Contour Asset Management LLC Reduces Stock Position in Wayfair Inc. $W

Key Points

• Contour Asset Management LLC reduced its holdings in Wayfair Inc. by 45.5%, selling 379,998 shares and now owning 455,457 shares, which represents about 0.6% of its portfolio.
• Wayfair's stock has shown significant fluctuations, with a 52-week low of $20.41 and a 52-week high of $81.94, while currently trading at $74.51.
• Recent earnings reports indicate that Wayfair surpassed earnings expectations, reporting $0.87 earnings per share, significantly exceeding the consensus estimate of $0.33.

Contour Asset Management LLC lowered its position in Wayfair Inc. (NYSE:W - Free Report) by 45.5% during the 1st quarter, according to the company in its most recent Form 13F filing with the SEC. The institutional investor owned 455,457 shares of the company's stock after selling 379,998 shares during the period. Wayfair accounts for about 0.6% of Contour Asset Management LLC's holdings, making the stock its 26th biggest position. Contour Asset Management LLC owned approximately 0.36% of Wayfair worth $14,588,000 at the end of the most recent reporting period.

Several other hedge funds and other institutional investors have also recently modified their holdings of the company. GAMMA Investing LLC lifted its position in Wayfair by 85.8% in the 1st quarter. GAMMA Investing LLC now owns 1,319 shares of the company's stock valued at $42,000 after acquiring an additional 609 shares in the last quarter. Caitong International Asset Management Co. Ltd grew its stake in shares of Wayfair by 15,266.7% in the 1st quarter. Caitong International Asset Management Co. Ltd now owns 4,610 shares of the company's stock worth $148,000 after acquiring an additional 4,580 shares in the last quarter. Fox Run Management L.L.C. purchased a new stake in shares of Wayfair in the first quarter valued at about $215,000. Corient IA LLC bought a new position in shares of Wayfair during the first quarter valued at about $240,000. Finally, Optas LLC boosted its stake in shares of Wayfair by 103.3% in 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 last quarter. Institutional investors own 89.67% of the company's stock.

Analysts Set New Price Targets

A number of research firms recently issued reports on W. TD Cowen upgraded shares of Wayfair from a "hold" rating to a "strong-buy" rating in a report on Thursday, June 5th. Wall Street Zen upgraded Wayfair from a "hold" rating to a "buy" rating in a research note on Saturday, August 9th. Zelman & Associates boosted their price target on shares of Wayfair from $85.00 to $96.00 and gave the company an "outperform" rating in a research report on Tuesday, August 5th. Wells Fargo & Company set a $84.00 price objective on shares of Wayfair and gave the stock an "overweight" rating in a research report on Tuesday, August 5th. Finally, JPMorgan Chase & Co. increased their target price on Wayfair from $75.00 to $82.00 and gave the company an "overweight" rating in a research note on Tuesday, August 5th. Two equities research analysts have rated the stock with a Strong Buy rating, fifteen have assigned a Buy rating, nine have issued a Hold rating and one has issued a Sell rating to the company. Based on data from MarketBeat, the stock currently has a consensus rating of "Moderate Buy" and a consensus price target of $69.19.

Insider Buying and Selling at Wayfair

In other Wayfair news, insider Steven Conine sold 199,473 shares of the firm's stock in a transaction on Wednesday, August 13th. The stock was sold at an average price of $78.40, for a total value of $15,638,683.20. Following the completion of the sale, the insider directly owned 544,073 shares of the company's stock, valued at $42,655,323.20. This trade represents a 26.83% decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, CEO Niraj Shah sold 199,422 shares of Wayfair stock in a transaction that occurred on Wednesday, August 13th. The shares were sold at an average price of $78.40, for a total transaction of $15,634,684.80. Following the completion of the sale, the chief executive officer owned 544,137 shares of the company's stock, valued at $42,660,340.80. This trade represents a 26.82% decrease in their position. The disclosure for this sale can be found here. Over the last three months, insiders sold 1,240,204 shares of company stock valued at $81,706,986. 21.91% of the stock is owned by corporate insiders.

Wayfair Stock Performance

W traded up $6.81 during trading on Friday, hitting $89.61. The stock had a trading volume of 7,514,181 shares, compared to its average volume of 4,180,693. Wayfair Inc. has a twelve month low of $20.41 and a twelve month high of $90.05. The stock has a 50 day simple moving average of $67.85 and a two-hundred day simple moving average of $47.39. The company has a market capitalization of $11.62 billion, a PE ratio of -37.34 and a beta of 2.95.

Wayfair (NYSE:W - Get Free Report) last posted its quarterly earnings results on Monday, August 4th. The company reported $0.87 earnings per share (EPS) for the quarter, topping 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. During the same period in the prior year, the business posted $0.47 EPS. The company's quarterly revenue was up 5.0% on a year-over-year basis. On average, equities research analysts anticipate that Wayfair Inc. will post -2.54 EPS for the current 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.