Edgestream Partners L.P. Acquires New Position in Wayfair Inc. (NYSE:W)

Edgestream Partners L.P. bought a new stake in shares of Wayfair Inc. (NYSE:W - Free Report) during the second quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The firm bought 11,354 shares of the company's stock, valued at approximately $599,000.

A number of other institutional investors have also recently modified their holdings of the business. Norges Bank purchased a new stake in shares of Wayfair during the fourth quarter worth about $47,374,000. BI Asset Management Fondsmaeglerselskab A S acquired a new position in shares of Wayfair during the fourth quarter valued at approximately $74,000. Corient Private Wealth LLC lifted its position in shares of Wayfair by 29.7% in the fourth quarter. Corient Private Wealth LLC now owns 23,314 shares of the company's stock valued at $1,438,000 after acquiring an additional 5,334 shares in the last quarter. Quest Partners LLC acquired a new stake in shares of Wayfair in the fourth quarter worth approximately $212,000. Finally, Advisory Services Network LLC purchased a new stake in shares of Wayfair during the fourth quarter worth approximately $201,000. 89.67% of the stock is currently owned by institutional investors and hedge funds.

Analysts Set New Price Targets

A number of equities analysts recently weighed in on W shares. Loop Capital lowered their price target on shares of Wayfair from $60.00 to $50.00 and set a "hold" rating on the stock in a research report on Friday, June 21st. Truist Financial lowered their target price on Wayfair from $70.00 to $60.00 and set a "buy" rating on the stock in a report on Friday, August 2nd. The Goldman Sachs Group cut their price target on Wayfair from $67.00 to $54.00 and set a "neutral" rating for the company in a report on Friday, August 2nd. Piper Sandler lowered their price objective on Wayfair from $91.00 to $67.00 and set an "overweight" rating on the stock in a research note on Friday, August 2nd. Finally, Citigroup cut their target price on Wayfair from $85.00 to $70.00 and set a "buy" rating for the company in a research note on Friday, August 2nd. Twelve research analysts have rated the stock with a hold rating, thirteen have assigned a buy rating and one has issued a strong buy rating to the stock. Based on data from MarketBeat, Wayfair presently has an average rating of "Moderate Buy" and a consensus target price of $65.63.

Insiders Place Their Bets

In other Wayfair news, insider Jon Blotner sold 4,395 shares of the business's stock in a transaction on Monday, July 15th. The shares were sold at an average price of $56.09, for a total transaction of $246,515.55. Following the sale, the insider now directly owns 43,926 shares in the company, valued at approximately $2,463,809.34. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. In other Wayfair news, COO Thomas Netzer sold 6,625 shares of Wayfair stock in a transaction dated Tuesday, July 2nd. The shares were sold at an average price of $50.74, for a total transaction of $336,152.50. Following the completion of the transaction, the chief operating officer now owns 157,239 shares in the company, valued at $7,978,306.86. The sale was disclosed in a document filed with the SEC, which is accessible through this hyperlink. Also, insider Jon Blotner sold 4,395 shares of the stock in a transaction that occurred on Monday, July 15th. The shares were sold at an average price of $56.09, for a total transaction of $246,515.55. Following the completion of the sale, the insider now owns 43,926 shares in the company, valued at $2,463,809.34. The disclosure for this sale can be found here. In the last 90 days, insiders have sold 41,113 shares of company stock worth $2,126,623. Company insiders own 26.81% of the company's stock.

Wayfair Price Performance

Shares of W traded up $0.20 during mid-day trading on Monday, reaching $53.05. The company's stock had a trading volume of 2,695,359 shares, compared to its average volume of 4,282,965. The company's 50 day moving average is $46.47 and its 200 day moving average is $54.75. The stock has a market cap of $6.39 billion, a PE ratio of -9.90 and a beta of 3.40. Wayfair Inc. has a 12-month low of $38.02 and a 12-month high of $76.18.

Wayfair (NYSE:W - Get Free Report) last posted its earnings results on Thursday, August 1st. The company reported $0.47 earnings per share for the quarter, missing the consensus estimate of $0.50 by ($0.03). The firm had revenue of $3.18 billion during the quarter, compared to analyst estimates of $3.18 billion. The business's revenue was up .2% on a year-over-year basis. During the same period in the prior year, the firm earned ($1.27) earnings per share. As a group, sell-side analysts anticipate that Wayfair Inc. will post -2.66 EPS for the current fiscal year.

Wayfair Company 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.