47,191 Shares in Warby Parker Inc. $WRBY Purchased by Fortis Group Advisors LLC

Key Points

• Fortis Group Advisors LLC opened a new position in Warby Parker, buying 47,191 shares valued at about $1.03 million in the fourth quarter.
• Institutional ownership remains very high at 93.24%, while insiders own 16.80% of the stock. Recent insider activity was notably negative, with CEO Neil Harris Blumenthal and Director Bradley E. Singer both selling shares.
• Warby Parker’s latest earnings beat revenue expectations but missed on profit: the company reported $0.03 EPS versus the expected $0.11, while revenue rose 8.4% year over year to $242.45 million.

Fortis Group Advisors LLC acquired a new position in shares of Warby Parker Inc. (NYSE:WRBY - Free Report) during the 4th quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The fund acquired 47,191 shares of the company's stock, valued at approximately $1,028,000.

Other hedge funds have also bought and sold shares of the company. First Horizon Corp boosted its stake in Warby Parker by 96.7% during the fourth quarter. First Horizon Corp now owns 1,210 shares of the company's stock worth $26,000 after acquiring an additional 595 shares in the last quarter. Eagle Bay Advisors LLC bought a new stake in Warby Parker during the fourth quarter worth about $35,000. Farther Finance Advisors LLC boosted its stake in Warby Parker by 41.4% during the fourth quarter. Farther Finance Advisors LLC now owns 1,687 shares of the company's stock worth $37,000 after acquiring an additional 494 shares in the last quarter. Covestor Ltd boosted its stake in 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 boosted its stake in 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. Institutional investors own 93.24% of the company's stock.

Insider Buying and Selling

In other Warby Parker news, CEO Neil Harris Blumenthal sold 63,040 shares of the company's stock in a transaction that occurred on Tuesday, May 19th. The shares were sold at an average price of $30.03, for a total transaction of $1,893,091.20. Following the completion of the sale, the chief executive officer directly owned 50,165 shares of the company's stock, valued at approximately $1,506,454.95. This represents a 55.69% decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through the SEC website. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, Director Bradley E. Singer sold 4,833 shares of the company's stock in a transaction that occurred on Thursday, May 14th. The shares were sold at an average price of $29.01, for a total transaction of $140,205.33. Following the sale, the director directly owned 100,000 shares of the company's stock, valued at approximately $2,901,000. This represents a 4.61% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. Over the last ninety days, insiders have sold 203,833 shares of company stock valued at $5,509,808. 16.80% of the stock is owned by corporate insiders.

Wall Street Analysts Forecast Growth

WRBY has been the subject of several recent analyst reports. Citigroup lifted their target price on shares of Warby Parker from $18.00 to $24.00 and gave the stock a "neutral" rating in a report on Tuesday, March 17th. UBS Group lifted their target price on shares of Warby Parker from $25.00 to $27.00 and gave the stock a "neutral" rating in a report on Friday, May 8th. Telsey Advisory Group lifted their target price 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. Weiss Ratings raised shares of Warby Parker from a "sell (d)" rating to a "hold (c-)" rating in a report on Monday, May 11th. Finally, Piper Sandler reaffirmed an "overweight" rating on shares of Warby Parker in a report on Tuesday. Eight equities research analysts have rated the stock with a Buy rating and six have issued a Hold rating to the stock. According to data from MarketBeat.com, Warby Parker presently has an average rating of "Moderate Buy" and a consensus target price of $29.50.

Warby Parker Stock Up 0.3%

Shares of Warby Parker stock opened at $24.52 on Friday. The company has a market cap of $2.63 billion, a price-to-earnings ratio of 1,226.76 and a beta of 1.95. The company's 50 day moving average is $23.67 and its 200 day moving average is $23.54. Warby Parker Inc. has a twelve month low of $14.96 and a twelve month high of $31.00.

Warby Parker (NYSE:WRBY - Get Free Report) last announced its earnings results on Thursday, May 7th. The company reported $0.03 EPS for the quarter, missing analysts' consensus estimates 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 analysts' expectations of $239.44 million. During the same period in the prior year, the company posted $0.03 earnings per share. The firm's quarterly revenue was up 8.4% on a year-over-year basis. Sell-side analysts expect that Warby Parker Inc. will post 0.24 EPS for the current fiscal year.

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.

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