On September 18, 2023, it was reported that Duality Advisers LP recently acquired a new stake in Wayfair Inc. (NYSE:W) during the first quarter, according to the company’s 13F filing with the Securities and Exchange Commission (SEC). The investment firm purchased 18,746 shares of Wayfair’s stock, which were valued at approximately $644,000.
This news comes after some recent developments within Wayfair. In July, insider Steve Oblak sold a total of 22,193 shares of the company’s stock. These transactions took place on Wednesday, July 5th and resulted in an average selling price of $64.12 per share. As a result, Oblak received a total value of $1,423,015.16 from these sales. Following this transaction, Oblak now directly holds 242,550 shares in Wayfair valued at $15,552,306. This sale was disclosed through a legal filing with the SEC.
Additionally, on the same day as Oblak’s transactions, Chief Operating Officer Thomas Netzer also sold some shares of Wayfair stock. Netzer sold 21,241 shares for an average price of $64.11 per share. The total value of this transaction amounted to $1,361,760.51. Following the sale, Netzer owned 109,379 shares in Wayfair with a market value of approximately $7,012,287.69.
Further details about these transactions can be found through legal filings with the SEC and are also available on their website.
It is worth noting that insiders have collectively sold 100,913 shares of Wayfair company stock over the past ninety days alone. These sales represent a total worth of $6,643
Updated on: 06/12/2023
Debt to equity ratio: Strong Buy
Price to earnings ratio: Strong Sell
Price to book ratio: Strong Buy
DCF: Strong Buy
6:00 AM (UTC)
Date:06 December, 2023
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Institutional Investors and Analysts: Assessing Wayfair’s Future Growth and Market Outlook
In recent months, several institutional investors have made significant adjustments to their stakes in Wayfair, the online furniture and home goods retailer. HighTower Advisors LLC increased its position in the company by 16.9% during the first quarter. As a result, HighTower now owns 2,360 shares of Wayfair stock valued at $259,000 after purchasing an additional 342 shares in the last quarter.
MetLife Investment Management LLC also entered the picture with a new stake in Wayfair during the first quarter, worth approximately $378,000.
Panagora Asset Management Inc., on the other hand, decided to boost its existing stake in Wayfair by a considerable amount. The firm now owns 2,204 shares of the company’s stock valued at $244,000 after buying an additional 659 shares during the last quarter.
Vontobel Holding Ltd. took an even bolder step by increasing its stake in Wayfair by a whopping 51.6% during the first quarter. Vontobel now owns 12,740 shares of Wayfair stock valued at $1,548,000 after purchasing an additional 4,338 shares during the last quarter.
Finally, Aviva PLC joined this trend by elevating its stake in Wayfair by 1.5% during the first quarter. Aviva PLC now holds 23,470 shares of Wayfair stock valued at $2,600,000 after acquiring an additional 346 shares.
Considering these significant investments from various hedge funds and institutional investors collectively holding approximately 90% of Wayfair’s stock as of September 18th-2023), one can’t help but wonder about their motivations and expectations for the company’s future growth and profitability.
Industry analysts have also weighed in on these recent developments surrounding Wayfair’s stocks. UBS Group upgraded their rating from “neutral” to “buy,” while raising their target price for the stock from $72.00 to $110.00 in a research note on August 7th.
The Goldman Sachs Group, however, maintained a more moderate view, increasing their price target on Wayfair from $62.00 to $75.00 and giving the stock a “neutral” rating on August 11th.
Bank of America appeared more optimistic by raising their price target for Wayfair from $60.00 to $80.00 in a report released on July 14th.
TD Cowen, however, rendered a more cautious stance by increasing the price target from $60.00 to $78.00 and granting the stock a “market perform” rating in early August.
Meanwhile, Loop Capital took a decidedly bearish position, decreasing its target price for Wayfair from $65.00 to $60.00 and issuing a “sell” rating for the company earlier this month.
Overall, there seems to be mixed views within the analyst community regarding Wayfair’s future prospects and potential returns for investors. According to Bloomberg data, the stock currently has an average consensus rating of “Hold,” with 16 analysts recommending a buy rating, thirteen suggesting a hold rating, and two advising against it.
On September 18th-2023 (REFERENCE DATE), Wayfair’s stock opened at $71.00 per share. The company currently boasts a market capitalization of approximately $8.23 billion while carrying a PE Ratio of -7.43–an unusual figure that implies negative earnings due to certain accounting circumstances related primarily to investment expenses not yet realized.
With its beta standing at an elevated level of 3.18, Wayfair demonstrates higher volatility compared to the average stock in the market.
Taking into account recent performance trends, Wayfair’s business is experiencing some stability as indicated by its 50-day simple moving average of $71.88 as well as its 200-day simple moving average of $52.17.
In terms of its annual trading range, Wayfair hit a 52-week low of $28.11 and achieved a 52-week high of $90.71, offering investors an idea of how much the stock price has fluctuated over the past year.
Regarding the company’s latest earnings report released on August 3rd–2023, Wayfair reported an EPS (earnings per share) of ($1.27) for the quarter, surpassing analyst estimates by $1.06 as they had predicted an EPS of ($2.33). Additionally, Wayfair generated revenue of $3.17 billion during the quarter, beating analyst expectations which had averaged at around $3.10 billion.
Based on these figures and considering their overall financial performance this fiscal year, analysts predict that Wayfair Inc. will post an EPS of approximately -7.33 for the current fiscal year.
As time progresses, it will be interesting to see how these institutional investments and mixed analyst opinions play out in determining Wayfair’s future trajectory.