Neil Harris Blumenthal Sells 36,300 Shares of Warby Parker (NYSE:WRBY) Stock

Warby Parker Inc. (NYSE:WRBY) CEO Neil Harris Blumenthal sold 36,300 shares of the business’s stock in a transaction dated Monday, June 29th. The shares were sold at an average price of $30.04, for a total value of $1,090,452.00. Following the completion of the sale, the chief executive officer directly owned 59,459 shares of the company’s stock, valued at $1,786,148.36. The trade was a 37.91% decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan.

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

• On Tuesday, May 19th, Neil Harris Blumenthal sold 63,040 shares of Warby Parker stock. The stock was sold at an average price of $30.03, for a total value of $1,893,091.20.
• On Monday, April 20th, Neil Harris Blumenthal sold 22,442 shares of Warby Parker stock. The shares were sold at an average price of $25.09, for a total value of $563,069.78.
• On Friday, April 17th, Neil Harris Blumenthal sold 75,213 shares of Warby Parker stock. The shares were sold at an average price of $24.56, for a total value of $1,847,231.28.
• On Thursday, April 16th, Neil Harris Blumenthal sold 2,345 shares of Warby Parker stock. The shares were sold at an average price of $24.08, for a total value of $56,467.60.

Warby Parker Price Performance

Shares of NYSE:WRBY traded down $0.86 during trading on Wednesday, reaching $29.48. 2,922,903 shares of the stock were exchanged, compared to its average volume of 3,248,375. Warby Parker Inc. has a 1-year low of $14.96 and a 1-year high of $31.00. The stock has a fifty day moving average of $25.55 and a two-hundred day moving average of $24.88. The firm has a market cap of $3.16 billion, a price-to-earnings ratio of 1,474.64 and a beta of 1.96.

Warby Parker (NYSE:WRBY) last posted its quarterly earnings results on Thursday, May 7th. The company reported $0.03 earnings per share (EPS) for the quarter, missing the consensus estimate of $0.11 by ($0.08). Warby Parker had a net margin of 0.15% and a return on equity of 2.30%. The business had revenue of $242.45 million during the quarter, compared to analyst estimates of $239.44 million. During the same period in the previous year, the business posted $0.03 EPS. The business’s revenue for the quarter was up 8.4% compared to the same quarter last year. Sell-side analysts forecast that Warby Parker Inc. will post 0.19 EPS for the current year.

Wall Street Analysts Forecast Growth

WRBY has been the topic of a number of analyst reports. Bank of America began coverage on shares of Warby Parker in a report on Monday. They issued a “buy” rating and a $33.00 target price on the stock. Citigroup reissued a “market outperform” rating on shares of Warby Parker in a report on Friday, May 22nd. BTIG Research increased their price objective on Warby Parker from $32.00 to $34.00 and gave the stock a “buy” rating in a research note on Thursday, May 7th. Piper Sandler restated an “overweight” rating on shares of Warby Parker in a report on Tuesday, May 19th. Finally, Telsey Advisory Group lifted their target price on Warby Parker from $32.00 to $33.00 and gave the company an “outperform” rating in a research report on Friday, May 8th. Ten equities research analysts have rated the stock with a Buy rating and five have given a Hold rating to the stock. According to MarketBeat.com, the company presently has a consensus rating of “Moderate Buy” and an average target price of $29.82.

Institutional Investors Weigh In On Warby Parker

A number of institutional investors have recently added to or reduced their stakes in WRBY. Udine Wealth Management Inc. bought a new stake in Warby Parker during the fourth quarter worth $1,284,000. Kingdon Capital Management L.L.C. purchased a new position in shares of Warby Parker in the 3rd quarter worth about $9,653,000. Natixis Advisors LLC grew its position in Warby Parker by 13.1% during the third quarter. Natixis Advisors LLC now owns 410,540 shares of the company’s stock valued at $11,323,000 after buying an additional 47,536 shares during the period. TimesSquare Capital Management LLC increased its holdings in Warby Parker by 34.2% during the fourth quarter. TimesSquare Capital Management LLC now owns 1,353,554 shares of the company’s stock worth $29,494,000 after buying an additional 344,879 shares during the last quarter. Finally, Fortis Group Advisors LLC bought a new stake in Warby Parker in the fourth quarter worth about $1,028,000. 93.24% of the stock is owned by institutional investors.

About Warby Parker

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.