rating, eighteen have assigned a Buy rating, ten have assigned a Hold rating and two have given a Sell rating to the company. Based on data from MarketBeat.com, Wayfair currently has a consensus rating of “Moderate Buy” and a consensus price target of $105.29.

Wayfair Stock Performance

The company has a market cap of $12.53 billion, a price-to-earnings ratio of -37.48 and a beta of 3.25. The company’s 50 day moving average price is $94.53 and its 200 day moving average price is $73.99.

Wayfair (NYSE:W) last posted its quarterly earnings data on Tuesday, October 28th. The company reported $0.70 earnings per share for the quarter, topping the consensus estimate of $0.44 by $0.26. The firm had revenue of $3.12 billion for the quarter, compared to analyst estimates of $3.01 billion. During the same period in the previous year, the business posted $0.22 EPS. The business’s quarterly revenue was up 8.1% on a year-over-year basis. As a group, analysts predict that Wayfair Inc. will post -2.54 EPS for the current year.

Insiders Place Their Bets

In other news, CEO Niraj Shah sold 150,000 shares of the stock in a transaction that occurred on Monday, November 24th. The shares were sold at an average price of $105.91, for a total transaction of $15,886,500.00. Following the sale, the chief executive officer directly owned 729,137 shares of the company’s stock, valued at $77,222,899.67. This represents a 17.06% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. Also, CTO Fiona Tan sold 6,347 shares of Wayfair stock in a transaction on Wednesday, November 5th. The shares were sold at an average price of $100.54, for a total value of $638,127.38. Following the completion of the sale, the chief technology officer directly owned 198,860 shares of the company’s stock, valued at $19,993,384.40. This trade represents a 3.09% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. Over the last quarter, insiders sold 955,959 shares of company stock valued at $88,260,274. Company insiders own 21.91% of the company’s stock.

Institutional Investors Weigh In On Wayfair

Institutional investors have recently modified their holdings of the business. Charles Schwab Investment Management Inc. grew its holdings in Wayfair by 0.3% during the 1st quarter. Charles Schwab Investment Management Inc. now owns 1,012,048 shares of the company’s stock worth $32,416,000 after acquiring an additional 2,736 shares during the period. Swiss National Bank raised its holdings in shares of Wayfair by 0.3% during the first quarter. Swiss National Bank now owns 183,300 shares of the company’s stock worth $5,871,000 after acquiring an additional 600 shares during the period. Caitong International Asset Management Co. Ltd lifted its holdings in shares of Wayfair by 15,266.7% in the first quarter. Caitong International Asset Management Co. Ltd now owns 4,610 shares of the company’s stock valued at $148,000 after purchasing an additional 4,580 shares in the last quarter. Fox Run Management L.L.C. acquired a new stake in Wayfair in the 1st quarter valued at approximately $215,000. Finally, Corient IA LLC bought a new stake in shares of Wayfair in the first quarter worth $240,000. Institutional investors and hedge funds 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.