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

Posted by Defense World Staff on Aug 12th, 2023

Wayfair Inc. (NYSE:W – Get Free Report) shares gapped up prior to trading on Friday after The Goldman Sachs Group raised their price target on the stock from $62.00 to $75.00. The stock had previously closed at $72.85, but opened at $74.50. The Goldman Sachs Group currently has a neutral rating on the stock. Wayfair shares last traded at $72.73, with a volume of 1,081,723 shares trading hands.

A number of other brokerages have also weighed in on W. Wells Fargo & Company raised shares of Wayfair from an “underweight” rating to an “overweight” rating and reduced their target price for the stock from $135.00 to $100.00 in a research note on Thursday, August 3rd. Credit Suisse Group upped their target price on shares of Wayfair from $118.00 to $139.00 and gave the stock an “outperform” rating in a research note on Friday, August 4th. Piper Sandler raised shares of Wayfair from a “neutral” rating to an “overweight” rating and upped their target price for the stock from $35.00 to $97.00 in a research note on Monday, July 31st. Morgan Stanley increased their price objective on shares of Wayfair from $45.00 to $90.00 and gave the stock an “equal weight” rating in a research note on Monday, August 7th. Finally, Canaccord Genuity Group increased their price objective on shares of Wayfair from $86.00 to $98.00 and gave the stock a “buy” rating in a research note on Thursday, August 3rd. One investment analyst has rated the stock with a sell rating, thirteen have given a hold rating and fifteen have assigned a buy rating to the company’s stock. According to data from MarketBeat.com, the stock has a consensus rating of “Hold” and an average price target of $80.33.

Get Our Latest Stock Report on Wayfair

Insiders Place Their Bets

In other Wayfair news, insider Steve Oblak sold 24,653 shares of the business’s stock in a transaction on Thursday, June 1st. The shares were sold at an average price of $39.54, for a total transaction of $974,779.62. Following the sale, the insider now owns 219,548 shares of the company’s stock, valued at $8,680,927.92. The transaction was disclosed in a legal filing with the SEC, which is accessible through this link. In related news, insider Steve Oblak sold 24,653 shares of Wayfair stock in a transaction that occurred on Thursday, June 1st. The shares were sold at an average price of $39.54, for a total transaction of $974,779.62. Following the sale, the insider now directly owns 219,548 shares in the company, valued at approximately $8,680,927.92. The transaction was disclosed in a filing with the SEC, which can be accessed through this link. Also, COO Thomas Netzer sold 10,000 shares of the business’s stock in a transaction that occurred on Wednesday, June 7th. The stock was sold at an average price of $52.22, for a total transaction of $522,200.00. Following the sale, the chief operating officer now directly owns 86,919 shares in the company, valued at $4,538,910.18. The disclosure for this sale can be found here. Over the last 90 days, insiders sold 127,489 shares of company stock valued at $7,540,837. 26.81% of the stock is currently owned by corporate insiders.

Institutional Trading of Wayfair

Several institutional investors have recently added to or reduced their stakes in W. Vanguard Group Inc. grew its holdings in Wayfair by 2.1% during the 1st quarter. Vanguard Group Inc. now owns 6,540,088 shares of the company’s stock worth $724,512,000 after acquiring an additional 132,647 shares during the period. Capital World Investors grew its holdings in Wayfair by 2.8% during the 1st quarter. Capital World Investors now owns 3,681,729 shares of the company’s stock worth $407,862,000 after acquiring an additional 100,946 shares during the period. Spruce House Investment Management LLC grew its holdings in Wayfair by 4.3% during the 4th quarter. Spruce House Investment Management LLC now owns 3,650,000 shares of the company’s stock worth $120,048,000 after acquiring an additional 150,000 shares during the period. Ruane Cunniff & Goldfarb L.P. lifted its stake in Wayfair by 9.1% in the first quarter. Ruane Cunniff & Goldfarb L.P. now owns 3,440,017 shares of the company’s stock valued at $381,085,000 after buying an additional 285,729 shares during the period. Finally, Voya Investment Management LLC boosted its holdings in shares of Wayfair by 2.1% during the 4th quarter. Voya Investment Management LLC now owns 2,473,264 shares of the company’s stock worth $81,346,000 after buying an additional 51,190 shares in the last quarter. 87.35% of the stock is currently owned by institutional investors.

Wayfair Stock Performance

The business has a fifty day simple moving average of $64.53 and a 200-day simple moving average of $49.24. The stock has a market capitalization of $8.42 billion, a P/E ratio of -7.86 and a beta of 3.19.

Wayfair Company Profile

(Get Free Report)

Wayfair Inc engages in the e-commerce business in the United States and internationally. The company provides approximately fourty million products for the home sector under various brands. It offers online selections of furniture, décor, housewares, and home improvement products through its sites, including Wayfair, Joss & Main, AllModern, Birch Lane, Perigold, and Wayfair Professional.