Wayfair Inc. (W) Shares Up NaN on Strong Earnings

Shares of Wayfair Inc. (NYSE:W) shot up NaN during mid-day trading on Thursday after the company announced better than expected quarterly earnings. The company traded as high as $74.49 and last traded at $0.00. 4,399,373 shares changed hands during mid-day trading, an increase of Infinity from the average session volume of 0 shares. The company reported ($0.65) earnings per share for the quarter, topping analysts’ consensus estimates of ($0.68) by $0.03. Wayfair had a negative return on equity of 505.51% and a negative net margin of 5.06%. The company had revenue of $1.20 billion during the quarter, compared to analysts’ expectations of $1.21 billion. During the same quarter in the previous year, the firm earned ($0.54) earnings per share. The business’s quarterly revenue was up 39.1% compared to the same quarter last year.

Several equities analysts recently weighed in on W shares. Wedbush cut their price objective on Wayfair from $82.00 to $72.00 and set an “outperform” rating for the company in a research report on Friday. KeyCorp reissued a “hold” rating on shares of Wayfair in a research report on Friday. Citigroup Inc. cut their price objective on Wayfair from $80.00 to $66.00 and set a “buy” rating for the company in a research report on Friday. Robert W. Baird cut their price objective on Wayfair from $73.00 to $65.00 and set a “neutral” rating for the company in a research report on Friday. Finally, Credit Suisse Group cut their price objective on Wayfair from $78.00 to $69.00 and set a “neutral” rating for the company in a research report on Friday. Nine equities research analysts have rated the stock with a hold rating and fifteen have given a buy rating to the stock. Wayfair currently has a consensus rating of “Buy” and an average price target of $76.01.

In other news, CEO Niraj Shah sold 55,000 shares of the company’s stock in a transaction that occurred on Wednesday, August 9th. The stock was sold at an average price of $76.65, for a total value of $4,215,750.00. Following the sale, the chief executive officer now directly owns 72,630 shares in the company, valued at approximately $5,567,089.50. The transaction was disclosed in a filing with the SEC, which is available at the SEC website. Also, SVP Steve Oblak sold 400 shares of the company’s stock in a transaction that occurred on Tuesday, September 12th. The shares were sold at an average price of $77.92, for a total value of $31,168.00. Following the completion of the sale, the senior vice president now owns 120,621 shares in the company, valued at $9,398,788.32. The disclosure for this sale can be found here. Over the last quarter, insiders sold 420,752 shares of company stock worth $29,788,852. Corporate insiders own 56.93% of the company’s stock.

Hedge funds have recently added to or reduced their stakes in the company. Utah Retirement Systems bought a new stake in shares of Wayfair in the 2nd quarter valued at approximately $539,000. Ameriprise Financial Inc. bought a new stake in Wayfair during the 1st quarter worth approximately $1,650,000. Old Mutual Global Investors UK Ltd. bought a new stake in Wayfair during the 2nd quarter worth approximately $738,000. Baillie Gifford & Co. grew its position in Wayfair by 5.7% during the 2nd quarter. Baillie Gifford & Co. now owns 1,914,674 shares of the company’s stock worth $147,200,000 after acquiring an additional 102,460 shares during the last quarter. Finally, State of Wisconsin Investment Board bought a new stake in Wayfair during the 2nd quarter worth approximately $588,000. Institutional investors own 66.24% of the company’s stock.

The company has a debt-to-equity ratio of 6.93, a quick ratio of 0.67 and a current ratio of 0.70.

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About Wayfair

Wayfair Inc (Wayfair) offers browsing, merchandising and product discovery for a range of products from various suppliers. The Company operates through two segments: U.S. and International. The U.S. segment consists of amounts earned through product sales through the Company’s five sites in the United States and through sites operated by third parties in the United States.

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