Southpoint Capital Advisors LP Decreases Holdings in Wayfair Inc. $W

Southpoint Capital Advisors LP trimmed its position in shares of Wayfair Inc. (NYSE:W) by 55.7% during the 1st quarter, Holdings Channel.com reports. The institutional investor owned 664,286 shares of the company’s stock after selling 835,714 shares during the quarter. Southpoint Capital Advisors LP’s holdings in Wayfair were worth $49,961,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Other institutional investors and hedge funds have also recently modified their holdings of the company. ABS Direct Equity Fund LLC bought a new stake in shares of Wayfair in the first quarter worth $83,000. OMERS ADMINISTRATION Corp bought a new position in Wayfair in the first quarter valued at about $1,692,000. Entropy Technologies LP lifted its holdings in Wayfair by 242.7% in the first quarter. Entropy Technologies LP now owns 41,874 shares of the company’s stock valued at $3,149,000 after acquiring an additional 29,656 shares during the period. Caxton Associates LLP purchased a new position in Wayfair in the first quarter worth about $376,000. Finally, Inceptionr LLC purchased a new position in Wayfair in the first quarter worth about $244,000. 89.67% of the stock is currently owned by hedge funds and other institutional investors.

Wayfair Stock Up 12.2%

Shares of W opened at $94.44 on Tuesday. The business has a 50-day simple moving average of $81.96 and a two-hundred day simple moving average of $82.82. The stock has a market cap of $12.47 billion, a price-to-earnings ratio of -40.36, a PEG ratio of 4.66 and a beta of 2.96. Wayfair Inc. has a 52 week low of $55.60 and a 52 week high of $119.98.

Wayfair (NYSE:W) last posted its quarterly earnings data on Thursday, April 30th. The company reported $0.26 earnings per share for the quarter, meeting analysts’ consensus estimates of $0.26. Wayfair had a negative return on equity of 2.20% and a negative net margin of 2.41%.The firm had revenue of $2.93 billion for the quarter, compared to analysts’ expectations of $2.89 billion. During the same period in the previous year, the firm earned $0.10 EPS. The business’s quarterly revenue was up 7.4% on a year-over-year basis. On average, equities analysts anticipate that Wayfair Inc. will post 0.6 earnings per share for the current fiscal year.

Wall Street Analysts Forecast Growth

Several equities research analysts have recently commented on the stock. Weiss Ratings raised shares of Wayfair from a “sell (e+)” rating to a “sell (d-)” rating in a research report on Wednesday, June 17th. Truist Financial set a $99.00 target price on shares of Wayfair in a research report on Monday, June 8th. UBS Group reduced their target price on shares of Wayfair from $130.00 to $115.00 and set a “buy” rating for the company in a report on Friday, May 1st. Benchmark assumed coverage on shares of Wayfair in a research report on Tuesday, July 7th. They issued a “hold” rating on the stock. Finally, The Goldman Sachs Group set a $79.00 price target on shares of Wayfair in a research note on Friday, May 1st. One equities research 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, the stock has a consensus rating of “Moderate Buy” and an average price target of $100.36.

Insider Transactions at Wayfair

In other Wayfair news, insider Jon Blotner sold 5,925 shares of the firm’s stock in a transaction that occurred on Thursday, July 2nd. The shares were sold at an average price of $96.29, for a total transaction of $570,518.25. Following the sale, the insider owned 117,344 shares in the company, valued at approximately $11,299,053.76. This trade represents a 4.81% decrease in their position. The transaction was disclosed in a legal filing 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. The sale was made to cover tax withholding obligations related to the vesting of equity awards. Corporate insiders own 18.44% of the company’s stock.

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.