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

Wayfair Inc. (NYSE:W) gapped down prior to trading on Monday . The stock had previously closed at $77.84, but opened at $71.84. Wayfair shares last traded at $72.55, with a volume of 2,171,426 shares changing hands.

Analysts Set New Price Targets

W has been the subject of several recent analyst reports. Needham & Company LLC increased their price objective on Wayfair from $40.00 to $83.00 and gave the company a “buy” rating in a report on Monday, August 4th. BMO Capital Markets reissued a “market perform” rating and issued a $68.00 price objective (up previously from $38.00) on shares of Wayfair in a report on Tuesday, August 5th. Bank of America increased their price objective on Wayfair from $36.00 to $43.00 and gave the company a “neutral” rating in a report on Wednesday, May 14th. Guggenheim cut their price objective on Wayfair from $60.00 to $50.00 and set a “buy” rating for the company in a report on Friday, May 2nd. Finally, Evercore ISI increased their price objective on Wayfair from $50.00 to $60.00 and gave the company an “outperform” rating in a report on Tuesday, June 24th. Two research analysts have rated the stock with a Strong Buy rating, fifteen have issued a Buy rating, nine have assigned a Hold rating and one has issued a Sell rating to the company’s stock. According to MarketBeat.com, Wayfair presently has an average rating of “Moderate Buy” and an average target price of $67.65.

Wayfair Price Performance

The stock has a market cap of $9.55 billion, a P/E ratio of -30.47 and a beta of 2.92. The company has a fifty day moving average price of $63.27 and a 200 day moving average price of $45.64.

Wayfair (NYSE:W) last announced its quarterly earnings results on Monday, August 4th. The company reported $0.87 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.33 by $0.54. The company had revenue of $3.27 billion for the quarter, compared to the consensus estimate of $3.11 billion. During the same quarter last year, the company posted $0.47 EPS. The company’s quarterly revenue was up 5.0% compared to the same quarter last year. As a group, sell-side analysts expect that Wayfair Inc. will post -2.54 earnings per share for the current fiscal year.

Insider Buying and Selling at Wayfair

In other Wayfair news, CEO Niraj Shah sold 85,000 shares of the business’s stock in a transaction on Wednesday, August 20th. The stock was sold at an average price of $80.07, for a total value of $6,805,950.00. Following the transaction, the chief executive officer owned 459,137 shares of the company’s stock, valued at approximately $36,763,099.59. The trade was a 15.62% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Also, insider Steven Conine sold 85,000 shares of the business’s stock in a transaction on Wednesday, August 20th. The stock was sold at an average price of $80.07, for a total value of $6,805,950.00. Following the completion of the transaction, the insider directly owned 459,073 shares in the company, valued at approximately $36,757,975.11. This represents a 15.62% decrease in their position. The disclosure for this sale can be found here. Insiders have sold 1,240,204 shares of company stock valued at $81,706,986 in the last quarter. 21.91% of the stock is currently owned by corporate insiders.

Institutional Inflows and Outflows

Institutional investors have recently made changes to their positions in the company. True Wealth Design LLC lifted its position in shares of Wayfair by 207.1% during the 4th quarter. True Wealth Design LLC now owns 565 shares of the company’s stock valued at $25,000 after buying an additional 381 shares during the last quarter. EverSource Wealth Advisors LLC lifted its position in shares of Wayfair by 393.4% during the 2nd quarter. EverSource Wealth Advisors LLC now owns 819 shares of the company’s stock valued at $42,000 after buying an additional 653 shares during the last quarter. GAMMA Investing LLC lifted its position in shares of Wayfair by 85.8% during the 1st quarter. GAMMA Investing LLC now owns 1,319 shares of the company’s stock valued at $42,000 after buying an additional 609 shares during the last quarter. Parallel Advisors LLC lifted its holdings in Wayfair by 229.0% during the 2nd quarter. Parallel Advisors LLC now owns 1,576 shares of the company’s stock worth $81,000 after purchasing an additional 1,097 shares in the last quarter. Finally, IFP Advisors Inc lifted its holdings in Wayfair by 49.3% during the 2nd quarter. IFP Advisors Inc now owns 1,869 shares of the company’s stock worth $96,000 after purchasing an additional 617 shares in 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.