Should You Sell Wayfair (W)?

Alphyn Capital Management, an investment management firm, released its first-quarter 2023 investor letter. The same can be downloaded here. The fund returned 7.5% (net) in the first quarter compared to a 7.5% return for the S&P500 Index. In addition, please check the fund’s top five holdings to know its best picks in 2023.

Alphyn Capital Management highlighted stocks like Wayfair Inc. (NYSE:W) in the first quarter 2023 investor letter. Headquartered in Boston, Massachusetts, Wayfair Inc. (NYSE:W) is an e-commerce company that operates worldwide. On April 26, 2023, Wayfair Inc. (NYSE:W) stock closed at $35.05 per share. One-month return of Wayfair Inc. (NYSE:W) was -7.91%, and its shares lost 57.97% of their value over the last 52 weeks. Wayfair Inc. (NYSE:W) has a market capitalization of $3.89 billion.

Alphyn Capital Management made the following comment about Wayfair Inc. (NYSE:W) in its Q1 2023 investor letter:

“I sold covered calls on Wayfair Inc. (NYSE:W), based on the assumption that the company was unlikely to experience significant price fluctuations before the next earnings report. High implied volatility should enable me to generate attractive income from the options premiums.”

Wayfair Inc. (NYSE:W) is not on our list of 30 Most Popular Stocks Among Hedge Funds. As per our database, 32 hedge fund portfolios held Wayfair Inc. (NYSE:W) at the end of the fourth quarter which was 31 in the previous quarter.

We discussed Wayfair Inc. (NYSE:W) in another article and shared Alphyn Capital’s views on the company in the previous quarter. In addition, please check out our hedge fund investor letters Q1 2023 page for more investor letters from hedge funds and other leading investors.

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Disclosure: None. This article is originally published at Insider Monkey.