Southpoint Capital Advisors LP Sells 835,714 Shares of Wayfair Inc. $W

Key Points

• Southpoint Capital Advisors cut its Wayfair stake by 55.7% in the first quarter, selling 835,714 shares and retaining 664,286 shares valued at approximately $50 million. Institutional investors collectively own 89.67% of Wayfair.
• Wayfair shares opened at $94.44, up 12.2%, with the stock trading between a 12-month low of $55.60 and high of $119.98. The company reported quarterly revenue of $2.93 billion and adjusted earnings of $0.26 per share, matching analysts’ expectations.
• Analyst sentiment remains positive overall, with a consensus rating of “Moderate Buy” and an average price target of $100.36, despite several firms recently lowering their targets.

Southpoint Capital Advisors LP reduced its stake in Wayfair Inc. (NYSE:W - Free Report) by 55.7% in the first quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 664,286 shares of the company's stock after selling 835,714 shares during the period. Southpoint Capital Advisors LP owned 0.50% of Wayfair worth $49,961,000 at the end of the most recent reporting period.

Other institutional investors and hedge funds have also bought and sold shares of the company. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. grew its holdings in shares of Wayfair by 29.0% during the 1st quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 67,023 shares of the company's stock worth $2,147,000 after acquiring an additional 15,084 shares during the period. Prudential Financial Inc. lifted its stake in shares of Wayfair by 30.4% in the 2nd quarter. Prudential Financial Inc. now owns 7,328 shares of the company's stock valued at $375,000 after purchasing an additional 1,710 shares during the period. Northwestern Mutual Wealth Management Co. lifted its stake in shares of Wayfair by 12.3% in the 2nd quarter. Northwestern Mutual Wealth Management Co. now owns 2,462 shares of the company's stock valued at $126,000 after purchasing an additional 270 shares during the period. M&T Bank Corp bought a new stake in shares of Wayfair during the second quarter valued at approximately $262,000. Finally, EverSource Wealth Advisors LLC boosted its position in shares of Wayfair by 393.4% during the second quarter. EverSource Wealth Advisors LLC now owns 819 shares of the company's stock valued at $42,000 after purchasing an additional 653 shares in the last quarter. 89.67% of the stock is currently owned by hedge funds and other institutional investors.

Wayfair Stock Up 12.2%

W stock opened at $94.44 on Tuesday. The business has a 50 day moving average of $81.96 and a 200 day moving average of $82.82. The firm has a market cap of $12.47 billion, a PE ratio of -40.36, a price-to-earnings-growth ratio of 4.66 and a beta of 2.96. Wayfair Inc. has a twelve month low of $55.60 and a twelve month high of $119.98.

Wayfair (NYSE:W - Get Free Report) last released its earnings results on Thursday, April 30th. The company reported $0.26 EPS for the quarter, hitting the consensus estimate of $0.26. The business had revenue of $2.93 billion for the quarter, compared to the consensus estimate of $2.89 billion. Wayfair had a negative return on equity of 2.20% and a negative net margin of 2.41%.The company'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 company posted $0.10 earnings per share. On average, research analysts expect that Wayfair Inc. will post 0.6 earnings per share for the current fiscal year.

Insider Activity at Wayfair

In other news, insider Jon Blotner sold 5,925 shares of the business's stock in a transaction 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 completion of the transaction, the insider owned 117,344 shares in the company, valued at $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 Securities & Exchange Commission, which is available through this link. 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.

Analyst Ratings Changes

A number of equities analysts have issued reports on the company. Jefferies Financial Group decreased their price objective on Wayfair from $86.00 to $70.00 and set a "hold" rating for the company in a report on Thursday, April 30th. Mizuho dropped their target price on shares of Wayfair from $110.00 to $90.00 and set an "outperform" rating on the stock in a report on Friday, May 8th. Wells Fargo & Company reduced their target price on shares of Wayfair from $125.00 to $100.00 and set an "overweight" rating on the stock in a research report on Friday, May 1st. Citigroup decreased their price target on shares of Wayfair from $110.00 to $95.00 and set a "buy" rating for the company in a research note on Tuesday, May 19th. Finally, Benchmark assumed coverage on shares of Wayfair in a research report on Tuesday, July 7th. They set a "hold" rating for the company. One analyst has rated the stock with a Strong Buy rating, eighteen have issued a Buy rating, eleven have given a Hold rating and one has assigned a Sell rating to the company's stock. According to data from MarketBeat.com, Wayfair currently has a consensus rating of "Moderate Buy" and an average 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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