Southpoint Capital Advisors LP Invests $78.65 Million in Wayfair Inc. (NYSE:W)

Southpoint Capital Advisors LP bought a new position in Wayfair Inc. (NYSE:W) in the 3rd quarter, according to the company in its most recent Form 13F filing with the SEC. The institutional investor bought 1,400,000 shares of the company’s stock, valued at approximately $78,652,000. Wayfair makes up approximately 1.9% of Southpoint Capital Advisors LP’s portfolio, making the stock its 24th largest holding.

Several other institutional investors have also recently made changes to their positions in W. Highland Peak Capital LLC bought a new stake in shares of Wayfair in the 2nd quarter worth $5,165,000. Sei Investments Co. increased its holdings in shares of Wayfair by 32.8% in the 2nd quarter. Sei Investments Co. now owns 133,415 shares of the company’s stock worth $7,035,000 after purchasing an additional 32,968 shares in the last quarter. BRITISH COLUMBIA INVESTMENT MANAGEMENT Corp bought a new stake in shares of Wayfair in the 2nd quarter worth $8,189,000. Emerald Advisers LLC bought a new stake in shares of Wayfair in the 2nd quarter worth $686,000. Finally, Signaturefd LLC increased its holdings in shares of Wayfair by 56.4% in the 3rd quarter. Signaturefd LLC now owns 321,098 shares of the company’s stock worth $18,039,000 after purchasing an additional 115,778 shares in the last quarter. Institutional investors own 89.67% of the company’s stock.

Wayfair Trading Up 1.9 %

NYSE:W opened at $46.29 on Friday. The business’s 50-day moving average is $47.35 and its 200 day moving average is $50.00. Wayfair Inc. has a 12 month low of $37.35 and a 12 month high of $76.18. The company has a market capitalization of $5.80 billion, a P/E ratio of -10.31 and a beta of 3.46.

Wayfair (NYSE:W) last released its earnings results on Friday, November 1st. The company reported $0.22 EPS for the quarter, beating analysts’ consensus estimates of $0.13 by $0.09. The business had revenue of $2.88 billion for the quarter, compared to the consensus estimate of $2.87 billion. The company’s quarterly revenue was down 2.0% compared to the same quarter last year. During the same period in the prior year, the company posted ($1.38) EPS. On average, research analysts forecast that Wayfair Inc. will post -2.89 earnings per share for the current year.

Insiders Place Their Bets

In other news, insider Steven Conine sold 30,000 shares of the stock in a transaction on Wednesday, November 20th. The stock was sold at an average price of $42.31, for a total transaction of $1,269,300.00. Following the completion of the sale, the insider now owns 179,073 shares in the company, valued at approximately $7,576,578.63. This represents a 14.35 % decrease in their position. The sale was disclosed in a document filed with the SEC, which is accessible through this hyperlink. Also, insider Jon Blotner sold 6,055 shares of the stock in a transaction on Wednesday, October 2nd. The shares were sold at an average price of $53.07, for a total value of $321,338.85. Following the sale, the insider now owns 62,817 shares of the company’s stock, valued at approximately $3,333,698.19. This represents a 8.79 % decrease in their position. The disclosure for this sale can be found here. Insiders sold a total of 67,868 shares of company stock worth $3,272,548 over the last 90 days. Company insiders own 26.81% of the company’s stock.

Analyst Upgrades and Downgrades

A number of research firms have commented on W. Barclays reduced their target price on Wayfair from $58.00 to $51.00 and set an “equal weight” rating for the company in a report on Monday, August 5th. StockNews.com lowered Wayfair from a “hold” rating to a “sell” rating in a report on Thursday, November 21st. Deutsche Bank Aktiengesellschaft cut their price objective on Wayfair from $69.00 to $46.00 and set a “buy” rating for the company in a report on Monday, November 4th. Truist Financial cut their price objective on Wayfair from $60.00 to $55.00 and set a “buy” rating for the company in a report on Monday, November 4th. Finally, Royal Bank of Canada cut their price objective on Wayfair from $53.00 to $50.00 and set a “sector perform” 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 issued a hold rating, thirteen have given a buy rating and one has issued a strong buy rating to the company’s stock. According to data from MarketBeat, the stock has a consensus rating of “Moderate Buy” and a consensus target price of $60.28.

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.