Octahedron Capital Management L.P. Acquires 65,000 Shares of Wayfair Inc. (NYSE:W)

Octahedron Capital Management L.P. boosted its position in Wayfair Inc. (NYSE:W) by 209.7% during the 2nd quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The firm owned 96,000 shares of the company’s stock after buying an additional 65,000 shares during the period. Wayfair makes up 5.1% of Octahedron Capital Management L.P.’s holdings, making the stock its 10th biggest holding. Octahedron Capital Management L.P. owned about 0.08% of Wayfair worth $5,062,000 at the end of the most recent quarter.

Other hedge funds and other institutional investors have also bought and sold shares of the company. Capital World Investors increased its stake in Wayfair by 0.9% in the first quarter. Capital World Investors now owns 12,145,579 shares of the company’s stock valued at $824,442,000 after purchasing an additional 103,369 shares in the last quarter. Vanguard Group Inc. increased its stake in Wayfair by 4.5% in the first quarter. Vanguard Group Inc. now owns 8,467,900 shares of the company’s stock valued at $574,801,000 after purchasing an additional 363,948 shares in the last quarter. Renaissance Technologies LLC increased 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 increased its stake in Wayfair by 22.9% in the second quarter. Wolf Hill Capital Management LP now owns 2,322,906 shares of the company’s stock valued at $122,487,000 after purchasing an additional 432,404 shares in the last quarter. Finally, Norges Bank bought a new stake in Wayfair in the fourth quarter valued at $47,374,000. Institutional investors and hedge funds own 89.67% of the company’s stock.

Wall Street Analysts Forecast Growth

W has been the subject of several research analyst reports. Bank of America downgraded shares of Wayfair from a “buy” rating to a “neutral” rating and decreased their price target for the company from $85.00 to $58.00 in a research note on Thursday, August 1st. Truist Financial decreased their target price on shares of Wayfair from $70.00 to $60.00 and set a “buy” rating for the company in a research report on Friday, August 2nd. Deutsche Bank Aktiengesellschaft decreased their target price on shares of Wayfair from $87.00 to $70.00 and set a “buy” rating for the company in a research report on Friday, August 2nd. Argus downgraded shares of Wayfair from a “buy” rating to a “hold” rating in a research report on Monday, August 26th. Finally, Citigroup decreased their target price on shares of Wayfair from $85.00 to $70.00 and set a “buy” rating for the company in a research report on Friday, August 2nd. Twelve investment 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 company’s stock. Based on data from MarketBeat.com, the company has an average rating of “Moderate Buy” and a consensus target price of $65.63.

Insider Activity at Wayfair

In related news, CTO Fiona Tan sold 8,036 shares of the company’s stock in a transaction that occurred on Tuesday, July 2nd. The shares were sold at an average price of $50.64, for a total transaction of $406,943.04. Following the sale, the chief technology officer now directly owns 64,074 shares in the company, valued at approximately $3,244,707.36. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this link. In related news, CTO Fiona Tan sold 8,036 shares of the company’s stock in a transaction that occurred on Tuesday, July 2nd. The shares were sold at an average price of $50.64, for a total transaction of $406,943.04. Following the sale, the chief technology officer now owns 64,074 shares of the company’s stock, valued at approximately $3,244,707.36. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, COO Thomas Netzer sold 1,011 shares of the company’s stock in a transaction that occurred on Tuesday, September 17th. The stock was sold at an average price of $49.42, for a total transaction of $49,963.62. Following the sale, the chief operating officer now directly owns 151,802 shares in the company, valued at approximately $7,502,054.84. The disclosure for this sale can be found here. In the last ninety days, insiders have sold 41,113 shares of company stock worth $2,126,623. 26.81% of the stock is owned by corporate insiders.

Wayfair Stock Down 2.6 %

W opened at $52.90 on Friday. The stock has a market cap of $6.37 billion, a price-to-earnings ratio of -9.87 and a beta of 3.40. The company’s 50-day moving average price is $46.48 and its two-hundred day moving average price is $54.87. Wayfair Inc. has a twelve month low of $38.02 and a twelve month high of $76.18.

Wayfair (NYSE:W) last announced its quarterly 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 for the quarter, compared to the consensus estimate of $3.18 billion. The company’s quarterly revenue was up .2% compared to the same quarter last year. During the same quarter in the prior year, the firm earned ($1.27) EPS. As a group, sell-side analysts anticipate that Wayfair Inc. will post -2.66 earnings per share for the current year.

About Wayfair

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.