III Capital Management Buys Shares of 24,600 Wayfair Inc. (NYSE:W)

III Capital Management purchased a new position in Wayfair Inc. (NYSE:W) in the third quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The institutional investor purchased 24,600 shares of the company’s stock, valued at approximately $1,382,000.

Several other institutional investors have also made changes to their positions in W. Renaissance Technologies LLC grew its stake in Wayfair by 28.0% in the second quarter. Renaissance Technologies LLC now owns 3,086,569 shares of the company’s stock valued at $162,755,000 after purchasing an additional 675,271 shares in the last quarter. Wolf Hill Capital Management LP grew its stake in shares of Wayfair by 22.9% in the 2nd quarter. Wolf Hill Capital Management LP now owns 2,322,906 shares of the company’s stock valued at $122,487,000 after buying an additional 432,404 shares in the last quarter. Southpoint Capital Advisors LP bought a new stake in shares of Wayfair in the 3rd quarter valued at approximately $78,652,000. Holocene Advisors LP increased its holdings in Wayfair by 5,699.8% in the third quarter. Holocene Advisors LP now owns 1,235,193 shares of the company’s stock worth $69,393,000 after buying an additional 1,213,896 shares during the last quarter. Finally, Charles Schwab Investment Management Inc. raised its position in Wayfair by 35.2% during the third quarter. Charles Schwab Investment Management Inc. now owns 974,255 shares of the company’s stock valued at $54,734,000 after acquiring an additional 253,681 shares in the last quarter. 89.67% of the stock is currently owned by institutional investors and hedge funds.

Wall Street Analyst Weigh In

Several brokerages have recently commented on W. Wedbush dropped their price target on shares of Wayfair from $50.00 to $45.00 and set an “outperform” rating on the stock in a research note on Monday, November 4th. Royal Bank of Canada cut their target price on Wayfair from $53.00 to $50.00 and set a “sector perform” rating on the stock in a report on Monday, November 4th. Mizuho decreased their price target on Wayfair from $65.00 to $60.00 and set an “outperform” rating for the company in a research note on Monday, November 4th. Robert W. Baird lowered their price objective on Wayfair from $56.00 to $50.00 and set a “neutral” rating on the stock in a report on Monday, November 4th. Finally, Deutsche Bank Aktiengesellschaft reduced their target price on Wayfair from $69.00 to $46.00 and set a “buy” rating for the company in a report on Monday, November 4th. One equities research analyst has rated the stock with a sell rating, twelve have given 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 company presently has a consensus rating of “Moderate Buy” and a consensus target price of $60.28.

Insider Transactions at Wayfair

In related news, CTO Fiona Tan sold 10,040 shares of the stock in a transaction that occurred on Wednesday, October 2nd. The stock was 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 directly owns 84,655 shares of the company’s stock, valued at approximately $4,491,794.30. This represents a 10.60 % decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. Also, insider Jon Blotner sold 4,600 shares of Wayfair stock in a transaction that occurred on Monday, October 14th. The shares were sold at an average price of $53.60, for a total transaction of $246,560.00. Following the completion of the transaction, the insider now directly owns 52,078 shares in the company, valued at approximately $2,791,380.80. The trade was a 8.12 % decrease in their position. The disclosure for this sale can be found here. In the last ninety days, insiders sold 67,868 shares of company stock worth $3,272,548. 23.50% of the stock is currently owned by company insiders.

Wayfair Stock Performance

W traded down $0.35 during mid-day trading on Tuesday, reaching $47.73. The stock had a trading volume of 247,910 shares, compared to its average volume of 4,414,343. The stock has a market capitalization of $5.98 billion, a P/E ratio of -10.65 and a beta of 3.44. Wayfair Inc. has a 52 week low of $37.35 and a 52 week high of $76.18. The firm’s fifty day simple moving average is $47.25 and its two-hundred day simple moving average is $49.56.

Wayfair (NYSE:W) last announced its quarterly earnings data on Friday, November 1st. The company reported $0.22 earnings per share for the quarter, topping the consensus estimate of $0.13 by $0.09. The firm had revenue of $2.88 billion for the quarter, compared to the consensus estimate of $2.87 billion. The business’s revenue for the quarter was down 2.0% compared to the same quarter last year. During the same period in the prior year, the firm posted ($1.38) earnings per share. As a group, analysts expect that Wayfair Inc. will post -2.89 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.