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Wayfair co-founder Steven Conine sells $1.59 million in stock

Published 12/10/2024, 07:46 AM
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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.

This article was generated with the support of AI and reviewed by an editor. For more information see our T&C.

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