Wayfair (NYSE:W) Shares Gap Down Following Insider Selling

Wayfair Inc. (NYSE:W)’s share price gapped down before the market opened on Thursday following insider selling activity. The stock had previously closed at $33.72, but opened at $28.23. Wayfair shares last traded at $24.44, with a volume of 3,120,147 shares changing hands.

Specifically, CTO Fiona Tan sold 23,835 shares of the firm’s stock in a transaction dated Wednesday, April 2nd. The stock was sold at an average price of $31.92, for a total value of $760,813.20. Following the completion of the sale, the chief technology officer now directly owns 111,128 shares in the company, valued at $3,547,205.76. This trade represents a 17.66 % decrease in their position. The sale was disclosed in a filing with the SEC, which is available at this link. Also, insider Jon Blotner sold 19,257 shares of the company’s stock in a transaction that occurred on Wednesday, April 2nd. The stock was sold at an average price of $31.68, for a total value of $610,061.76. Following the transaction, the insider now directly owns 78,308 shares in the company, valued at approximately $2,480,797.44. This trade represents a 19.74 % decrease in their ownership of the stock. The disclosure for this sale can be found here. In other news, CFO Kate Gulliver sold 19,296 shares of the business’s stock in a transaction that occurred on Wednesday, April 2nd. The stock was sold at an average price of $31.67, for a total transaction of $611,104.32. Following the completion of the sale, the chief financial officer now owns 144,474 shares in the company, valued at $4,575,491.58. The trade was a 11.78 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is available through this hyperlink.

Analysts Set New Price Targets

Several research firms recently issued reports on W. Citigroup downgraded shares of Wayfair from a “buy” rating to a “neutral” rating and reduced their price target for the company from $58.00 to $28.00 in a research report on Friday. Jefferies Financial Group upgraded shares of Wayfair from a “hold” rating to a “buy” rating and lifted their price objective for the company from $45.00 to $47.00 in a report on Friday, March 7th. Bank of America lowered their target price on shares of Wayfair from $52.00 to $50.00 and set a “neutral” rating on the stock in a report on Friday, February 21st. Guggenheim reiterated a “buy” rating and set a $60.00 price target on shares of Wayfair in a research note on Monday, March 10th. Finally, Raymond James set a $60.00 price objective on Wayfair and gave the stock a “strong-buy” rating in a research note on Friday, February 21st. Fifteen research analysts have rated the stock with a hold rating, eleven have assigned a buy rating and one has issued a strong buy rating to the company. Based on data from MarketBeat.com, the company has an average rating of “Hold” and an average target price of $54.84.

Wayfair Stock Up 3.4 %

The company has a market cap of $3.29 billion, a P/E ratio of -6.46 and a beta of 3.72. The firm’s 50-day moving average price is $39.50 and its 200-day moving average price is $44.72.

Wayfair (NYSE:W) last issued its earnings results on Thursday, February 20th. The company reported ($0.96) earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $0.05 by ($1.01). The business had revenue of $3.12 billion for the quarter, compared to analyst estimates of $3.07 billion. As a group, analysts forecast that Wayfair Inc. will post -2.54 earnings per share for the current year.

Institutional Trading of Wayfair

A number of institutional investors have recently added to or reduced their stakes in W. Capital World Investors boosted its holdings in Wayfair by 6.2% in the 4th quarter. Capital World Investors now owns 13,506,200 shares of the company’s stock valued at $598,596,000 after purchasing an additional 782,757 shares during the period. Vanguard Group Inc. boosted its stake in Wayfair by 3.6% during the fourth quarter. Vanguard Group Inc. now owns 9,315,337 shares of the company’s stock valued at $412,856,000 after buying an additional 327,603 shares during the period. Baillie Gifford & Co. grew its position in Wayfair by 13.6% during the fourth quarter. Baillie Gifford & Co. now owns 6,179,761 shares of the company’s stock worth $273,887,000 after buying an additional 740,641 shares in the last quarter. Renaissance Technologies LLC grew its position in Wayfair by 17.9% during the fourth quarter. Renaissance Technologies LLC now owns 3,834,667 shares of the company’s stock worth $169,952,000 after buying an additional 581,000 shares in the last quarter. Finally, Southpoint Capital Advisors LP increased its stake in Wayfair by 100.0% in the 4th quarter. Southpoint Capital Advisors LP now owns 2,800,000 shares of the company’s stock worth $124,096,000 after acquiring an additional 1,400,000 shares during the last quarter. Hedge funds and other 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.