Readystate Asset Management LP Trims Stock Position in Wayfair Inc. (NYSE:W)

Readystate Asset Management LP decreased its position in shares of Wayfair Inc. (NYSE:W) by 11.9% during the 3rd quarter, according to the company in its most recent disclosure with the SEC. The fund owned 49,216 shares of the company’s stock after selling 6,617 shares during the quarter. Readystate Asset Management LP’s holdings in Wayfair were worth $2,765,000 as of its most recent filing with the SEC.

Other hedge funds and other institutional investors have also made changes to their positions in the company. Capital Performance Advisors LLP purchased a new stake in Wayfair in the 3rd quarter valued at $29,000. Point72 Asia Singapore Pte. Ltd. acquired a new stake in shares of Wayfair during the third quarter worth about $44,000. Brooklyn Investment Group purchased a new position in shares of Wayfair during the third quarter worth about $50,000. International Assets Investment Management LLC acquired a new position in Wayfair in the 2nd quarter valued at about $58,000. Finally, Northwest & Ethical Investments L.P. purchased a new stake in Wayfair during the 3rd quarter valued at approximately $67,000. Institutional investors and hedge funds own 89.67% of the company’s stock.

Wall Street Analysts Forecast Growth

Several research analysts have weighed in on the company. Citigroup lowered their target price on Wayfair from $70.00 to $54.00 and set a “buy” rating on the stock in a research note on Monday, November 4th. Truist Financial lowered their price objective on shares of Wayfair from $60.00 to $55.00 and set a “buy” rating on the stock in a research report on Monday, November 4th. Royal Bank of Canada cut their price objective on shares of Wayfair from $53.00 to $50.00 and set a “sector perform” rating for the company in a research report on Monday, November 4th. Mizuho reduced their target price on shares of Wayfair from $65.00 to $60.00 and set an “outperform” rating for the company in a research note on Monday, November 4th. Finally, UBS Group dropped their price target on shares of Wayfair from $70.00 to $65.00 and set a “buy” rating on the stock in a research note on Tuesday, October 22nd. One equities research analyst has rated the stock with a sell rating, twelve have issued a hold rating, thirteen have issued a buy rating and one has assigned a strong buy rating to the company’s stock. According to data from MarketBeat.com, the stock has an average rating of “Moderate Buy” and an average price target of $60.28.

Wayfair Price Performance

NYSE W opened at $49.69 on Thursday. Wayfair Inc. has a fifty-two week low of $37.35 and a fifty-two week high of $76.18. The business has a fifty day moving average of $47.10 and a 200-day moving average of $49.43.

Wayfair (NYSE:W) last released its earnings results on Friday, November 1st. The company reported $0.22 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.13 by $0.09. The firm had revenue of $2.88 billion during the quarter, compared to analysts’ expectations of $2.87 billion. During the same quarter last year, the company posted ($1.38) earnings per share. Wayfair’s revenue for the quarter was down 2.0% on a year-over-year basis. Sell-side analysts forecast that Wayfair Inc. will post -2.88 EPS for the current year.

Insider Activity at Wayfair

In other news, CFO Kate Gulliver sold 7,330 shares of the stock in a transaction dated Wednesday, October 2nd. The shares were sold at an average price of $53.05, for a total transaction of $388,856.50. Following the transaction, the chief financial officer now directly owns 117,947 shares in the company, valued at $6,257,088.35. This represents a 5.85 % decrease in their position. The sale was disclosed in a legal filing with the SEC, which is available at this link. Also, CTO Fiona Tan sold 10,040 shares of the business’s stock in a transaction that occurred on Wednesday, October 2nd. The shares were sold at an average price of $53.06, for a total transaction of $532,722.40. Following the completion of the sale, the chief technology officer now owns 84,655 shares of the company’s stock, valued at approximately $4,491,794.30. The trade was a 10.60 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last 90 days, insiders have sold 67,868 shares of company stock valued at $3,272,548. Company insiders own 26.81% of the company’s stock.

Wayfair Profile

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.