Warby Parker Inc. $WRBY Stock Sold by King Luther Capital Management Corp

King Luther Capital Management Corp decreased its holdings in shares of Warby Parker Inc. (NYSE:WRBY) by 5.6% during the third quarter, HoldingsChannel reports. The institutional investor owned 451,099 shares of the company’s stock after selling 26,762 shares during the period. King Luther Capital Management Corp’s holdings in Warby Parker were worth $12,532,000 at the end of the most recent quarter.

Several other hedge funds and other institutional investors have also recently modified their holdings of the business. Bank of America Corp DE lifted its stake in shares of Warby Parker by 30.9% during the 1st quarter. Bank of America Corp DE now owns 1,377,646 shares of the company’s stock worth $29,027,000 after acquiring an additional 325,250 shares during the last quarter. Ranger Investment Management L.P. bought a new position in Warby Parker in the 2nd quarter valued at $30,949,000. Dimensional Fund Advisors LP increased its stake in Warby Parker by 10.7% in the first quarter. Dimensional Fund Advisors LP now owns 1,722,577 shares of the company’s stock worth $36,291,000 after purchasing an additional 166,235 shares during the period. Kornitzer Capital Management Inc. KS increased its stake in Warby Parker by 52.1% in the third quarter. Kornitzer Capital Management Inc. KS now owns 263,415 shares of the company’s stock worth $7,318,000 after purchasing an additional 90,185 shares during the period. Finally, Granahan Investment Management LLC bought a new stake in shares of Warby Parker during the first quarter worth $1,726,000. 93.24% of the stock is currently owned by hedge funds and other institutional investors.

Warby Parker Stock Down 11.4%

WRBY opened at $26.73 on Friday. The stock’s fifty day moving average is $25.30 and its two-hundred day moving average is $25.17. The company has a market capitalization of $2.91 billion, a P/E ratio of 445.51, a PEG ratio of 9.87 and a beta of 1.95. Warby Parker Inc. has a 52 week low of $16.26 and a 52 week high of $31.75.

Warby Parker (NYSE:WRBY) last issued its earnings results on Thursday, November 5th. The company reported $0.04 earnings per share for the quarter, missing the consensus estimate of $0.09 by ($0.05). Warby Parker had a return on equity of 3.36% and a net margin of 0.80%. The firm had revenue of $244.74 million during the quarter, compared to analysts’ expectations of $244.92 million. During the same quarter in the prior year, the company posted $0.05 earnings per share. Warby Parker’s quarterly revenue was up 10.4% compared to the same quarter last year. Equities analysts anticipate that Warby Parker Inc. will post 0.12 earnings per share for the current year.

Insider Buying and Selling at Warby Parker

In related news, CEO Neil Blumenthal sold 73,133 shares of Warby Parker stock in a transaction dated Monday, November 9th. The stock was sold at an average price of $30.13, for a total value of $2,203,497.29. Following the completion of the sale, the chief executive officer directly owned 36,020 shares in the company, valued at $1,085,282.60. The trade was a 67.00% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is available through the SEC website. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. 16.80% of the stock is owned by insiders.

Analysts Set New Price Targets

A number of analysts have recently issued reports on the stock. Citigroup reissued a “market outperform” rating on shares of Warby Parker in a research note on Thursday, September 17th. BTIG Research reiterated a “buy” rating on shares of Warby Parker in a report on Tuesday, October 27th. TD Cowen assumed coverage on shares of Warby Parker in a research report on Friday, October 30th. They issued a “strong-buy” rating for the company. Weiss Ratings cut shares of Warby Parker from a “hold (c-)” rating to a “sell (d+)” rating in a research report on Friday, October 23rd. Finally, The Goldman Sachs Group restated a “buy” rating and issued a $32.00 target price on shares of Warby Parker in a research note on Friday, November 6th. One research analyst has rated the stock with a Strong Buy rating, seven have given a Buy rating, three have issued a Hold rating and one has issued a Sell rating to the company’s stock. Based on data from MarketBeat.com, Warby Parker presently has a consensus rating of “Moderate Buy” and an average price target of $31.42.

Warby Parker Profile

Warby Parker Inc. is an eyewear company that sells prescription glasses, sunglasses, and contact lenses through its website and retail stores. It also offers vision-related services, including eye exams at select locations. Founded in 2010, the company helped popularize a direct-to-consumer model for eyewear and has since expanded its network of stores. Warby Parker serves customers primarily in the United States and Canada. The company was co-founded by Neil Blumenthal, Dave Gilboa, Andrew Hunt, and Jeffrey Raider.