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

Wayfair Inc. (NYSE:WGet Free Report) gapped up before the market opened 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 traded.

A number of other analysts have also issued reports on W. Loop Capital lifted their target price on Wayfair from $55.00 to $65.00 and gave the stock a “hold” rating in a research report on Tuesday, April 2nd. Canaccord Genuity Group reaffirmed a “buy” rating and set a $80.00 target price on shares of Wayfair in a research report on Friday, February 23rd. Sanford C. Bernstein lifted their target price on Wayfair from $50.00 to $55.00 and gave the stock a “market perform” rating in a research report on Friday, May 3rd. Wedbush reissued an “outperform” rating and issued a $70.00 price objective on shares of Wayfair in a report on Friday, May 3rd. Finally, Royal Bank of Canada upped their price objective on Wayfair from $61.00 to $65.00 and gave the company a “sector perform” rating in a research note on Monday, May 6th. One research analyst has rated the stock with a sell rating, nine have given a hold rating, seventeen have assigned a buy rating and one has issued a strong buy rating to the company. According to MarketBeat.com, the stock presently has a consensus rating of “Moderate Buy” and a consensus target price of $77.64.

Read Our Latest Report on Wayfair

Insiders Place Their Bets

In other Wayfair news, COO Thomas Netzer sold 20,000 shares of the business’s stock in a transaction dated 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 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 filing with the SEC, which is available through this link. In other news, CEO Niraj Shah sold 10,000 shares of the company’s stock in a transaction dated Thursday, March 7th. The stock was sold at an average price of $59.90, for a total value of $599,000.00. Following the transaction, the chief executive officer now owns 249,137 shares in the company, valued at approximately $14,923,306.30. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through the SEC website. Also, COO Thomas Netzer sold 20,000 shares of the company’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 transaction, the chief operating officer now owns 116,622 shares in the company, valued at approximately $6,964,665.84. The disclosure for this sale can be found here. In the last quarter, 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

A number of large investors have recently made changes to their positions in W. Riverview Trust Co bought a new stake in shares of Wayfair in the 1st quarter valued at approximately $27,000. McGlone Suttner Wealth Management Inc. bought a new stake in Wayfair during the fourth quarter worth approximately $29,000. GAMMA Investing LLC bought a new stake in Wayfair during the fourth quarter worth approximately $31,000. DekaBank Deutsche Girozentrale bought a new stake in Wayfair during the third quarter worth approximately $34,000. Finally, ORG Partners LLC bought a new stake in Wayfair during the first quarter worth approximately $37,000. Institutional investors and hedge funds own 89.67% of the company’s stock.

Wayfair Stock Down 0.1 %

The stock has a market cap of $8.58 billion, a P/E ratio of -13.30 and a beta of 3.32. The business has a 50-day simple moving average of $61.59 and a 200-day simple moving average of $56.69.

Wayfair (NYSE:WGet Free Report) last announced its earnings results on Thursday, February 22nd. The company reported ($1.46) earnings per share (EPS) for the quarter, topping 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. On average, analysts predict that Wayfair Inc. will post -3.03 earnings per share for the current fiscal year.

About Wayfair

(Get Free Report)

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.

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