Connor Clark & Lunn Investment Management Ltd. Acquires 182,744 Shares of Wayfair Inc. $W

Connor Clark & Lunn Investment Management Ltd. grew its holdings in Wayfair Inc. (NYSE:W) by 374.2% in the second quarter, Holdings Channel reports. The firm owned 231,584 shares of the company’s stock after buying an additional 182,744 shares during the quarter. Connor Clark & Lunn Investment Management Ltd.’s holdings in Wayfair were worth $11,843,000 as of its most recent SEC filing.

Several other hedge funds have also recently modified their holdings of W. Parallel Advisors LLC lifted its holdings in shares of Wayfair by 229.0% during the second quarter. Parallel Advisors LLC now owns 1,576 shares of the company’s stock valued at $81,000 after purchasing an additional 1,097 shares in the last quarter. IFP Advisors Inc raised its position in Wayfair by 49.3% in the 2nd quarter. IFP Advisors Inc now owns 1,869 shares of the company’s stock worth $96,000 after buying an additional 617 shares during the last quarter. GFG Capital LLC bought a new position in Wayfair during the 2nd quarter valued at about $102,000. Caitong International Asset Management Co. Ltd boosted its holdings in shares of Wayfair by 15,266.7% during the 1st quarter. Caitong International Asset Management Co. Ltd now owns 4,610 shares of the company’s stock valued at $148,000 after acquiring an additional 4,580 shares during the last quarter. Finally, Fox Run Management L.L.C. purchased a new stake in shares of Wayfair during the 1st quarter valued at about $215,000. Hedge funds and other institutional investors own 89.67% of the company’s stock.

Wall Street Analyst Weigh In

A number of research analysts recently weighed in on W shares. Truist Financial increased their price objective on shares of Wayfair from $95.00 to $120.00 and gave the company a “buy” rating in a research report on Tuesday, October 28th. Zelman & Associates boosted their target price on shares of Wayfair from $85.00 to $96.00 and gave the company an “outperform” rating in a research note on Tuesday, August 5th. Zacks Research cut Wayfair from a “strong-buy” rating to a “hold” rating in a report on Monday, September 29th. Citigroup lifted their price objective on Wayfair from $105.00 to $135.00 and gave the stock a “buy” rating in a report on Wednesday, October 29th. Finally, JPMorgan Chase & Co. upped their price objective on Wayfair from $82.00 to $105.00 and gave the company an “overweight” rating in a research report on Monday, October 27th. Two research analysts have rated the stock with a Strong Buy rating, eighteen have issued a Buy rating, nine have assigned a Hold rating and two have given a Sell rating to the stock. According to data from MarketBeat.com, the company presently has an average rating of “Moderate Buy” and an average target price of $103.96.

Insider Activity

In other Wayfair news, CEO Niraj Shah sold 30,000 shares of the firm’s stock in a transaction dated Tuesday, October 28th. The stock was sold at an average price of $105.10, for a total transaction of $3,153,000.00. Following the sale, the chief executive officer directly owned 139,137 shares of the company’s stock, valued at $14,623,298.70. This trade represents a 17.74% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. Also, CTO Fiona Tan sold 6,347 shares of the business’s stock in a transaction dated Wednesday, November 5th. The shares were sold at an average price of $100.54, for a total value of $638,127.38. Following the completion of the transaction, the chief technology officer owned 198,860 shares in the company, valued at $19,993,384.40. The trade was a 3.09% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. Insiders have sold 825,959 shares of company stock valued at $70,097,674 over the last 90 days. Company insiders own 21.91% of the company’s stock.

Wayfair Stock Down 1.8%

NYSE W opened at $110.43 on Wednesday. Wayfair Inc. has a 52 week low of $20.41 and a 52 week high of $114.92. The company has a market capitalization of $14.39 billion, a P/E ratio of -43.14 and a beta of 3.03. The stock’s 50-day moving average price is $88.88 and its 200-day moving average price is $66.46.

Wayfair (NYSE:W) last released its earnings results on Tuesday, October 28th. The company reported $0.70 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.44 by $0.26. The firm had revenue of $3.12 billion during the quarter, compared to analysts’ expectations of $3.01 billion. During the same period in the prior year, the company posted $0.22 earnings per share. The company’s revenue was up 8.1% compared to the same quarter last year. Research analysts anticipate that Wayfair Inc. will post -2.54 EPS for the current year.

About Wayfair

Wayfair Inc provides e-commerce business in the United States and internationally. The company offers approximately thirty million products for the home sector. It offers online selections of furniture, décor, housewares, and home improvement products through its sites consisting of Wayfair, Joss & Main, AllModern, Birch Lane, Perigold, and Wayfair Professional.