Wayfair (NYSE:W) Stock: Insider Steven Conine Sells 117,000 Shares

Wayfair Inc. (NYSE:W) Director Steven Conine sold 117,000 shares of the firm’s 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 director directly owned 105,073 shares of the company’s stock, valued at $11,689,371.25. This represents a 52.69% decrease in their position. The transaction was disclosed in a document filed with the SEC, which is available at this hyperlink. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan.

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

• On Monday, October 12th, Steven Conine sold 69,000 shares of Wayfair stock. The stock was sold at an average price of $105.75, for a total value of $7,296,750.00.
• On Monday, September 14th, Steven Conine sold 69,000 shares of Wayfair stock. The stock was sold at an average price of $103.36, for a total value of $7,131,840.00.
• On Wednesday, August 12th, Steven Conine sold 69,000 shares of Wayfair stock. The shares were sold at an average price of $103.36, for a total value of $7,131,840.00.

Wayfair Stock Performance

Shares of NYSE W traded up $4.53 during mid-day trading on Monday, reaching $111.81. The company had a trading volume of 2,162,916 shares, compared to its average volume of 3,448,153. The company has a market capitalization of $14.76 billion, a price-to-earnings ratio of -45.45, a PEG ratio of 3.86 and a beta of 3.02. The stock has a fifty day moving average of $102.50 and a two-hundred day moving average of $87.71. Wayfair Inc. has a 12-month low of $55.60 and a 12-month high of $119.98.

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

Institutional Trading of Wayfair

Several hedge funds have recently added to or reduced their stakes in the business. Kaufman Rossin Wealth LLC bought a new position in shares of Wayfair during the third quarter valued at $219,000. IFP Advisors Inc grew its stake in Wayfair by 153.5% during the third quarter. IFP Advisors Inc now owns 2,053 shares of the company’s stock worth $211,000 after buying an additional 1,243 shares during the last quarter. Chemistry Wealth Management LLC grew its stake in Wayfair by 0.6% during the third quarter. Chemistry Wealth Management LLC now owns 45,643 shares of the company’s stock worth $4,681,000 after buying an additional 275 shares during the last quarter. Curated Wealth Partners LLC bought a new stake in Wayfair during the third quarter worth about $630,000. Finally, Fortitude Family Office LLC increased its holdings in shares of Wayfair by 144.7% during the third quarter. Fortitude Family Office LLC now owns 460 shares of the company’s stock worth $47,000 after buying an additional 272 shares in the last quarter. Institutional investors own 89.67% of the company’s stock.

Wayfair News Roundup

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 Ratings Changes

Several research firms have commented on W. Needham & Company LLC increased their target price 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. Guggenheim boosted their price target on Wayfair from $100.00 to $135.00 and gave the stock a “buy” rating in a research report on Wednesday, August 5th. Benchmark started coverage on Wayfair in a research report on Tuesday, July 7th. They issued a “hold” rating for the company. UBS Group increased their price objective on Wayfair from $118.00 to $156.00 and gave the company a “buy” rating in a report on Wednesday, August 5th. Finally, Royal Bank Of Canada raised their price objective on Wayfair from $78.00 to $92.00 and gave the company a “sector perform” rating in a research note on Wednesday, August 5th. Two investment analysts have rated the stock with a Strong Buy rating, eighteen have issued a Buy rating, eleven have given a Hold rating and one has issued a Sell rating to the stock. According to MarketBeat, Wayfair currently has a consensus rating of “Moderate Buy” and a consensus target price of $120.93.

About Wayfair

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.