Wayfair (W) Shares Gap Up on Insider Buying Activity
Wayfair Inc (NYSE:W) gapped up before the market opened on Wednesday after an insider bought additional shares in the company. The stock had previously closed at $82.37, but opened at $84.55. Wayfair shares last traded at $88.16, with a volume of 3002212 shares changing hands.
Specifically, insider Steve Oblak sold 227 shares of the company’s stock in a transaction dated Monday, October 1st. The shares were sold at an average price of $149.29, for a total transaction of $33,888.83. Following the sale, the insider now directly owns 113,908 shares of the company’s stock, valued at $17,005,325.32. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this link. Also, CEO Niraj Shah sold 17,000 shares of the company’s stock in a transaction dated Monday, August 27th. The stock was sold at an average price of $128.91, for a total transaction of $2,191,470.00. Following the sale, the chief executive officer now directly owns 89,703 shares in the company, valued at $11,563,613.73. The disclosure for this sale can be found here. Insiders have sold 409,169 shares of company stock worth $55,030,960 over the last ninety days. Insiders own 37.75% of the company’s stock.
Several analysts have recently commented on W shares. Gordon Haskett cut shares of Wayfair from an “accumulate” rating to a “hold” rating in a research note on Wednesday, July 25th. Wedbush set a $105.00 price target on shares of Wayfair and gave the company a “hold” rating in a research note on Monday, July 30th. Cowen increased their price target on shares of Wayfair from $85.00 to $134.00 and gave the company an “outperform” rating in a research note on Tuesday, July 31st. Canaccord Genuity reissued a “buy” rating and set a $140.00 price target (up from $135.00) on shares of Wayfair in a research note on Thursday, August 2nd. Finally, Buckingham Research increased their price target on shares of Wayfair from $137.00 to $140.00 and gave the company a “buy” rating in a research note on Friday, August 3rd. Two analysts have rated the stock with a sell rating, twelve have issued a hold rating, nine have assigned a buy rating and one has given a strong buy rating to the company. Wayfair has an average rating of “Hold” and a consensus target price of $126.06.
Wayfair (NYSE:W) last announced its quarterly earnings data on Thursday, November 1st. The company reported ($1.28) earnings per share for the quarter, missing the Thomson Reuters’ consensus estimate of ($1.09) by ($0.19). The company had revenue of $1.71 billion for the quarter, compared to analyst estimates of $1.67 billion. During the same quarter in the prior year, the company earned ($0.65) EPS. Wayfair’s revenue for the quarter was up 42.4% compared to the same quarter last year. Equities research analysts expect that Wayfair Inc will post -5.64 earnings per share for the current fiscal year.
A number of hedge funds and other institutional investors have recently made changes to their positions in W. UBS Group AG lifted its holdings in Wayfair by 81.7% in the first quarter. UBS Group AG now owns 3,927 shares of the company’s stock valued at $265,000 after buying an additional 1,766 shares during the period. Guggenheim Capital LLC lifted its holdings in Wayfair by 11.8% in the first quarter. Guggenheim Capital LLC now owns 10,761 shares of the company’s stock valued at $726,000 after buying an additional 1,132 shares during the period. Millennium Management LLC acquired a new position in Wayfair in the first quarter valued at approximately $1,058,000. State of Alaska Department of Revenue lifted its holdings in Wayfair by 92.9% in the second quarter. State of Alaska Department of Revenue now owns 6,810 shares of the company’s stock valued at $808,000 after buying an additional 3,280 shares during the period. Finally, Xact Kapitalforvaltning AB lifted its holdings in Wayfair by 66.1% in the second quarter. Xact Kapitalforvaltning AB now owns 8,544 shares of the company’s stock valued at $1,015,000 after buying an additional 3,400 shares during the period. Institutional investors and hedge funds own 70.89% of the company’s stock.
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Wayfair Company Profile (NYSE:W)
Wayfair Inc engages in the e-commerce business in the United States, Europe, and internationally. The company offers approximately 10 million products for the home sector under various brands. It offers a selection of furniture, décor, decorative accents, housewares, seasonal décor, and other home goods through its sites, such as Wayfair, Joss & Main, AllModern, DwellStudio, Perigold, and Birch Lane.
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