Wayfair (NYSE:W) Director Steven Conine Sells 69,000 Shares of Stock

Wayfair Inc. (NYSE:W) Director Steven Conine sold 69,000 shares of the firm’s stock in a transaction that occurred on Wednesday, August 12th. The shares were sold at an average price of $103.36, for a total value 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 $37,217,145.28. This trade represents a 16.08% decrease in their position. The sale was disclosed in a document filed with the SEC, which is available at the SEC website. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan.

Wayfair Stock Up 0.5%

Shares of NYSE:W opened at $101.59 on Friday. Wayfair Inc. has a twelve month low of $55.60 and a twelve month high of $119.98. The stock’s 50 day moving average is $90.52 and its 200-day moving average is $81.71. The firm has a market capitalization of $13.41 billion, a price-to-earnings ratio of -41.30, a PEG ratio of 4.48 and a beta of 2.99.

Wayfair (NYSE:W) last issued its earnings results on Tuesday, August 4th. The company reported $0.95 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates 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 company had revenue of $3.52 billion for the quarter, compared to analysts’ expectations of $3.47 billion. During the same period last year, the business earned $0.87 EPS. Wayfair’s quarterly revenue was up 7.5% compared to the same quarter last year. Equities research analysts anticipate that Wayfair Inc. will post 0.75 earnings per share for the current fiscal year.

Analysts Set New Price Targets

Several equities research analysts have recently issued reports on the company. Deutsche Bank Aktiengesellschaft reaffirmed a “hold” rating and set a $120.00 target price on shares of Wayfair in a research report on Wednesday, August 5th. Wells Fargo & Company boosted their price target on shares of Wayfair from $100.00 to $130.00 and gave the stock an “overweight” rating in a report on Wednesday, August 5th. Zacks Research lowered shares of Wayfair from a “strong-buy” rating to a “hold” rating in a research report on Monday, July 20th. Needham & Company LLC lifted their price objective on shares of Wayfair from $83.00 to $133.00 and gave the stock a “buy” rating in a research report on Wednesday, August 5th. Finally, Wedbush lifted their price objective 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. One investment 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 stock. Based on data from MarketBeat.com, Wayfair presently has an average rating of “Moderate Buy” and a consensus target price of $119.70.

Hedge Funds Weigh In On Wayfair

A number of institutional investors have recently made changes to their positions in the stock. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. raised its position in Wayfair by 29.0% in the 1st quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 67,023 shares of the company’s stock worth $2,147,000 after purchasing an additional 15,084 shares during the period. Prudential Financial Inc. grew its holdings in shares of Wayfair by 30.4% during the 2nd quarter. Prudential Financial Inc. now owns 7,328 shares of the company’s stock worth $375,000 after acquiring an additional 1,710 shares during the period. Northwestern Mutual Wealth Management Co. raised its holdings in Wayfair by 12.3% in the second quarter. Northwestern Mutual Wealth Management Co. now owns 2,462 shares of the company’s stock worth $126,000 after purchasing an additional 270 shares in the last quarter. M&T Bank Corp bought a new position in shares of Wayfair in the 2nd quarter worth about $262,000. Finally, EverSource Wealth Advisors LLC lifted its holdings in shares of Wayfair by 393.4% during the second quarter. EverSource Wealth Advisors LLC now owns 819 shares of the company’s stock valued at $42,000 after purchasing an additional 653 shares during the last quarter. Institutional investors own 89.67% of the company’s stock.

Key Stories Impacting Wayfair

Here are the key news stories impacting Wayfair this week:

• Positive Sentiment: Physical retail expansion: Wayfair plans to open Pennsylvania’s first physical retail location in Pittsburgh. The store could help customers see products in person, support brand awareness and complement the company’s online marketplace. Wayfair to open Pennsylvania’s first physical retail location in Pittsburgh
• Positive Sentiment: Stores viewed as potential growth engine: Commentary suggests Wayfair’s physical-retail strategy is emerging as a possible long-term growth driver, potentially broadening customer reach and improving product discovery beyond its digital platform. Wayfair’s physical retail emerging as growth engine
• Neutral Sentiment: Promotional activity remains prominent: Wayfair was featured in end-of-summer clearance coverage, including discounts on fire pits, fire tables and home products. Promotions may stimulate near-term orders and clear inventory, but could also pressure margins. Final summer clearance savings from Saatva, Wayfair, REI and more
• Negative Sentiment: CEO and director sales: CEO Niraj Shah and director Steven Conine each sold 69,000 shares at an average of $103.36, reducing their individual holdings by about 16%. The transactions were made under pre-arranged Rule 10b5-1 trading plans, which lessens—but does not eliminate—the negative signaling risk. CEO insider sale filing

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.