Wayfair (NYSE:W) Shares Gap Up to $50.53

Wayfair Inc. (NYSE:W)’s share price gapped up before the market opened on Thursday . The stock had previously closed at $50.53, but opened at $60.00. Wayfair shares last traded at $57.78, with a volume of 3,970,150 shares changing hands.

Analyst Ratings Changes

A number of analysts have recently weighed in on W shares. Mizuho began coverage on shares of Wayfair in a research note on Tuesday, March 19th. They issued a “buy” rating and a $72.00 price target for the company. Canaccord Genuity Group reiterated a “buy” rating and set a $80.00 price target on shares of Wayfair in a research report on Friday, February 23rd. Evercore ISI raised Wayfair from an “in-line” rating to an “outperform” rating and boosted their price objective for the stock from $65.00 to $80.00 in a research note on Thursday, April 4th. Stifel Nicolaus raised their target price on Wayfair from $52.00 to $55.00 and gave the company a “hold” rating in a research note on Tuesday, January 9th. Finally, Truist Financial dropped their price target on shares of Wayfair from $65.00 to $63.00 and set a “buy” rating on the stock in a research report on Friday, February 23rd. Ten analysts have rated the stock with a hold rating, seventeen have assigned a buy rating and one has issued a strong buy rating to the stock. Based on data from MarketBeat.com, Wayfair has an average rating of “Moderate Buy” and an average target price of $76.21.

Wayfair Stock Performance

The business’s 50 day simple moving average is $59.61 and its 200-day simple moving average is $55.02. The company has a market cap of $6.96 billion, a price-to-earnings ratio of -8.75 and a beta of 3.32.

Wayfair (NYSE:W) last announced its quarterly earnings data on Thursday, February 22nd. The company reported ($1.46) earnings per share (EPS) for the quarter, topping the consensus estimate of ($1.54) by $0.08. The firm had revenue of $3.11 billion for the quarter, compared to analysts’ expectations of $3.10 billion. Research analysts expect that Wayfair Inc. will post -3.37 earnings per share for the current year.

Insider Activity at Wayfair

In other Wayfair news, CTO Fiona Tan sold 5,315 shares of the business’s stock in a transaction that occurred on Tuesday, April 2nd. The shares were sold at an average price of $63.06, for a total value of $335,163.90. Following the completion of the sale, the chief technology officer now directly owns 51,095 shares of the company’s stock, valued at $3,222,050.70. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this hyperlink. In other Wayfair news, insider Jon Blotner sold 3,492 shares of the company’s stock in a transaction that occurred on Monday, February 5th. The stock was sold at an average price of $50.34, for a total transaction of $175,787.28. Following the completion of the sale, the insider now owns 32,118 shares of the company’s stock, valued at $1,616,820.12. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, CTO Fiona Tan sold 5,315 shares of Wayfair stock in a transaction that occurred on Tuesday, April 2nd. The shares were sold at an average price of $63.06, for a total transaction of $335,163.90. Following the completion of the transaction, the chief technology officer now directly owns 51,095 shares in the company, valued at approximately $3,222,050.70. The disclosure for this sale can be found here. In the last quarter, insiders sold 89,808 shares of company stock valued at $5,445,222. 26.81% of the stock is owned by corporate insiders.

Institutional Inflows and Outflows

Hedge funds and other institutional investors have recently bought and sold shares of the company. Riverview Trust Co bought a new stake in Wayfair during the first quarter valued at about $27,000. McGlone Suttner Wealth Management Inc. bought a new stake in Wayfair during the 4th quarter valued at approximately $29,000. GAMMA Investing LLC acquired a new stake in Wayfair in the 4th quarter valued at approximately $31,000. BluePath Capital Management LLC bought a new position in Wayfair in the 3rd quarter worth approximately $34,000. Finally, DekaBank Deutsche Girozentrale acquired a new position in shares of Wayfair during the third quarter worth approximately $34,000. 89.67% of the stock is currently 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.