Insider Selling: Wayfair (NYSE:W) Director Sells $7,296,750.00 in Stock

Key Points

• Wayfair director Steven Conine sold 69,000 shares at an average price of $105.75, generating $7.30 million. The Rule 10b5-1 transaction reduced his direct ownership by 23.71% to 222,073 shares.
• Wayfair shares recently traded at $104.82, near the analyst consensus target of $120.93, while the stock remains well above its 52-week low of $55.60. The company’s latest quarter exceeded earnings and revenue expectations, with revenue rising 7.5% year over year.
• Institutional investors own approximately 89.67% of Wayfair, with several major firms increasing their positions. Analysts collectively rate the stock “Moderate Buy,” although ratings range from strong buy to sell.

Wayfair Inc. (NYSE:W - Get Free Report) Director Steven Conine sold 69,000 shares of the stock in a transaction on Monday, October 12th. The shares were sold at an average price of $105.75, for a total transaction of $7,296,750.00. Following the completion of the transaction, the director directly owned 222,073 shares in the company, valued at $23,484,219.75. This trade represents a 23.71% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this hyperlink. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan.

Steven Conine also recently made the following trade(s):

• On Monday, September 14th, Steven Conine sold 69,000 shares of Wayfair stock. The stock was sold at an average price of $103.36, for a total value of $7,131,840.00.
• On Wednesday, August 12th, Steven Conine sold 69,000 shares of Wayfair stock. The shares were sold at an average price of $103.36, for a total transaction of $7,131,840.00.

Wayfair Price Performance

Shares of NYSE:W traded down $3.17 on Wednesday, reaching $104.82. The company's stock had a trading volume of 2,196,248 shares, compared to its average volume of 3,458,665. The stock has a market capitalization of $13.84 billion, a P/E ratio of -42.61, a PEG ratio of 3.81 and a beta of 3.02. The stock's 50-day moving average is $102.40 and its two-hundred day moving average is $86.94. Wayfair Inc. has a 52-week low of $55.60 and a 52-week high of $119.98.

Wayfair (NYSE:W - Get Free Report) last issued its quarterly earnings results on Tuesday, August 4th. The company reported $0.95 earnings per share for the quarter, topping the consensus estimate of $0.90 by $0.05. Wayfair had a negative return on equity of 3.40% and a negative net margin of 2.49%. The firm had revenue of $3.52 billion during the quarter, compared to the consensus estimate of $3.47 billion. During the same period last year, the company earned $0.87 earnings per share. The company's revenue for the quarter was up 7.5% on a year-over-year basis. Equities analysts forecast that Wayfair Inc. will post 0.93 earnings per share for the current fiscal year.

Institutional Trading of Wayfair

Institutional investors have recently made changes to their positions in the stock. Janus Henderson Group PLC increased its holdings in Wayfair by 8.3% during the 1st quarter. Janus Henderson Group PLC now owns 3,866,708 shares of the company's stock worth $290,813,000 after purchasing an additional 296,233 shares during the last quarter. Atreides Management LP raised its holdings in shares of Wayfair by 64.3% during the first quarter. Atreides Management LP now owns 1,430,997 shares of the company's stock worth $107,625,000 after purchasing an additional 560,133 shares during the period. Dimensional Fund Advisors LP lifted its holdings in Wayfair by 46.4% in the first quarter. Dimensional Fund Advisors LP now owns 1,036,531 shares of the company's stock worth $77,923,000 after acquiring an additional 328,358 shares during the last quarter. Assenagon Asset Management S.A. lifted its holdings in shares of Wayfair by 42.2% in the 2nd quarter. Assenagon Asset Management S.A. now owns 818,591 shares of the company's stock worth $75,654,000 after purchasing an additional 242,791 shares during the last quarter. Finally, Bank of New York Mellon Corp increased its position in Wayfair by 1.8% in the first quarter. Bank of New York Mellon Corp now owns 310,825 shares of the company's stock worth $23,377,000 after buying an additional 5,586 shares during the period. 89.67% of the stock is owned by hedge funds and other institutional investors.

Analyst Upgrades and Downgrades

Several research analysts have weighed in on the stock. Wedbush upped their target price on shares of Wayfair from $85.00 to $125.00 and gave the stock a "neutral" rating in a research report on Wednesday, August 5th. TD Cowen lifted their price target on shares of Wayfair from $75.00 to $110.00 and gave the stock a "hold" rating in a report on Wednesday, August 5th. Mizuho lifted their price objective on Wayfair from $90.00 to $110.00 and gave the company an "outperform" rating in a research report on Tuesday, September 29th. Sanford C. Bernstein reiterated an "outperform" rating on shares of Wayfair in a research report on Tuesday, September 1st. Finally, Zacks Research lowered Wayfair from a "strong-buy" rating to a "hold" rating in a research note on Monday, September 28th. Two analysts have rated the stock with a Strong Buy rating, eighteen have given a Buy rating, eleven have assigned a Hold rating and one has issued a Sell rating to the company's stock. According to data from MarketBeat.com, the company has an average rating of "Moderate Buy" and an average target price of $120.93.

Wayfair Company Profile

Wayfair Inc is an e-commerce company specializing in home furnishings and household goods. Through its online platforms, the company offers furniture, décor, lighting, rugs, mattresses, appliances, kitchen and bath products, outdoor items, and other products for residential and commercial spaces.

Wayfair operates its flagship Wayfair brand alongside specialty retail brands such as Joss & Main, AllModern, Birch Lane, and Perigold. Its platform connects customers with a broad network of suppliers and provides product discovery, ordering, delivery, customer service, and related home-shopping services.

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