Cinctive Capital Management LP Reduces Position in Wayfair Inc. $W

Key Points

• Cinctive Capital Management LP reduced its stake in Wayfair Inc. by 52.7%, now holding 49,334 shares worth approximately $1.58 million after selling 54,910 shares in the last quarter.
• Wayfair's insider trading showed significant activity, with both CEO Niraj Shah and insider Steven Conine selling 85,000 shares each at an average price of $80.07, decreasing their positions by 15.62%.
• Analyst ratings for Wayfair indicate optimism, with a consensus rating of “Moderate Buy” and recent price target increases from Jefferies Financial Group and BMO Capital Markets.

Cinctive Capital Management LP reduced its stake in Wayfair Inc. (NYSE:W - Free Report) by 52.7% 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 49,334 shares of the company's stock after selling 54,910 shares during the period. Cinctive Capital Management LP's holdings in Wayfair were worth $1,580,000 at the end of the most recent reporting period.

A number of other institutional investors also recently bought and sold shares of W. Alyeska Investment Group L.P. raised its stake in Wayfair by 681.8% in the first quarter. Alyeska Investment Group L.P. now owns 5,462,651 shares of the company's stock worth $174,969,000 after buying an additional 4,763,944 shares in the last quarter. Southpoint Capital Advisors LP increased its stake in shares of Wayfair by 100.0% during the fourth quarter. Southpoint Capital Advisors LP now owns 2,800,000 shares of the company's stock valued at $124,096,000 after purchasing an additional 1,400,000 shares in the last quarter. Beck Bode LLC bought a new position in shares of Wayfair during the first quarter valued at approximately $13,322,000. MetLife Investment Management LLC increased its stake in shares of Wayfair by 18,338.6% during the first quarter. MetLife Investment Management LLC now owns 308,478 shares of the company's stock valued at $9,881,000 after purchasing an additional 306,805 shares in the last quarter. Finally, AQR Capital Management LLC increased its stake in shares of Wayfair by 111.7% during the first quarter. AQR Capital Management LLC now owns 524,072 shares of the company's stock valued at $16,786,000 after purchasing an additional 276,471 shares in the last quarter. 89.67% of the stock is owned by institutional investors.

Analyst Ratings Changes

A number of equities analysts have weighed in on W shares. Raymond James Financial reaffirmed a "strong-buy" rating on shares of Wayfair in a research note on Tuesday, August 5th. Royal Bank Of Canada raised their target price on shares of Wayfair from $25.00 to $51.00 and gave the company a "sector perform" rating in a research note on Tuesday, August 5th. Piper Sandler reaffirmed an "overweight" rating and set a $95.00 target price on shares of Wayfair in a research note on Monday, August 4th. TD Cowen raised shares of Wayfair from a "hold" rating to a "strong-buy" rating in a research note on Thursday, June 5th. Finally, Evercore ISI raised their target price on shares of Wayfair from $50.00 to $60.00 and gave the company an "outperform" rating in a research note on Tuesday, June 24th. Two equities research analysts have rated the stock with a Strong Buy rating, fifteen have issued a Buy rating, nine have assigned a Hold rating and one has issued a Sell rating to the stock. According to MarketBeat, Wayfair currently has a consensus rating of "Moderate Buy" and an average target price of $69.19.

Insider Activity at Wayfair

In related news, insider Steven Conine sold 85,000 shares of the firm's stock in a transaction that occurred 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 sale, the insider owned 459,073 shares in the company, valued at approximately $36,757,975.11. This trade represents a 15.62% decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which can be accessed through the SEC website. Also, CEO Niraj Shah sold 85,000 shares of Wayfair stock in a transaction on Wednesday, August 20th. The stock was sold at an average price of $80.07, for a total transaction of $6,805,950.00. Following the transaction, the chief executive officer owned 459,137 shares in the company, valued at $36,763,099.59. This represents a 15.62% decrease in their position. The disclosure for this sale can be found here. Insiders sold 1,240,204 shares of company stock worth $81,706,986 in the last 90 days. 21.91% of the stock is currently owned by corporate insiders.

Wayfair Trading Down 2.8%

W stock traded down $2.48 on Monday, hitting $87.13. The company had a trading volume of 5,056,912 shares, compared to its average volume of 4,408,760. Wayfair Inc. has a 12-month low of $20.41 and a 12-month high of $90.47. The stock's 50-day simple moving average is $68.57 and its 200 day simple moving average is $47.72.

Wayfair (NYSE:W - Get Free Report) last issued its earnings results on Monday, August 4th. The company reported $0.87 earnings per share (EPS) for the quarter, topping the consensus estimate 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 quarter in the prior year, the business posted $0.47 EPS. The company's revenue for the quarter was up 5.0% compared to the same quarter last year. Research analysts expect that Wayfair Inc. will post -2.54 earnings per share 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.