Insider Selling: Wayfair (NYSE:W) CEO Sells 117,000 Shares of Company Stock

Wayfair Inc. (NYSE:W) CEO Niraj Shah sold 117,000 shares of the stock in a transaction that occurred on Thursday, October 15th. The stock was sold at an average price of $111.25, for a total transaction of $13,016,250.00. Following the completion of the transaction, the chief executive officer owned 105,137 shares in the company, valued at approximately $11,696,491.25. This trade represents a 52.67% decrease in their position. The sale was disclosed in a document filed with the SEC, which is available through this link. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan.

Niraj Shah also recently made the following trade(s):

• On Monday, October 12th, Niraj Shah sold 69,000 shares of Wayfair stock. The shares were sold at an average price of $105.75, for a total transaction of $7,296,750.00.
• On Monday, September 14th, Niraj Shah sold 69,000 shares of Wayfair stock. The shares were sold at an average price of $103.35, for a total transaction of $7,131,150.00.
• On Wednesday, August 12th, Niraj Shah 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 Stock Up 4.2%

Shares of NYSE:W traded up $4.53 during midday trading on Monday, reaching $111.81. The company’s stock had a trading volume of 2,162,916 shares, compared to its average volume of 3,448,153. The firm has a market capitalization of $14.76 billion, a PE ratio of -45.45, a P/E/G ratio of 3.86 and a beta of 3.02. Wayfair Inc. has a twelve month low of $55.60 and a twelve month high of $119.98. The stock has a fifty day moving average of $102.50 and a 200 day moving average of $87.71.

Wayfair (NYSE:W) last posted its earnings results on Tuesday, August 4th. The company reported $0.95 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.90 by $0.05. The company had revenue of $3.52 billion during the quarter, compared to the consensus estimate of $3.47 billion. Wayfair had a negative net margin of 2.49% and a negative return on equity of 3.40%. The firm’s quarterly revenue was up 7.5% on a year-over-year basis. During the same period in the previous year, the firm posted $0.87 earnings per share. Sell-side analysts anticipate that Wayfair Inc. will post 0.93 earnings per share for the current fiscal year.

Hedge Funds Weigh In On Wayfair

Several institutional investors and hedge funds have recently modified their holdings of the business. VIRGINIA RETIREMENT SYSTEMS ET Al purchased a new position in Wayfair during the second quarter worth approximately $2,001,000. Baird Financial Group Inc. acquired a new stake in Wayfair in the second quarter valued at approximately $16,362,000. WINTON GROUP Ltd purchased a new stake in shares of Wayfair in the second quarter valued at approximately $3,207,000. Assenagon Asset Management S.A. increased its position in shares of Wayfair by 42.2% in the second quarter. Assenagon Asset Management S.A. now owns 818,591 shares of the company’s stock valued at $75,654,000 after buying an additional 242,791 shares in the last quarter. Finally, Public Employees Retirement System of Ohio acquired a new position in Wayfair during the second quarter worth $2,874,000. Hedge funds and other 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: Wayfair plans to open a physical furniture store in Denver next month. The location could expand brand visibility, provide customers with an in-person shopping option and support an omnichannel strategy, although the store may also add operating costs before contributing materially to revenue. Furniture retailer Wayfair to open brick-and-mortar store in Denver next month
• Neutral Sentiment: Recent coverage highlights Wayfair’s home-furnishings assortment, seasonal promotions and discounted products. These articles may support customer engagement and sales activity, but the emphasis on discounts could pressure gross margins and does not provide evidence of a material change in financial forecasts. Wayfair comforter promotion
• Neutral Sentiment: A head-to-head survey comparing Brilliant Earth Group and Wayfair offers limited direct insight into Wayfair’s earnings outlook or near-term valuation. Brilliant Earth Group and Wayfair head-to-head survey
• Negative Sentiment: Director Steven Conine and CEO Niraj Shah each sold 117,000 shares at an average price of $111.25, reducing their direct holdings by roughly 53% and generating approximately $13.0 million apiece. The transactions may weigh on sentiment because of their size, though both were scheduled under Rule 10b5-1 plans. Wayfair insider sale filing
• Negative Sentiment: Insider Jon Blotner sold 546 shares for about $60,060. The transaction was small relative to his remaining ownership and was also made under a pre-arranged trading plan, limiting its significance. Wayfair insider transaction filing

Analyst Upgrades and Downgrades

Several equities analysts have recently issued reports on W shares. Citigroup boosted their price objective on Wayfair from $95.00 to $133.00 and gave the company a “buy” rating in a report on Thursday, August 13th. Piper Sandler reiterated an “overweight” rating and set a $133.00 price target on shares of Wayfair in a research report on Wednesday, September 30th. UBS Group boosted their price target on Wayfair from $118.00 to $156.00 and gave the company a “buy” rating in a report on Wednesday, August 5th. JPMorgan Chase & Co. upped their price objective on Wayfair from $105.00 to $108.00 and gave the stock an “overweight” rating in a research report on Tuesday, July 28th. Finally, Sanford C. Bernstein reaffirmed an “outperform” rating on shares of Wayfair in a research note on Tuesday, September 1st. Two equities research analysts have rated the stock with a Strong Buy rating, eighteen have given a Buy rating, eleven have given a Hold rating and one has issued a Sell rating to the company’s stock. Based on data from MarketBeat, Wayfair has an average rating of “Moderate Buy” and a consensus price target of $120.93.

Wayfair Company Profile

Wayfair Inc is an e-commerce company that sells furniture, home furnishings and related products through digital platforms. Its selection includes furniture, décor, lighting, rugs, mattresses, kitchen and dining products, housewares, home improvement items, outdoor furnishings and other goods for residential and commercial spaces.

The company operates a portfolio of online brands and retail websites, including Wayfair, Joss & Main, AllModern, Birch Lane and Perigold. These brands are designed to serve different customer preferences, price points and areas of the home-furnishings market.