Wayfair Inc. $W Shares Sold by Atreides Management LP

Key Points

• Atreides Management LP reduced its stake in Wayfair Inc. by 25.7%, selling 224,536 shares during the first quarter and retaining 649,070 shares worth approximately $20.79 million.
• Insider transactions included the sale of 85,000 shares each by CEO Niraj Shah and insider Steven Conine at an average price of $80.07, representing a 15.62% decrease in their holdings.
• Wayfair's recent quarterly earnings exceeded expectations, reporting an EPS of $0.87 against forecasts of $0.33, with revenues of $3.27 billion, reflecting a 5.0% year-over-year growth.

Atreides Management LP reduced its holdings in shares of Wayfair Inc. (NYSE:W - Free Report) by 25.7% during the 1st quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The firm owned 649,070 shares of the company's stock after selling 224,536 shares during the period. Atreides Management LP owned about 0.51% of Wayfair worth $20,790,000 at the end of the most recent quarter.

Several other large investors have also recently added to or reduced their stakes in W. GAMMA Investing LLC increased its stake in Wayfair by 85.8% during the 1st quarter. GAMMA Investing LLC now owns 1,319 shares of the company's stock worth $42,000 after buying an additional 609 shares during the period. Caitong International Asset Management Co. Ltd increased its stake in Wayfair by 15,266.7% during the 1st quarter. Caitong International Asset Management Co. Ltd now owns 4,610 shares of the company's stock worth $148,000 after buying an additional 4,580 shares during the period. Fox Run Management L.L.C. purchased a new stake in Wayfair during the 1st quarter worth approximately $215,000. Corient IA LLC purchased a new stake in Wayfair during the 1st quarter worth approximately $240,000. Finally, Optas LLC increased its stake in Wayfair by 103.3% during the 1st quarter. Optas LLC now owns 9,274 shares of the company's stock worth $297,000 after buying an additional 4,712 shares during the period. 89.67% of the stock is owned by hedge funds and other institutional investors.

Insider Transactions at Wayfair

In related news, insider Steven Conine sold 85,000 shares of the stock in a transaction dated Wednesday, August 20th. The shares were sold at an average price of $80.07, for a total value of $6,805,950.00. Following the sale, the insider directly owned 459,073 shares of the company's stock, valued at approximately $36,757,975.11. This represents a 15.62% decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, CEO Niraj Shah sold 85,000 shares of the stock in a transaction dated Wednesday, August 20th. The shares were sold at an average price of $80.07, for a total transaction of $6,805,950.00. Following the completion of the sale, the chief executive officer directly owned 459,137 shares in the company, valued at approximately $36,763,099.59. The trade was a 15.62% decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last three months, insiders sold 1,240,204 shares of company stock worth $81,706,986. 21.91% of the stock is owned by corporate insiders.

Wall Street Analysts Forecast Growth

Several research firms have commented on W. JPMorgan Chase & Co. boosted their price target on shares of Wayfair from $75.00 to $82.00 and gave the stock an "overweight" rating in a report on Tuesday, August 5th. Needham & Company LLC boosted their price target on shares of Wayfair from $40.00 to $83.00 and gave the stock a "buy" rating in a report on Monday, August 4th. The Goldman Sachs Group boosted their price target on shares of Wayfair from $31.00 to $80.00 and gave the stock a "neutral" rating in a report on Wednesday, August 6th. Bank of America boosted their price target on shares of Wayfair from $36.00 to $43.00 and gave the stock a "neutral" rating in a report on Wednesday, May 14th. Finally, Piper Sandler reiterated an "overweight" rating and set a $95.00 price target on shares of Wayfair in a report on Monday, August 4th. Two equities research analysts have rated the stock with a Strong Buy rating, fifteen have given a Buy rating, nine have issued a Hold rating and one has issued a Sell rating to the stock. Based on data from MarketBeat, the company currently has a consensus rating of "Moderate Buy" and an average price target of $69.19.

Wayfair Stock Performance

Wayfair stock traded up $6.81 during trading hours on Friday, reaching $89.61. 7,514,181 shares of the stock were exchanged, compared to its average volume of 4,180,693. The firm's 50 day moving average is $67.85 and its 200 day moving average is $47.39. The stock has a market cap of $11.62 billion, a P/E ratio of -37.34 and a beta of 2.95. Wayfair Inc. has a 52-week low of $20.41 and a 52-week high of $90.05.

Wayfair (NYSE:W - Get Free Report) last announced its quarterly earnings results on Monday, August 4th. The company reported $0.87 earnings per share (EPS) for the quarter, beating analysts' consensus estimates of $0.33 by $0.54. The company had revenue of $3.27 billion during the quarter, compared to analysts' expectations of $3.11 billion. The business's revenue for the quarter was up 5.0% compared to the same quarter last year. During the same quarter in the prior year, the business earned $0.47 EPS. Equities research analysts expect that Wayfair Inc. will post -2.54 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.