Steven Conine, co-founder and director of Wayfair Inc . (NYSE:W), recently sold a significant portion of his holdings in the company. According to a filing with the Securities and Exchange Commission, Conine sold a total of 29,000 shares of Wayfair's Class A common stock on December 6, 2024. The timing is notable as InvestingPro data shows the stock has gained over 14% in the past week, with technical indicators suggesting overbought conditions. The sales were executed at prices ranging from $52.49 to $54.12 per share, amounting to approximately $1.59 million.
Following these transactions, Conine holds 632,573 shares directly. Additionally, he has indirect ownership of 22,857 shares through SK Ventures LLC, where he is a member and may be deemed a beneficial owner. The sales were part of a pre-arranged trading plan under Rule 10b5-1, which Conine adopted in August 2024.
In other recent news, Wayfair Inc. reported mid-single-digit growth in sales following the Black Friday weekend, according to an investment firm's analysis. The company's third-quarter earnings report showed a 2% year-over-year decrease in net revenue and a 6.1% drop in orders, offset by a 4.4% increase in average order value. The company ended the quarter with $1.3 billion in cash and equivalents, and an adjusted EBITDA of $119 million.
Several analysts have adjusted their price targets for Wayfair, with Mizuho (NYSE:MFG) reducing their target to $60 and BMO Capital Markets revising it to $50. KeyBanc Capital Markets maintained its Sector Weight rating on Wayfair, citing the company's ability to improve EBITDA and capture market share despite industry headwinds.
Wayfair, along with Tempur Sealy (NYSE:TPX) International and Arhaus, Inc., are expected to take more market share in the fourth quarter, according to the investment firm's analysis. Wayfair also launched a new loyalty program, Wayfair Rewards, as part of its ongoing efforts to enhance customer loyalty and drive profitability. These are among the recent developments for the company.
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