Wayfair (NYSE:W) Insider Steven Conine Sells 120,000 Shares

Wayfair Inc. (NYSE:W) insider Steven Conine sold 120,000 shares of the company’s stock in a transaction dated Tuesday, December 23rd. The shares were sold at an average price of $100.28, for a total value of $12,033,600.00. Following the completion of the sale, the insider directly owned 469,073 shares of the company’s stock, valued at approximately $47,038,640.44. This trade represents a 20.37% decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this hyperlink.

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

• On Friday, December 26th, Steven Conine sold 30,000 shares of Wayfair stock. The shares were sold at an average price of $102.33, for a total value of $3,069,900.00.
• On Monday, November 24th, Steven Conine sold 150,000 shares of Wayfair stock. The shares were sold at an average price of $105.92, for a total value of $15,888,000.00.
• On Tuesday, October 28th, Steven Conine sold 30,000 shares of Wayfair stock. The stock was sold at an average price of $105.09, for a total transaction of $3,152,700.00.
• On Thursday, October 23rd, Steven Conine sold 120,000 shares of Wayfair stock. The shares were sold at an average price of $82.17, for a total transaction of $9,860,400.00.
• On Monday, October 20th, Steven Conine sold 85,000 shares of Wayfair stock. The stock was sold at an average price of $82.85, for a total transaction of $7,042,250.00.

Wayfair Stock Performance

Wayfair stock traded down $0.26 during midday trading on Monday, hitting $101.96. 1,433,838 shares of the company’s stock were exchanged, compared to its average volume of 4,564,407. The stock has a market cap of $13.29 billion, a price-to-earnings ratio of -39.83 and a beta of 3.25. Wayfair Inc. has a 12-month low of $20.41 and a 12-month high of $114.92. The firm’s 50 day simple moving average is $99.96 and its 200 day simple moving average is $81.17.

Wayfair (NYSE:W) last announced its earnings results on Tuesday, October 28th. The company reported $0.70 earnings per share for the quarter, topping the consensus estimate of $0.44 by $0.26. The business had revenue of $3.12 billion for the quarter, compared to analyst estimates of $3.01 billion. During the same quarter last year, the company posted $0.22 EPS. Wayfair’s quarterly revenue was up 8.1% on a year-over-year basis. On average, equities research analysts forecast that Wayfair Inc. will post -2.54 EPS for the current fiscal year.

Institutional Inflows and Outflows

Several large investors have recently added to or reduced their stakes in the stock. Capital World Investors boosted its stake in shares of Wayfair by 4.1% during the 3rd quarter. Capital World Investors now owns 13,374,574 shares of the company’s stock valued at $1,194,750,000 after buying an additional 521,240 shares during the period. Vanguard Group Inc. raised its holdings in shares of Wayfair by 4.3% during the third quarter. Vanguard Group Inc. now owns 9,562,050 shares of the company’s stock worth $854,178,000 after acquiring an additional 397,572 shares in the last quarter. Alyeska Investment Group L.P. boosted its position in Wayfair by 681.8% during the first quarter. Alyeska Investment Group L.P. now owns 5,462,651 shares of the company’s stock valued at $174,969,000 after purchasing an additional 4,763,944 shares during the last quarter. Southpoint Capital Advisors LP boosted its position in Wayfair by 42.9% during the first quarter. Southpoint Capital Advisors LP now owns 4,000,000 shares of the company’s stock valued at $128,120,000 after purchasing an additional 1,200,000 shares during the last quarter. Finally, Spruce House Investment Management LLC grew its stake in Wayfair by 37.6% in the second quarter. Spruce House Investment Management LLC now owns 3,000,000 shares of the company’s stock valued at $153,420,000 after purchasing an additional 819,615 shares in the last quarter. Institutional investors and hedge funds own 89.67% of the company’s stock.

Analyst Upgrades and Downgrades

A number of research analysts have recently issued reports on W shares. Zacks Research lowered Wayfair from a “strong-buy” rating to a “hold” rating in a report on Monday, September 29th. Piper Sandler reissued an “overweight” rating on shares of Wayfair in a research note on Friday, November 21st. Truist Financial upped their price objective on shares of Wayfair from $95.00 to $120.00 and gave the stock a “buy” rating in a research report on Tuesday, October 28th. Canaccord Genuity Group lifted their target price on shares of Wayfair from $100.00 to $125.00 and gave the company a “buy” rating in a report on Wednesday, October 29th. Finally, Stifel Nicolaus set a $100.00 price target on shares of Wayfair in a research note on Wednesday, October 29th. Two investment analysts have rated the stock with a Strong Buy rating, eighteen have issued a Buy rating, ten have given a Hold rating and two have issued a Sell rating to the company. According to MarketBeat.com, Wayfair has an average rating of “Moderate Buy” and an average target price of $105.29.

About Wayfair

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.