Bank of New York Mellon Corp Trims Stock Position in Wayfair Inc. (NYSE:W)

Bank of New York Mellon Corp lessened its stake in Wayfair Inc. (NYSE:W) by 3.3% in the first quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 298,534 shares of the company’s stock after selling 10,060 shares during the period. Bank of New York Mellon Corp owned approximately 0.24% of Wayfair worth $9,562,000 at the end of the most recent reporting period.

Other hedge funds and other institutional investors have also bought and sold shares of the company. Vanguard Group Inc. raised its holdings in Wayfair by 3.6% during the 4th quarter. Vanguard Group Inc. now owns 9,315,337 shares of the company’s stock valued at $412,856,000 after buying an additional 327,603 shares during the last quarter. Sterling Capital Management LLC raised its holdings in Wayfair by 60.1% in the 4th quarter. Sterling Capital Management LLC now owns 5,636 shares of the company’s stock worth $250,000 after purchasing an additional 2,116 shares in the last quarter. LPL Financial LLC raised its holdings in Wayfair by 218.2% in the 4th quarter. LPL Financial LLC now owns 38,486 shares of the company’s stock worth $1,706,000 after purchasing an additional 26,390 shares in the last quarter. Norges Bank bought a new position in Wayfair in the 4th quarter worth $31,472,000. Finally, GAMMA Investing LLC raised its holdings in Wayfair by 5,850.4% in the 1st quarter. GAMMA Investing LLC now owns 42,248 shares of the company’s stock worth $1,319,000 after purchasing an additional 41,538 shares in the last quarter. Hedge funds and other institutional investors own 89.67% of the company’s stock.

Wayfair Stock Down 0.3%

Shares of W stock opened at $56.30 on Tuesday. The company has a market capitalization of $7.22 billion, a P/E ratio of -19.75 and a beta of 2.97. The firm has a 50-day moving average price of $47.75 and a 200 day moving average price of $40.99. Wayfair Inc. has a 12-month low of $20.41 and a 12-month high of $59.51.

Wayfair (NYSE:W) last released its earnings results on Thursday, May 1st. The company reported $0.10 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of ($0.14) by $0.24. The company had revenue of $2.73 billion during the quarter, compared to analyst estimates of $2.71 billion. Wayfair’s revenue was up .0% compared to the same quarter last year. During the same period in the prior year, the firm posted ($0.32) EPS. As a group, research analysts expect that Wayfair Inc. will post -2.54 earnings per share for the current year.

Analyst Upgrades and Downgrades

Several analysts recently commented on the stock. Stifel Nicolaus cut their price objective on shares of Wayfair from $46.00 to $29.00 and set a “hold” rating on the stock in a research report on Wednesday, April 23rd. TD Cowen upgraded shares of Wayfair from a “hold” rating to a “strong-buy” rating in a research note on Thursday, June 5th. Truist Financial set a $40.00 price objective on shares of Wayfair in a research report on Friday, May 2nd. BMO Capital Markets set a $38.00 price objective on shares of Wayfair in a research note on Friday, May 2nd. Finally, Mizuho decreased their target price on Wayfair from $60.00 to $50.00 and set an “outperform” rating for the company in a research report on Friday, May 2nd. 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 two have issued a strong buy rating to the stock. According to data from MarketBeat, the company has an average rating of “Moderate Buy” and a consensus target price of $46.72.

Insider Buying and Selling at Wayfair

In other Wayfair news, insider Jon Blotner sold 13,857 shares of the business’s stock in a transaction dated Tuesday, July 15th. The shares were sold at an average price of $56.45, for a total value of $782,227.65. Following the transaction, the insider owned 91,263 shares in the company, valued at approximately $5,151,796.35. The trade was a 13.18% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, insider Steven Conine sold 7,094 shares of the business’s stock in a transaction dated Wednesday, July 2nd. The shares were sold at an average price of $55.21, for a total transaction of $391,659.74. Following the completion of the transaction, the insider owned 229,073 shares in the company, valued at $12,647,120.33. The trade was a 3.00% decrease in their position. The disclosure for this sale can be found here. Over the last 90 days, insiders have sold 680,731 shares of company stock worth $33,429,384. 21.91% of the stock is currently owned by insiders.

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.