Warby Parker (NYSE:WRBY) Shares Down 6.3% on Insider Selling

Warby Parker Inc. (NYSE:WRBY)’s stock price fell 6.3% on Wednesday after an insider sold shares in the company. The company traded as low as $26.40 and last traded at $26.2720. 171,730 shares changed hands during mid-day trading, a decline of 95% from the average session volume of 3,200,242 shares. The stock had previously closed at $28.04.

Specifically, CEO Neil Harris Blumenthal sold 9,200 shares of the firm’s stock in a transaction on Monday, July 6th. The shares were 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 in the company, valued at approximately $933,048.88. This trade represents a 22.82% decrease in their position. The transaction was disclosed in a filing with the SEC, which is available through this link. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, CEO Neil Harris Blumenthal sold 217,667 shares of Warby Parker stock in a transaction on Wednesday, July 1st. The stock was sold at an average price of $29.61, for a total transaction of $6,445,119.87. Following the completion of the transaction, the chief executive officer owned 31,112 shares in the company, valued at $921,226.32. This trade represents a 87.49% decrease in their position. The SEC filing for this sale provides additional information. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan.

Analyst Ratings Changes

A number of research firms have issued reports on WRBY. Piper Sandler restated an “overweight” rating on shares of Warby Parker in a report on Tuesday, May 19th. Bank of America started coverage on Warby Parker in a research note on Monday, June 29th. They issued a “buy” rating and a $33.00 price objective on the stock. BTIG Research boosted their price objective on Warby Parker from $32.00 to $34.00 and gave the stock a “buy” rating in a research report on Thursday, May 7th. Telsey Advisory Group increased their target price on Warby Parker from $32.00 to $33.00 and gave the company an “outperform” rating in a research note on Friday, May 8th. Finally, UBS Group raised their target price on Warby Parker from $25.00 to $27.00 and gave the company a “neutral” rating in a report on Friday, May 8th. Ten equities research analysts have rated the stock with a Buy rating and five have issued a Hold rating to the stock. According to data from MarketBeat, Warby Parker presently has a consensus rating of “Moderate Buy” and an average target price of $29.82.

Warby Parker Stock Up 5.5%

The stock’s 50-day moving average price is $26.26 and its 200 day moving average price is $24.96. The firm has a market cap of $3.13 billion, a price-to-earnings ratio of 1,460.48, a price-to-earnings-growth ratio of 5.53 and a beta of 1.91.

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

Institutional Trading of Warby Parker

A number of institutional investors and hedge funds have recently added to or reduced their stakes in the business. Man Group plc lifted its stake in Warby Parker by 1.6% during the second quarter. Man Group plc now owns 25,095 shares of the company’s stock worth $550,000 after purchasing an additional 400 shares during the period. Farther Finance Advisors LLC grew its stake in shares of Warby Parker by 41.4% in the 4th quarter. Farther Finance Advisors LLC now owns 1,687 shares of the company’s stock valued at $37,000 after purchasing an additional 494 shares during the period. First Horizon Corp raised its holdings in shares of Warby Parker by 96.7% in the 4th quarter. First Horizon Corp now owns 1,210 shares of the company’s stock worth $26,000 after buying an additional 595 shares in the last quarter. EverSource Wealth Advisors LLC raised its holdings in shares of Warby Parker by 105.7% in the 1st quarter. EverSource Wealth Advisors LLC now owns 1,310 shares of the company’s stock worth $28,000 after buying an additional 673 shares in the last quarter. Finally, Essential Partners LLC lifted its position in shares of Warby Parker by 44.2% during the 1st quarter. Essential Partners LLC now owns 2,570 shares of the company’s stock worth $54,000 after buying an additional 788 shares during the period. Institutional investors own 93.24% of the company’s stock.

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.