Baker Avenue Asset Management LP Purchases New Shares in Wayfair Inc. $W

Baker Avenue Asset Management LP bought a new stake in shares of Wayfair Inc. (NYSE:W) during the 4th quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The fund bought 10,381 shares of the company’s stock, valued at approximately $1,042,000.

Several other large investors have also recently modified their holdings of the stock. Arista Wealth Management LLC bought a new position in shares of Wayfair during the 4th quarter valued at approximately $331,000. Geode Capital Management LLC increased its position in shares of Wayfair by 10.8% during the 4th quarter. Geode Capital Management LLC now owns 1,903,219 shares of the company’s stock valued at $191,145,000 after purchasing an additional 185,897 shares during the last quarter. Williamson Legacy Group LLC increased its position in shares of Wayfair by 86.2% during the 4th quarter. Williamson Legacy Group LLC now owns 24,967 shares of the company’s stock valued at $2,507,000 after purchasing an additional 11,560 shares during the last quarter. Prospera Financial Services Inc bought a new position in shares of Wayfair during the 4th quarter valued at approximately $214,000. Finally, Lisanti Capital Growth LLC bought a new position in shares of Wayfair during the 4th quarter valued at approximately $5,648,000. Institutional investors own 89.67% of the company’s stock.

Insider Transactions at Wayfair

In other news, Director Steven Conine sold 112,861 shares of the firm’s stock in a transaction dated Thursday, April 23rd. The stock was sold at an average price of $77.50, for a total value of $8,746,727.50. Following the completion of the transaction, the director directly owned 436,212 shares in the company, valued at $33,806,430. This trade represents a 20.55% decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is available through the SEC website. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, CEO Niraj Shah sold 113,863 shares of the firm’s stock in a transaction dated Thursday, April 23rd. The stock was sold at an average price of $77.49, for a total value of $8,823,243.87. Following the completion of the transaction, the chief executive officer owned 435,274 shares of the company’s stock, valued at approximately $33,729,382.26. The trade was a 20.73% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Insiders sold a total of 463,785 shares of company stock worth $35,864,224 over the last three months. 18.44% of the stock is currently owned by insiders.

Wayfair Price Performance

Shares of NYSE:W opened at $72.35 on Friday. Wayfair Inc. has a 1 year low of $39.90 and a 1 year high of $119.98. The firm has a market capitalization of $9.55 billion, a P/E ratio of -30.92, a P/E/G ratio of 4.15 and a beta of 3.02. The business’s 50-day moving average is $71.09 and its 200 day moving average is $87.94.

Wayfair (NYSE:W) last announced its quarterly earnings data on Thursday, April 30th. The company reported $0.26 earnings per share (EPS) for the quarter, hitting the consensus estimate of $0.26. Wayfair had a negative return on equity of 2.20% and a negative net margin of 2.41%.The firm had revenue of $2.93 billion during the quarter, compared to analysts’ expectations of $2.89 billion. During the same period last year, the business posted $0.10 earnings per share. The company’s revenue for the quarter was up 7.4% compared to the same quarter last year. On average, analysts expect that Wayfair Inc. will post 0.58 EPS for the current year.

Analysts Set New Price Targets

W has been the topic of several analyst reports. The Goldman Sachs Group set a $79.00 target price on Wayfair in a research report on Friday, May 1st. Piper Sandler restated an “overweight” rating and set a $125.00 price objective on shares of Wayfair in a report on Friday, February 20th. Weiss Ratings restated a “sell (d-)” rating on shares of Wayfair in a report on Monday, April 20th. Wells Fargo & Company dropped their price objective on Wayfair from $125.00 to $100.00 and set an “overweight” rating for the company in a report on Friday, May 1st. Finally, TD Cowen dropped their price objective on Wayfair from $88.00 to $75.00 and set a “hold” rating for the company in a report on Thursday, April 30th. One equities research analyst has rated the stock with a Strong Buy rating, eighteen have given a Buy rating, ten have assigned a Hold rating and one has assigned a Sell rating to the stock. Based on data from MarketBeat.com, the stock has an average rating of “Moderate Buy” and an average price target of $99.89.

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.