Renaissance Technologies LLC Trims Stock Position in Wayfair Inc. $W

Key Points

• Renaissance Technologies cut its Wayfair stake by 8% in Q1, selling 434,900 shares and still holding 4,972,425 shares worth about $374 million.
• Wayfair’s latest quarterly results showed EPS of $0.26, matching estimates, while revenue came in at $2.93 billion, above expectations and up 7.4% year over year.
• Analysts remain cautiously positive: Wayfair has a Moderate Buy consensus rating with an average price target of $100.36, though several firms recently trimmed their targets and one downgraded the stock to hold.

Renaissance Technologies LLC decreased its stake in Wayfair Inc. (NYSE:W - Free Report) by 8.0% in the 1st quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The institutional investor owned 4,972,425 shares of the company's stock after selling 434,900 shares during the period. Wayfair accounts for 0.6% of Renaissance Technologies LLC's investment portfolio, making the stock its 14th largest holding. Renaissance Technologies LLC owned about 3.77% of Wayfair worth $373,976,000 as of its most recent filing with the Securities and Exchange Commission.

Several other large investors have also modified their holdings of W. Webster Bank N. A. acquired a new stake in Wayfair during the 4th quarter worth $30,000. V Square Quantitative Management LLC acquired a new position in Wayfair in the fourth quarter valued at $33,000. Piper Sandler & CO. acquired a new position in Wayfair in the fourth quarter valued at $34,000. Havemeyer Place LP purchased a new position in shares of Wayfair during the fourth quarter worth about $39,000. Finally, EverSource Wealth Advisors LLC grew its holdings in shares of Wayfair by 393.4% during the second quarter. EverSource Wealth Advisors LLC now owns 819 shares of the company's stock worth $42,000 after purchasing an additional 653 shares during the last quarter. Institutional investors and hedge funds own 89.67% of the company's stock.

Insider Activity

In other news, insider Jon Blotner sold 5,925 shares of the business's stock in a transaction that occurred on Thursday, July 2nd. The stock was sold at an average price of $96.29, for a total value of $570,518.25. Following the transaction, the insider owned 117,344 shares of the company's stock, valued at approximately $11,299,053.76. The trade was a 4.81% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is accessible through this hyperlink. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. The sale was made to cover tax withholding obligations related to the vesting of equity awards. Insiders own 18.44% of the company's stock.

Wayfair Stock Up 1.6%

Shares of W stock opened at $84.01 on Friday. The stock has a market capitalization of $11.09 billion, a PE ratio of -35.90, a price-to-earnings-growth ratio of 4.58 and a beta of 2.96. Wayfair Inc. has a 52-week low of $55.60 and a 52-week high of $119.98. The stock's 50-day moving average price is $81.25 and its 200 day moving average price is $83.09.

Wayfair (NYSE:W - Get Free Report) last posted its quarterly earnings data on Thursday, April 30th. The company reported $0.26 EPS for the quarter, meeting the consensus estimate of $0.26. Wayfair had a negative return on equity of 2.20% and a negative net margin of 2.41%.The firm had revenue of $2.93 billion during the quarter, compared to the consensus estimate of $2.89 billion. During the same period in the prior year, the business earned $0.10 EPS. The firm's revenue was up 7.4% compared to the same quarter last year. Analysts expect that Wayfair Inc. will post 0.6 earnings per share for the current fiscal year.

Analysts Set New Price Targets

W has been the topic of a number of research analyst reports. Mizuho cut their target price on Wayfair from $110.00 to $90.00 and set an "outperform" rating on the stock in a research report on Friday, May 8th. Wells Fargo & Company decreased their target price on Wayfair from $125.00 to $100.00 and set an "overweight" rating for the company in a research report on Friday, May 1st. Zacks Research downgraded Wayfair from a "strong-buy" rating to a "hold" rating in a research note on Monday, July 20th. Canaccord Genuity Group cut their price target on Wayfair from $125.00 to $115.00 and set a "buy" rating on the stock in a research report on Friday, May 1st. Finally, Guggenheim reiterated a "buy" rating and issued a $100.00 price objective on shares of Wayfair in a research note on Wednesday, May 20th. One investment analyst has rated the stock with a Strong Buy rating, eighteen have given a Buy rating, eleven have issued a Hold rating and one has assigned a Sell rating to the company. Based on data from MarketBeat, Wayfair currently has an average rating of "Moderate Buy" and a consensus target price of $100.36.

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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