Wayfair Inc. $W Holdings Decreased by Hsbc Holdings PLC

Key Points

• HSBC Holdings PLC cut its Wayfair stake by 9.8% in the first quarter, selling 12,747 shares and leaving it with 116,960 shares worth about $8.75 million.
• Analysts remain cautiously positive on Wayfair, with a consensus rating of “Moderate Buy” and an average price target of $100.36, though several firms recently lowered their targets.
• Wayfair’s latest results beat revenue expectations: the company reported EPS of $0.26 in line with estimates and revenue of $2.93 billion, up 7.4% year over year.

Hsbc Holdings PLC reduced its stake in Wayfair Inc. (NYSE:W - Free Report) by 9.8% in the first quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The firm owned 116,960 shares of the company's stock after selling 12,747 shares during the period. Hsbc Holdings PLC owned 0.09% of Wayfair worth $8,753,000 as of its most recent filing with the Securities and Exchange Commission.

A number of other hedge funds have also made changes to their positions in the stock. Covenant Asset Management LLC bought a new stake in shares of Wayfair in the 4th quarter worth $4,403,000. North Dakota State Investment Board bought a new position in Wayfair during the fourth quarter valued at about $3,636,000. Vanguard Group Inc. grew its holdings in Wayfair by 0.8% during the fourth quarter. Vanguard Group Inc. now owns 9,634,757 shares of the company's stock worth $967,426,000 after acquiring an additional 72,707 shares during the period. Artemis Investment Management LLP acquired a new position in Wayfair during the fourth quarter worth about $48,004,000. Finally, M&T Bank Corp raised its position in Wayfair by 3,713.2% in the fourth quarter. M&T Bank Corp now owns 168,505 shares of the company's stock worth $16,920,000 after acquiring an additional 164,086 shares in the last quarter. Institutional investors and hedge funds own 89.67% of the company's stock.

Analysts Set New Price Targets

Several equities analysts have recently weighed in on the stock. Canaccord Genuity Group reduced their price objective on shares of Wayfair from $125.00 to $115.00 and set a "buy" rating for the company in a research report on Friday, May 1st. Weiss Ratings upgraded shares of Wayfair from a "sell (e+)" rating to a "sell (d-)" rating in a report on Wednesday, June 17th. Zacks Research lowered shares of Wayfair from a "strong-buy" rating to a "hold" rating in a research report on Monday. Citigroup dropped their price target on Wayfair from $110.00 to $95.00 and set a "buy" rating on the stock in a report on Tuesday, May 19th. Finally, Robert W. Baird set a $76.00 price objective on Wayfair in a research report on Monday, May 4th. One analyst has rated the stock with a Strong Buy rating, eighteen have assigned a Buy rating, eleven have given a Hold rating and one has assigned a Sell rating to the company. According to MarketBeat, the stock presently has a consensus rating of "Moderate Buy" and an average target price of $100.36.

Wayfair Trading Down 0.6%

NYSE W opened at $84.32 on Thursday. Wayfair Inc. has a 1 year low of $55.60 and a 1 year high of $119.98. The company has a fifty day simple moving average of $80.32 and a 200 day simple moving average of $83.25. The company has a market cap of $11.13 billion, a P/E ratio of -36.03, a P/E/G ratio of 4.70 and a beta of 2.96.

Wayfair (NYSE:W - Get Free Report) last released its earnings results on Thursday, April 30th. The company reported $0.26 earnings per share for the quarter, hitting analysts' consensus estimates of $0.26. The firm had revenue of $2.93 billion during the quarter, compared to analyst estimates of $2.89 billion. Wayfair had a negative net margin of 2.41% and a negative return on equity of 2.20%. The business's revenue was up 7.4% on a year-over-year basis. During the same quarter in the previous year, the business earned $0.10 EPS. Equities research analysts forecast that Wayfair Inc. will post 0.6 EPS for the current fiscal year.

Insider Buying and Selling at Wayfair

In other news, CEO Niraj Shah sold 6,137 shares of the firm's stock in a transaction on Friday, April 24th. The shares were sold at an average price of $78.62, for a total value of $482,490.94. Following the sale, the chief executive officer owned 429,137 shares in the company, valued at approximately $33,738,750.94. This trade represents a 1.41% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which is accessible through this hyperlink. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, Director Steven Conine sold 7,139 shares of the business's stock in a transaction on Friday, April 24th. The stock was sold at an average price of $78.55, for a total transaction of $560,768.45. Following the transaction, the director directly owned 429,073 shares in the company, valued at $33,703,684.15. This trade represents a 1.64% decrease in their position. The disclosure for this sale is available in the SEC filing. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Insiders have sold 19,201 shares of company stock valued at $1,613,778 in the last 90 days. 18.44% of the stock is currently owned by insiders.

Wayfair 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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