Warby Parker (NYSE:WRBY) Director Sells 5,000 Shares

Warby Parker Inc. (NYSE:WRBY) Director Teresa Briggs sold 5,000 shares of the business’s stock in a transaction dated Tuesday, June 16th. The shares were sold at an average price of $25.94, for a total value of $129,700.00. Following the completion of the transaction, the director owned 48,883 shares in the company, valued at $1,268,025.02. This trade represents a 9.28% decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this link. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan.

Warby Parker Trading Up 7.1%

WRBY stock traded up $1.73 during mid-day trading on Thursday, hitting $25.95. The stock had a trading volume of 18,817,477 shares, compared to its average volume of 3,240,975. Warby Parker Inc. has a 1-year low of $14.96 and a 1-year high of $31.00. The company has a fifty day moving average of $24.59 and a 200 day moving average of $24.45. The stock has a market capitalization of $2.78 billion, a price-to-earnings ratio of 1,298.00 and a beta of 1.96.

Warby Parker (NYSE:WRBY) last announced 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 firm had revenue of $242.45 million for the quarter, compared to analyst estimates of $239.44 million. During the same quarter in the prior year, the firm earned $0.03 earnings per share. The firm’s quarterly revenue was up 8.4% compared to the same quarter last year. As a group, sell-side analysts expect that Warby Parker Inc. will post 0.19 earnings per share for the current fiscal year.

Hedge Funds Weigh In On Warby Parker

Large investors have recently made changes to their positions in the business. JPMorgan Chase & Co. increased its holdings in shares of Warby Parker by 32.5% during the fourth quarter. JPMorgan Chase & Co. now owns 9,679,067 shares of the company’s stock worth $210,907,000 after buying an additional 2,375,726 shares in the last quarter. Fuller & Thaler Asset Management Inc. acquired a new position in shares of Warby Parker in the 4th quarter worth approximately $46,484,000. SRS Investment Management LLC acquired a new position in shares of Warby Parker in the 4th quarter worth approximately $31,277,000. Goldman Sachs Group Inc. grew its position in Warby Parker by 96.8% during the 1st quarter. Goldman Sachs Group Inc. now owns 1,888,817 shares of the company’s stock worth $34,433,000 after acquiring an additional 929,073 shares during the last quarter. Finally, Price T Rowe Associates Inc. MD grew its position in Warby Parker by 71.3% during the 4th quarter. Price T Rowe Associates Inc. MD now owns 2,078,778 shares of the company’s stock worth $45,298,000 after acquiring an additional 865,345 shares during the last quarter. Institutional investors and hedge funds own 93.24% of the company’s stock.

Analyst Upgrades and Downgrades

WRBY has been the subject of several recent research reports. Citigroup reissued a “market outperform” rating on shares of Warby Parker in a research report on Friday, May 22nd. UBS Group lifted their price objective on shares of Warby Parker from $25.00 to $27.00 and gave the company a “neutral” rating in a research note on Friday, May 8th. Weiss Ratings upgraded shares of Warby Parker from a “sell (d)” rating to a “hold (c-)” rating in a report on Monday, May 11th. Piper Sandler reissued an “overweight” rating on shares of Warby Parker in a research report on Tuesday, May 19th. Finally, BTIG Research raised their target price on Warby Parker from $32.00 to $34.00 and gave the company a “buy” rating in a report on Thursday, May 7th. Nine analysts have rated the stock with a Buy rating and five have given a Hold rating to the company’s stock. According to data from MarketBeat, the stock currently has a consensus rating of “Moderate Buy” and an average target price of $29.50.

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.