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

Wayfair Inc. (NYSE:W) gapped up prior to trading on Friday . The stock had previously closed at $49.29, but opened at $51.60. Wayfair shares last traded at $52.34, with a volume of 796,566 shares trading hands.

Analysts Set New Price Targets

Several equities analysts recently issued reports on W shares. Needham & Company LLC reissued a “buy” rating and set a $60.00 price objective on shares of Wayfair in a research note on Friday, November 1st. BMO Capital Markets cut their price target on shares of Wayfair from $58.00 to $50.00 and set a “market perform” rating on the stock in a research note on Monday, November 4th. Citigroup lowered their price objective on shares of Wayfair from $70.00 to $54.00 and set a “buy” rating for the company in a research note on Monday, November 4th. Robert W. Baird reduced their target price on Wayfair from $56.00 to $50.00 and set a “neutral” rating on the stock in a report on Monday, November 4th. Finally, Mizuho dropped their price target on Wayfair from $65.00 to $60.00 and set an “outperform” rating for the company in a research note on Monday, November 4th. One analyst has rated the stock with a sell rating, twelve have given a hold rating, thirteen have issued a buy rating and one has issued a strong buy rating to the stock. According to data from MarketBeat.com, Wayfair currently has a consensus rating of “Moderate Buy” and a consensus price target of $60.28.

Wayfair Stock Performance

The firm has a market cap of $6.62 billion, a price-to-earnings ratio of -11.64 and a beta of 3.44. The company’s 50-day moving average is $47.01 and its 200-day moving average is $49.43.

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

Insider Buying and Selling at Wayfair

In related news, COO Thomas Netzer sold 1,011 shares of the firm’s stock in a transaction dated Tuesday, September 17th. The shares were sold at an average price of $49.42, for a total value of $49,963.62. Following the completion of the sale, the chief operating officer now directly owns 151,802 shares in the company, valued at approximately $7,502,054.84. This trade represents a 0.66 % decrease in their position. The sale was disclosed in a document filed with the SEC, which is accessible through the SEC website. Also, insider Steven Conine sold 30,000 shares of the stock in a transaction 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 sale, the insider now owns 179,073 shares in the company, valued at approximately $7,576,578.63. This trade represents a 14.35 % decrease in their position. The disclosure for this sale can be found here. Over the last 90 days, insiders sold 67,868 shares of company stock valued at $3,272,548. Corporate insiders own 26.81% of the company’s stock.

Hedge Funds Weigh In On Wayfair

Several institutional investors and hedge funds have recently added to or reduced their stakes in W. Comerica Bank increased its holdings in Wayfair by 210.9% in the first quarter. Comerica Bank now owns 1,222 shares of the company’s stock worth $83,000 after purchasing an additional 829 shares in the last quarter. Neo Ivy Capital Management acquired a new stake in shares of Wayfair in the 2nd quarter valued at about $561,000. Lecap Asset Management Ltd. grew its holdings in shares of Wayfair by 63.2% during the second quarter. Lecap Asset Management Ltd. now owns 23,910 shares of the company’s stock valued at $1,261,000 after buying an additional 9,261 shares during the last quarter. Bank of New York Mellon Corp increased its position in shares of Wayfair by 12.2% during the second quarter. Bank of New York Mellon Corp now owns 290,512 shares of the company’s stock worth $15,319,000 after acquiring an additional 31,576 shares in the last quarter. Finally, Allspring Global Investments Holdings LLC raised its holdings in shares of Wayfair by 23.7% in the 2nd quarter. Allspring Global Investments Holdings LLC now owns 636,233 shares of the company’s stock worth $33,549,000 after acquiring an additional 121,792 shares during the last quarter. 89.67% of the stock is currently owned by institutional investors and hedge funds.

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.