OP Asset Management Ltd Takes Position in Wayfair Inc. $W

OP Asset Management Ltd purchased a new stake in Wayfair Inc. (NYSE:W) in the first quarter, according to the company in its most recent disclosure with the SEC. The firm purchased 66,458 shares of the company’s stock, valued at approximately $4,998,000.

Several other large investors also recently added to or reduced their stakes in the stock. Arrowstreet Capital Limited Partnership raised its position in Wayfair by 826.0% during the third quarter. Arrowstreet Capital Limited Partnership now owns 2,817,056 shares of the company’s stock valued at $251,648,000 after purchasing an additional 2,512,854 shares during the period. Voloridge Investment Management LLC purchased a new position in shares of Wayfair in the 3rd quarter worth approximately $108,125,000. Norges Bank purchased a new position in shares of Wayfair in the 4th quarter worth approximately $117,973,000. AQR Capital Management LLC increased its position in shares of Wayfair by 197.3% during the 2nd quarter. AQR Capital Management LLC now owns 1,557,937 shares of the company’s stock valued at $79,673,000 after purchasing an additional 1,033,865 shares during the last quarter. Finally, Holocene Advisors LP increased its position in shares of Wayfair by 351.9% during the 2nd quarter. Holocene Advisors LP now owns 1,294,057 shares of the company’s stock valued at $66,178,000 after purchasing an additional 1,007,676 shares during the last quarter. 89.67% of the stock is owned by institutional investors.

Analyst Upgrades and Downgrades

W has been the subject of a number of analyst reports. Needham & Company LLC lowered their price target on Wayfair from $125.00 to $83.00 and set a “buy” rating for the company in a research report on Friday, May 1st. UBS Group reduced their target price on shares of Wayfair from $130.00 to $115.00 and set a “buy” rating on the stock in a research note on Friday, May 1st. Weiss Ratings upgraded shares of Wayfair from a “sell (e+)” rating to a “sell (d-)” rating in a report on Wednesday, June 17th. Truist Financial set a $99.00 price target on shares of Wayfair in a report on Monday, June 8th. Finally, Mizuho decreased their price objective on shares of Wayfair from $110.00 to $90.00 and set an “outperform” rating for the company in a research note on Friday, May 8th. One equities research analyst has rated the stock with a Strong Buy rating, eighteen have assigned a Buy rating, ten have assigned a Hold rating and one has assigned a Sell rating to the company. According to MarketBeat, Wayfair presently has an average rating of “Moderate Buy” and a consensus target price of $99.68.

Insider Activity at Wayfair

In other news, insider Jon Blotner sold 4,790 shares of the firm’s stock in a transaction that occurred on Thursday, April 2nd. The shares were sold at an average price of $72.19, for a total transaction of $345,790.10. Following the transaction, the insider directly owned 111,158 shares of the company’s stock, valued at approximately $8,024,496.02. This trade represents a 4.13% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which can be accessed through this link. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, Director Steven Conine sold 7,139 shares of Wayfair stock in a transaction that occurred on Friday, April 24th. The shares were sold at an average price of $78.55, for a total transaction of $560,768.45. Following the sale, the director directly owned 429,073 shares of the company’s stock, valued at $33,703,684.15. This represents a 1.64% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Insiders sold 244,790 shares of company stock worth $18,959,021 in the last 90 days. 18.44% of the stock is owned by corporate insiders.

Wayfair Stock Up 1.2%

W stock opened at $94.64 on Friday. The business’s fifty day simple moving average is $73.46 and its two-hundred day simple moving average is $84.48. Wayfair Inc. has a twelve month low of $50.40 and a twelve month high of $119.98. The firm has a market cap of $12.49 billion, a price-to-earnings ratio of -40.44, a PEG ratio of 4.92 and a beta of 3.02.

Wayfair (NYSE:W) last released its earnings results on Thursday, April 30th. The company reported $0.26 earnings per share for the quarter, hitting the consensus estimate of $0.26. The business had revenue of $2.93 billion during the quarter, compared to the consensus estimate of $2.89 billion. Wayfair had a negative return on equity of 2.20% and a negative net margin of 2.41%.The business’s revenue for the quarter was up 7.4% compared to the same quarter last year. During the same period last year, the company earned $0.10 earnings per share. Research analysts expect that Wayfair Inc. will post 0.63 EPS for the current year.

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.