Granite Investment Partners LLC Trims Stake in Wayfair Inc. (NYSE:W)

Granite Investment Partners LLC cut its position in shares of Wayfair Inc. (NYSE:W) by 1.9% in the second quarter, HoldingsChannel reports. The firm owned 113,191 shares of the company’s stock after selling 2,171 shares during the period. Granite Investment Partners LLC’s holdings in Wayfair were worth $5,969,000 as of its most recent SEC filing.

Several other hedge funds have also made changes to their positions in the company. Riverview Trust Co purchased a new position in shares of Wayfair in the 1st quarter valued at $27,000. ORG Partners LLC purchased a new position in Wayfair in the first quarter valued at about $37,000. International Assets Investment Management LLC bought a new position in Wayfair in the second quarter worth about $58,000. BI Asset Management Fondsmaeglerselskab A S purchased a new stake in shares of Wayfair during the fourth quarter valued at about $74,000. Finally, Comerica Bank grew its position in shares of Wayfair by 210.9% in the 1st quarter. Comerica Bank now owns 1,222 shares of the company’s stock worth $83,000 after buying an additional 829 shares during the last quarter. 89.67% of the stock is currently owned by hedge funds and other institutional investors.

Wayfair Stock Performance

NYSE W opened at $52.90 on Friday. Wayfair Inc. has a fifty-two week low of $38.02 and a fifty-two week high of $76.18. The firm has a market capitalization of $6.37 billion, a P/E ratio of -9.87 and a beta of 3.40. The stock’s fifty day moving average is $46.48 and its two-hundred day moving average is $54.87.

Wayfair (NYSE:W) last announced its earnings results on Thursday, August 1st. The company reported $0.47 EPS for the quarter, missing analysts’ consensus estimates of $0.50 by ($0.03). The company had revenue of $3.18 billion during the quarter, compared to the consensus estimate of $3.18 billion. Wayfair’s revenue for the quarter was up .2% compared to the same quarter last year. During the same period last year, the business earned ($1.27) EPS. As a group, sell-side analysts forecast that Wayfair Inc. will post -2.66 EPS for the current year.

Insider Activity

In related news, CEO Niraj Shah sold 10,000 shares of the business’s stock in a transaction on Monday, July 8th. The shares were sold at an average price of $52.62, for a total transaction of $526,200.00. Following the completion of the transaction, the chief executive officer now owns 209,137 shares in the company, valued at $11,004,788.94. The sale was disclosed in a legal filing with the SEC, which is accessible through the SEC website. In other news, CTO Fiona Tan sold 8,036 shares of the company’s stock in a transaction that occurred on Tuesday, July 2nd. The stock was sold at an average price of $50.64, for a total transaction of $406,943.04. Following the completion of the sale, the chief technology officer now owns 64,074 shares in the company, valued at $3,244,707.36. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. Also, CEO Niraj Shah sold 10,000 shares of the firm’s stock in a transaction on Monday, July 8th. The stock was sold at an average price of $52.62, for a total transaction of $526,200.00. Following the completion of the sale, the chief executive officer now owns 209,137 shares of the company’s stock, valued at approximately $11,004,788.94. The disclosure for this sale can be found here. In the last quarter, insiders sold 41,113 shares of company stock worth $2,126,623. 26.81% of the stock is currently owned by company insiders.

Analysts Set New Price Targets

Several research analysts recently issued reports on the company. Loop Capital reduced their target price on Wayfair from $60.00 to $50.00 and set a “hold” rating on the stock in a research report on Friday, June 21st. Gordon Haskett downgraded shares of Wayfair from a “buy” rating to a “hold” rating in a research report on Thursday, August 1st. Stifel Nicolaus cut their price target on shares of Wayfair from $56.00 to $55.00 and set a “hold” rating on the stock in a research note on Friday, August 2nd. Citigroup reduced 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. Finally, Royal Bank of Canada dropped their price target on Wayfair from $65.00 to $53.00 and set a “sector perform” rating on the stock 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 given a strong buy rating to the company’s stock. According to MarketBeat, the stock presently has an average rating of “Moderate Buy” and an average price target of $65.63.

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.