Boothbay Fund Management LLC Grows Stock Position in Wayfair Inc. $W

Key Points

• Boothbay Fund Management boosted its Wayfair stake by 15% in the fourth quarter, adding 27,299 shares to bring its total to 209,577 shares valued at about $21.0 million.
• Wall Street remains cautiously bullish on Wayfair, with a consensus rating of “Moderate Buy” and an average price target of $99.68, even as several firms trimmed their targets.
• Wayfair insiders have been selling shares, including CEO Niraj Shah and insider Jon Blotner, with total insider sales reaching 463,785 shares worth about $35.9 million over the last 90 days.

Boothbay Fund Management LLC increased its holdings in shares of Wayfair Inc. (NYSE:W - Free Report) by 15.0% during the fourth quarter, according to its most recent filing with the Securities & Exchange Commission. The firm owned 209,577 shares of the company's stock after acquiring an additional 27,299 shares during the period. Wayfair makes up about 0.3% of Boothbay Fund Management LLC's portfolio, making the stock its 15th largest holding. Boothbay Fund Management LLC owned 0.16% of Wayfair worth $21,044,000 at the end of the most recent quarter.

A number of other institutional investors have also recently modified their holdings of the business. Optas LLC grew its position in shares of Wayfair by 2.1% during the 4th quarter. Optas LLC now owns 5,057 shares of the company's stock valued at $508,000 after acquiring an additional 106 shares during the period. Larson Financial Group LLC grew its position in shares of Wayfair by 30.0% during the 3rd quarter. Larson Financial Group LLC now owns 520 shares of the company's stock valued at $46,000 after acquiring an additional 120 shares during the period. Wedmont Private Capital grew its position in shares of Wayfair by 3.3% during the 4th quarter. Wedmont Private Capital now owns 3,774 shares of the company's stock valued at $415,000 after acquiring an additional 121 shares during the period. True Wealth Design LLC grew its position in shares of Wayfair by 37.7% during the 4th quarter. True Wealth Design LLC now owns 449 shares of the company's stock valued at $45,000 after acquiring an additional 123 shares during the period. Finally, State of Alaska Department of Revenue grew its position in shares of Wayfair by 2.3% during the 4th quarter. State of Alaska Department of Revenue now owns 5,418 shares of the company's stock valued at $544,000 after acquiring an additional 124 shares during the period. 89.67% of the stock is currently owned by institutional investors and hedge funds.

Wall Street Analyst Weigh In

W has been the topic of a number of analyst reports. Canaccord Genuity Group dropped their target price on Wayfair from $125.00 to $115.00 and set a "buy" rating on the stock in a research report on Friday, May 1st. Weiss Ratings cut Wayfair from a "sell (d-)" rating to a "sell (e+)" rating in a report on Tuesday, June 2nd. Wells Fargo & Company lowered their price objective on Wayfair from $125.00 to $100.00 and set an "overweight" rating on the stock in a report on Friday, May 1st. Citigroup lowered their price objective on Wayfair from $110.00 to $95.00 and set a "buy" rating on the stock in a report on Tuesday, May 19th. Finally, Truist Financial set a $99.00 price objective on Wayfair in a report on Monday, June 8th. One research analyst has rated the stock with a Strong Buy rating, eighteen have issued a Buy rating, ten have issued a Hold rating and one has given a Sell rating to the company. According to MarketBeat.com, the stock presently has a consensus rating of "Moderate Buy" and an average target price of $99.68.

Insider Transactions at Wayfair

In other news, insider Jon Blotner sold 4,790 shares of the business's stock in a transaction that occurred on Thursday, April 2nd. The stock was sold at an average price of $72.19, for a total transaction of $345,790.10. Following the transaction, the insider directly owned 111,158 shares in the company, valued at $8,024,496.02. The trade was a 4.13% decrease in their position. The sale was disclosed in a document filed with the SEC, which is available at this hyperlink. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, CEO Niraj Shah sold 113,863 shares of the business's stock in a transaction that occurred on Thursday, April 23rd. The stock was sold at an average price of $77.49, for a total value of $8,823,243.87. Following the transaction, the chief executive officer owned 435,274 shares in the company, valued at approximately $33,729,382.26. This represents a 20.73% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Insiders have sold a total of 463,785 shares of company stock worth $35,864,224 in the last ninety days. Insiders own 18.44% of the company's stock.

Wayfair Price Performance

Shares of Wayfair stock opened at $81.62 on Thursday. The stock has a market cap of $10.77 billion, a P/E ratio of -34.88, a P/E/G ratio of 4.37 and a beta of 3.02. The stock's 50 day simple moving average is $71.17 and its 200-day simple moving average is $84.94. Wayfair Inc. has a 1-year low of $47.21 and a 1-year high of $119.98.

Wayfair (NYSE:W - Get Free Report) last issued its earnings results on Thursday, April 30th. The company reported $0.26 earnings per share for the quarter, hitting the consensus estimate of $0.26. The business had revenue of $2.93 billion for the quarter, compared to analysts' expectations of $2.89 billion. Wayfair had a negative return on equity of 2.20% and a negative net margin of 2.41%.The business's revenue for the quarter was up 7.4% compared to the same quarter last year. During the same period in the previous year, the firm posted $0.10 EPS. As a group, research analysts expect that Wayfair Inc. will post 0.63 EPS for the current fiscal year.

Wayfair Company Profile

Wayfair Inc NYSE: W is an e-commerce company focused on home furnishings and décor. Through its platform, Wayfair offers a broad assortment of furniture, lighting, home textiles, kitchenware and decorative accessories. The company's portfolio includes flagship sites such as Wayfair.com, as well as specialty retail brands like Joss & Main, AllModern, Birch Lane and Perigold, each catering to distinct design styles and price points.

Founded in 2002 by Niraj Shah and Steve Conine under the name CSN Stores, the business rebranded as Wayfair in 2011 and went public in 2014.

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