Wayfair (NYSE:W) Shares Gap Up on Analyst Upgrade

Shares of Wayfair Inc. (NYSE:W - Get Free Report) gapped up prior to trading on Monday after Morgan Stanley raised their price target on the stock from $85.00 to $90.00. The stock had previously closed at $70.72, but opened at $72.97. Morgan Stanley currently has an overweight rating on the stock. Wayfair shares last traded at $75.52, with a volume of 1,368,971 shares.

W has been the topic of a number of other reports. Evercore ISI raised Wayfair from an "in-line" rating to an "outperform" rating and upped their price target for the company from $65.00 to $80.00 in a report on Thursday, April 4th. Canaccord Genuity Group reaffirmed a "buy" rating and set a $80.00 price target on shares of Wayfair in a report on Friday, February 23rd. StockNews.com downgraded Wayfair from a "hold" rating to a "sell" rating in a report on Friday, May 3rd. Wedbush reaffirmed an "outperform" rating and set a $70.00 price target on shares of Wayfair in a report on Friday, May 3rd. Finally, Loop Capital upped their price target on Wayfair from $55.00 to $65.00 and gave the company a "hold" rating in a report on Tuesday, April 2nd. One research analyst has rated the stock with a sell rating, nine have assigned a hold rating, seventeen have given a buy rating and one has issued a strong buy rating to the company's stock. According to MarketBeat.com, the company currently has a consensus rating of "Moderate Buy" and a consensus target price of $77.64.

Insider Activity at Wayfair

In other news, COO Thomas Netzer sold 20,000 shares of the firm's stock in a transaction dated Friday, March 1st. The shares were sold at an average price of $59.72, for a total value of $1,194,400.00. Following the completion of the sale, the chief operating officer now owns 116,622 shares in the company, valued at approximately $6,964,665.84. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through this hyperlink. In related news, COO Thomas Netzer sold 20,000 shares of the firm's stock in a transaction that occurred on Friday, March 1st. The stock was sold at an average price of $59.72, for a total transaction of $1,194,400.00. Following the completion of the sale, the chief operating officer now directly owns 116,622 shares of the company's stock, valued at approximately $6,964,665.84. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, CEO Niraj Shah sold 10,000 shares of the stock in a transaction on Thursday, March 7th. The stock was sold at an average price of $59.90, for a total value of $599,000.00. Following the completion of the sale, the chief executive officer now owns 249,137 shares in the company, valued at approximately $14,923,306.30. The disclosure for this sale can be found here. In the last 90 days, insiders have sold 86,664 shares of company stock worth $5,449,893. Company insiders own 23.50% of the company's stock.

Hedge Funds Weigh In On Wayfair

Institutional investors have recently made changes to their positions in the company. Allspring Global Investments Holdings LLC increased its stake in shares of Wayfair by 31.1% during the fourth quarter. Allspring Global Investments Holdings LLC now owns 398,795 shares of the company's stock valued at $24,606,000 after buying an additional 94,540 shares during the period. Federated Hermes Inc. purchased a new position in shares of Wayfair during the third quarter valued at $1,147,000. Vanguard Group Inc. boosted its position in Wayfair by 5.2% during the third quarter. Vanguard Group Inc. now owns 7,830,300 shares of the company's stock valued at $474,281,000 after purchasing an additional 386,717 shares in the last quarter. Canada Pension Plan Investment Board boosted its position in Wayfair by 3,978.9% during the third quarter. Canada Pension Plan Investment Board now owns 367,100 shares of the company's stock valued at $22,235,000 after purchasing an additional 358,100 shares in the last quarter. Finally, Charles Schwab Investment Management Inc. boosted its position in Wayfair by 88.1% during the third quarter. Charles Schwab Investment Management Inc. now owns 634,611 shares of the company's stock valued at $38,438,000 after purchasing an additional 297,235 shares in the last quarter. Hedge funds and other institutional investors own 89.67% of the company's stock.

Wayfair Price Performance

The business has a 50-day moving average of $61.38 and a two-hundred day moving average of $56.47. The company has a market cap of $8.59 billion, a P/E ratio of -13.32 and a beta of 3.32.

Wayfair (NYSE:W - Get Free Report) last issued its quarterly earnings data on Thursday, February 22nd. The company reported ($1.46) earnings per share for the quarter, beating analysts' consensus estimates of ($1.54) by $0.08. The company had revenue of $3.11 billion for the quarter, compared to the consensus estimate of $3.10 billion. Equities analysts anticipate that Wayfair Inc. will post -3.03 EPS for the current fiscal year.

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.