Watershed Asset Management L.L.C. Grows Position in Warby Parker Inc. $WRBY

Watershed Asset Management L.L.C. grew its holdings in shares of Warby Parker Inc. (NYSE:WRBY) by 60.2% in the first quarter, according to its most recent disclosure with the Securities & Exchange Commission. The firm owned 70,500 shares of the company’s stock after purchasing an additional 26,500 shares during the quarter. Warby Parker comprises approximately 1.5% of Watershed Asset Management L.L.C.’s portfolio, making the stock its 19th biggest holding. Watershed Asset Management L.L.C. owned 0.07% of Warby Parker worth $1,485,000 at the end of the most recent quarter.

Several other large investors have also recently modified their holdings of the business. First Horizon Corp lifted its stake in shares of Warby Parker by 96.7% during the 4th quarter. First Horizon Corp now owns 1,210 shares of the company’s stock valued at $26,000 after buying an additional 595 shares in the last quarter. Eagle Bay Advisors LLC bought a new position in Warby Parker in the 4th quarter worth approximately $35,000. Farther Finance Advisors LLC raised its holdings in Warby Parker by 41.4% during the 4th quarter. Farther Finance Advisors LLC now owns 1,687 shares of the company’s stock valued at $37,000 after acquiring an additional 494 shares during the period. Covestor Ltd lifted its position in shares of Warby Parker by 5,795.3% during the fourth quarter. Covestor Ltd now owns 2,535 shares of the company’s stock worth $55,000 after acquiring an additional 2,492 shares in the last quarter. Finally, NewEdge Advisors LLC lifted its position in shares of Warby Parker by 56.7% during the third quarter. NewEdge Advisors LLC now owns 2,350 shares of the company’s stock worth $65,000 after acquiring an additional 850 shares in the last quarter. Hedge funds and other institutional investors own 93.24% of the company’s stock.

Analyst Ratings Changes

Several brokerages have recently weighed in on WRBY. UBS Group lifted their price target on Warby Parker from $25.00 to $27.00 and gave the company a “neutral” rating in a research report on Friday, May 8th. BTIG Research increased their price objective on Warby Parker from $32.00 to $34.00 and gave the stock a “buy” rating in a report on Thursday, May 7th. Citigroup reiterated a “market outperform” rating on shares of Warby Parker in a research report on Friday, May 22nd. Telsey Advisory Group increased their price target on shares of Warby Parker from $32.00 to $33.00 and gave the stock an “outperform” rating in a report on Friday, May 8th. Finally, Bank of America started coverage on shares of Warby Parker in a research report on Monday, June 29th. They issued a “buy” rating and a $33.00 price objective for the company. Ten equities research analysts have rated the stock with a Buy rating and five have assigned a Hold rating to the stock. Based on data from MarketBeat.com, the stock currently has an average rating of “Moderate Buy” and an average price target of $29.82.

Insiders Place Their Bets

In other news, Director Youngme E. Moon sold 10,000 shares of Warby Parker stock in a transaction dated Friday, June 12th. The stock was sold at an average price of $26.53, for a total transaction of $265,300.00. Following the completion of the sale, the director owned 26,061 shares in the company, valued at approximately $691,398.33. This trade represents a 27.73% decrease in their position. The sale was disclosed in a legal filing with the SEC, which can be accessed through this link. Also, CEO Neil Harris Blumenthal sold 9,200 shares of the business’s stock in a transaction dated Monday, July 6th. The stock was sold at an average price of $29.99, for a total value of $275,908.00. Following the transaction, the chief executive officer directly owned 31,112 shares of the company’s stock, valued at $933,048.88. The trade was a 22.82% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. In the last quarter, insiders sold 388,649 shares of company stock worth $11,377,807. 16.80% of the stock is currently owned by insiders.

Warby Parker Stock Performance

Warby Parker stock opened at $26.46 on Friday. Warby Parker Inc. has a fifty-two week low of $14.96 and a fifty-two week high of $31.00. The stock has a market cap of $2.83 billion, a P/E ratio of 1,323.81, a PEG ratio of 5.51 and a beta of 1.91. The firm’s fifty day moving average price is $26.71 and its 200-day moving average price is $25.04.

Warby Parker (NYSE:WRBY) last posted its quarterly earnings data 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 for the quarter, compared to the consensus estimate of $239.44 million. During the same period in the prior year, the business posted $0.03 EPS. Warby Parker’s quarterly revenue was up 8.4% on a year-over-year basis. Sell-side analysts predict that Warby Parker Inc. will post 0.19 earnings per share for the current year.

Warby Parker 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.