Insider Selling: Warby Parker (NYSE:WRBY) CEO Sells 660 Shares of Stock

Warby Parker Inc. (NYSE:WRBY) CEO Neil Harris Blumenthal sold 660 shares of the stock in a transaction on Tuesday, January 13th. The shares were sold at an average price of $29.99, for a total value of $19,793.40. Following the sale, the chief executive officer owned 37,119 shares of the company’s stock, valued at $1,113,198.81. This trade represents a 1.75% decrease in their position. The sale was disclosed in a legal filing with the SEC, which is available at this link.

Neil Harris Blumenthal also recently made the following trade(s):

• On Wednesday, January 7th, Neil Harris Blumenthal sold 50,000 shares of Warby Parker stock. The stock was sold at an average price of $27.08, for a total value of $1,354,000.00.
• On Tuesday, January 6th, Neil Harris Blumenthal sold 150,000 shares of Warby Parker stock. The shares were sold at an average price of $25.09, for a total value of $3,763,500.00.
• On Thursday, December 11th, Neil Harris Blumenthal sold 100,000 shares of Warby Parker stock. The stock was sold at an average price of $30.29, for a total value of $3,029,000.00.

Warby Parker Trading Down 1.6%

WRBY stock traded down $0.47 during mid-day trading on Thursday, reaching $28.32. 2,388,546 shares of the stock traded hands, compared to its average volume of 4,525,696. Warby Parker Inc. has a 52-week low of $13.63 and a 52-week high of $31.00. The stock’s fifty day moving average is $22.42 and its 200-day moving average is $23.69. The company has a market cap of $2.99 billion, a P/E ratio of 2,831.80 and a beta of 2.05.

Warby Parker (NYSE:WRBY) last issued its quarterly earnings results on Thursday, November 6th. The company reported $0.06 EPS for the quarter, missing the consensus estimate of $0.09 by ($0.03). Warby Parker had a net margin of 0.08% and a return on equity of 1.96%. The firm had revenue of $221.68 million during the quarter, compared to analysts’ expectations of $224.49 million. During the same quarter last year, the company posted ($0.03) EPS. The firm’s revenue was up 15.2% compared to the same quarter last year. Equities research analysts expect that Warby Parker Inc. will post -0.12 earnings per share for the current year.

Hedge Funds Weigh In On Warby Parker

Hedge funds have recently added to or reduced their stakes in the company. Farther Finance Advisors LLC raised its position in Warby Parker by 259.3% during the third quarter. Farther Finance Advisors LLC now owns 1,193 shares of the company’s stock valued at $33,000 after acquiring an additional 861 shares in the last quarter. PNC Financial Services Group Inc. grew its position in Warby Parker by 400.3% in the second quarter. PNC Financial Services Group Inc. now owns 1,601 shares of the company’s stock worth $35,000 after acquiring an additional 1,281 shares in the last quarter. Huntington National Bank increased its stake in shares of Warby Parker by 111.0% during the 2nd quarter. Huntington National Bank now owns 1,675 shares of the company’s stock worth $37,000 after purchasing an additional 881 shares during the last quarter. NewEdge Advisors LLC raised its holdings in shares of Warby Parker by 56.7% during the 3rd quarter. NewEdge Advisors LLC now owns 2,350 shares of the company’s stock valued at $65,000 after purchasing an additional 850 shares in the last quarter. Finally, Neo Ivy Capital Management bought a new position in shares of Warby Parker during the 3rd quarter valued at $112,000. Institutional investors and hedge funds own 93.24% of the company’s stock.

Analysts Set New Price Targets

A number of research analysts have recently weighed in on WRBY shares. Telsey Advisory Group reiterated an “outperform” rating and set a $32.00 price target on shares of Warby Parker in a report on Wednesday, December 17th. Robert W. Baird set a $35.00 target price on Warby Parker in a research note on Wednesday, December 17th. Weiss Ratings reissued a “hold (c-)” rating on shares of Warby Parker in a research report on Monday, December 29th. Piper Sandler raised their price target on shares of Warby Parker from $22.00 to $32.00 and gave the stock an “overweight” rating in a report on Tuesday, December 16th. Finally, Citigroup raised shares of Warby Parker from a “hold” rating to an “outperform” rating in a research report on Wednesday, December 10th. Eleven equities research analysts have rated the stock with a Buy rating and eight have given a Hold rating to the company’s stock. Based on data from MarketBeat, Warby Parker presently has an average rating of “Moderate Buy” and an average target price of $26.75.

Warby Parker Company Profile

Warby Parker, Inc (NYSE: WRBY) is a U.S.-based eyewear company that designs, manufactures and sells prescription glasses, sunglasses and contact lenses through a direct-to-consumer model. Since its founding, the company has combined online and brick-and-mortar channels to streamline the customer experience, offering features such as virtual try-on technology and a home try-on program that allows consumers to sample frames before purchase.

Established in 2010 by Wharton graduates Neil Blumenthal, Dave Gilboa, Andrew Hunt and Jeffrey Raider, Warby Parker set out to disrupt the traditional optical market by controlling the entire supply chain—from frame design and lens production to warehousing and distribution.