Pallas Capital Advisors LLC Takes Position in Wayfair Inc. $W

Key Points

• Pallas Capital Advisors LLC acquired a new stake in Wayfair Inc. during the second quarter, purchasing 4,569 shares valued at approximately $234,000.
• Wayfair's recent quarterly earnings report revealed an EPS of $0.87, exceeding estimates, with a revenue of $3.27 billion, a 5% increase compared to the previous year.
• Insider trading activity included CEO Niraj Shah selling 85,000 shares, reducing his stake by 15.62%, while insiders have sold a total of over $78 million in shares in the last ninety days.

Pallas Capital Advisors LLC acquired a new stake in shares of Wayfair Inc. (NYSE:W - Free Report) in the second quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The institutional investor acquired 4,569 shares of the company's stock, valued at approximately $234,000.

Other institutional investors and hedge funds also recently modified their holdings of the company. Toronto Dominion Bank purchased a new position in shares of Wayfair during the 4th quarter valued at $1,536,000. Polar Asset Management Partners Inc. boosted its position in Wayfair by 142.3% during the fourth quarter. Polar Asset Management Partners Inc. now owns 151,653 shares of the company's stock valued at $6,721,000 after purchasing an additional 89,053 shares during the last quarter. Employees Retirement System of Texas boosted its position in Wayfair by 28.5% during the fourth quarter. Employees Retirement System of Texas now owns 35,270 shares of the company's stock valued at $1,563,000 after purchasing an additional 7,813 shares during the last quarter. California State Teachers Retirement System boosted its position in Wayfair by 0.4% during the fourth quarter. California State Teachers Retirement System now owns 87,089 shares of the company's stock valued at $3,860,000 after purchasing an additional 383 shares during the last quarter. Finally, GAMMA Investing LLC boosted its position in Wayfair by 5,850.4% during the first quarter. GAMMA Investing LLC now owns 42,248 shares of the company's stock valued at $1,319,000 after purchasing an additional 41,538 shares during the last quarter. 89.67% of the stock is owned by institutional investors and hedge funds.

Wayfair Stock Performance

NYSE W opened at $85.34 on Tuesday. The firm has a 50-day simple moving average of $74.86 and a 200 day simple moving average of $51.20. Wayfair Inc. has a twelve month low of $20.41 and a twelve month high of $91.77. The stock has a market cap of $11.06 billion, a PE ratio of -35.56 and a beta of 2.95.

Wayfair (NYSE:W - Get Free Report) last released its quarterly earnings data 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 firm had revenue of $3.27 billion for the quarter, compared to the consensus estimate of $3.11 billion. During the same quarter in the prior year, the firm posted $0.47 earnings per share. The business's revenue for the quarter was up 5.0% on a year-over-year basis. Research analysts forecast that Wayfair Inc. will post -2.54 earnings per share for the current fiscal year.

Insider Activity

In other news, CEO Niraj Shah sold 85,000 shares of the business's stock in a transaction that occurred on Wednesday, August 20th. The stock was sold at an average price of $80.07, for a total value of $6,805,950.00. Following the transaction, the chief executive officer directly owned 459,137 shares of the company's stock, valued at $36,763,099.59. The trade was a 15.62% decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. Also, insider Steven Conine sold 85,000 shares of Wayfair stock in a transaction on 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 completion of the transaction, the insider owned 459,073 shares of the company's stock, valued at approximately $36,757,975.11. The trade was a 15.62% decrease in their position. The disclosure for this sale can be found here. Insiders have sold 1,173,857 shares of company stock worth $78,435,227 over the last ninety days. Insiders own 21.91% of the company's stock.

Wall Street Analyst Weigh In

A number of equities research analysts have recently weighed in on the company. Zelman & Associates raised their price target on Wayfair from $85.00 to $96.00 and gave the stock an "outperform" rating in a research note on Tuesday, August 5th. Guggenheim restated a "buy" rating and issued a $90.00 price objective on shares of Wayfair in a report on Wednesday, August 27th. The Goldman Sachs Group boosted their target price on shares of Wayfair from $31.00 to $80.00 and gave the stock a "neutral" rating in a research report on Wednesday, August 6th. Evercore ISI boosted their target price on shares of Wayfair from $85.00 to $100.00 and gave the stock an "outperform" rating in a research report on Tuesday, September 16th. Finally, Sanford C. Bernstein reaffirmed a "market perform" rating and issued a $70.00 price objective (up previously from $50.00) on shares of Wayfair in a research note on Tuesday, August 5th. Two investment analysts have rated the stock with a Strong Buy rating, fifteen have given a Buy rating, nine have assigned a Hold rating and one has issued a Sell rating to the company's stock. According to data from MarketBeat, the company presently has a consensus rating of "Moderate Buy" and a consensus price target of $71.15.

About Wayfair

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.

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