Wayfair (NYSE:W) Director Sells $7,131,840.00 in Stock

Key Points

• Wayfair director Steven Conine sold 69,000 shares for approximately $7.13 million at an average price of $103.36 under a pre-arranged Rule 10b5-1 plan, reducing his direct holdings by 16.08% to 360,073 shares.
• Wayfair’s latest quarter exceeded expectations, with earnings of $0.95 per share versus the $0.90 consensus and revenue of $3.52 billion, up 7.5% year over year.
• Analysts maintain a “Moderate Buy” consensus with an average price target of $119.70, while institutional investors own about 89.67% of the company’s stock.

Wayfair Inc. (NYSE:W - Get Free Report) Director Steven Conine sold 69,000 shares of the stock in a transaction that occurred on Wednesday, August 12th. The shares were sold at an average price of $103.36, for a total transaction of $7,131,840.00. Following the completion of the sale, the director directly owned 360,073 shares of the company's stock, valued at approximately $37,217,145.28. This trade represents a 16.08% decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan.

Wayfair Stock Performance

Shares of NYSE W traded up $0.46 during midday trading on Friday, reaching $101.59. 1,905,847 shares of the stock were exchanged, compared to its average volume of 4,093,442. The stock has a market capitalization of $13.41 billion, a P/E ratio of -41.30, a PEG ratio of 4.48 and a beta of 2.99. The company has a 50 day simple moving average of $90.52 and a 200 day simple moving average of $81.71. 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 posted its earnings results on Tuesday, August 4th. The company reported $0.95 EPS for the quarter, beating analysts' consensus estimates of $0.90 by $0.05. The company had revenue of $3.52 billion for the quarter, compared to analysts' expectations of $3.47 billion. Wayfair had a negative net margin of 2.49% and a negative return on equity of 3.40%. Wayfair's revenue for the quarter was up 7.5% compared to the same quarter last year. During the same quarter in the prior year, the company posted $0.87 earnings per share. On average, research analysts expect that Wayfair Inc. will post 0.75 earnings per share for the current year.

Hedge Funds Weigh In On Wayfair

Hedge funds and other institutional investors have recently added to or reduced their stakes in the business. Havemeyer Place LP purchased a new stake in shares of Wayfair during the fourth quarter worth $39,000. Kestra Advisory Services LLC purchased a new position in Wayfair in the fourth quarter valued at $44,000. Larson Financial Group LLC boosted its holdings in Wayfair by 30.0% in the third quarter. Larson Financial Group LLC now owns 520 shares of the company's stock valued at $46,000 after purchasing an additional 120 shares during the period. Comerica Bank grew its stake in Wayfair by 56.5% during the 3rd quarter. Comerica Bank now owns 634 shares of the company's stock worth $57,000 after purchasing an additional 229 shares in the last quarter. Finally, Key Capital Management INC acquired a new position in Wayfair during the 4th quarter worth $67,000. Hedge funds and other institutional investors own 89.67% of the company's stock.

Analyst Upgrades and Downgrades

A number of equities analysts recently weighed in on the stock. Zacks Research cut shares of Wayfair from a "strong-buy" rating to a "hold" rating in a research report on Monday, July 20th. Wedbush boosted their target price on Wayfair from $85.00 to $125.00 and gave the company a "neutral" rating in a research report on Wednesday, August 5th. Needham & Company LLC upped their price target on Wayfair from $83.00 to $133.00 and gave the stock a "buy" rating in a research note on Wednesday, August 5th. Jefferies Financial Group restated a "hold" rating and set a $108.00 price target on shares of Wayfair in a research report on Tuesday, August 4th. Finally, The Goldman Sachs Group reaffirmed a "neutral" rating on shares of Wayfair in a research note on Wednesday, August 5th. One analyst has 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. According to data from MarketBeat.com, Wayfair currently has an average rating of "Moderate Buy" and a consensus price target of $119.70.

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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