Atreides Management LP Increases Holdings in Warby Parker Inc. $WRBY

Key Points

• Atreides Management increased its Warby Parker stake by 74.8% in the first quarter, adding 293,910 shares to hold 686,995 shares worth approximately $14.5 million. Institutional investors collectively own 93.24% of WRBY.
• Warby Parker reported quarterly revenue of $242.45 million, up 8.4% year over year and above estimates, but EPS of $0.03 missed the $0.11 consensus forecast. Analysts maintain a “Moderate Buy” consensus with an average price target of $29.82.
• Insiders sold 366,207 shares worth about $10.8 million during the last quarter, including a CEO sale of 217,667 shares under a pre-arranged Rule 10b5-1 plan.

Atreides Management LP increased its holdings in shares of Warby Parker Inc. (NYSE:WRBY - Free Report) by 74.8% in the 1st quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The institutional investor owned 686,995 shares of the company's stock after purchasing an additional 293,910 shares during the quarter. Atreides Management LP owned approximately 0.64% of Warby Parker worth $14,475,000 at the end of the most recent reporting period.

Several other institutional investors and hedge funds also recently added to or reduced their stakes in WRBY. AQR Capital Management LLC boosted its position in shares of Warby Parker by 101.0% during the first quarter. AQR Capital Management LLC now owns 171,271 shares of the company's stock worth $3,122,000 after acquiring an additional 86,053 shares during the last quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. increased its holdings in Warby Parker by 4.6% in the 1st quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 52,690 shares of the company's stock valued at $961,000 after acquiring an additional 2,297 shares during the last quarter. Goldman Sachs Group Inc. lifted its stake in Warby Parker by 96.8% in the 1st quarter. Goldman Sachs Group Inc. now owns 1,888,817 shares of the company's stock worth $34,433,000 after purchasing an additional 929,073 shares in the last quarter. Caxton Associates LLP bought a new position in shares of Warby Parker during the 1st quarter valued at about $252,000. Finally, UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC grew its position in shares of Warby Parker by 17.6% during the first quarter. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC now owns 257,020 shares of the company's stock valued at $4,685,000 after purchasing an additional 38,395 shares in the last quarter. Institutional investors own 93.24% of the company's stock.

Warby Parker Price Performance

WRBY stock opened at $25.95 on Wednesday. The company has a market capitalization of $2.78 billion, a PE ratio of 1,298.30, a P/E/G ratio of 4.97 and a beta of 1.91. Warby Parker Inc. has a 12 month low of $14.96 and a 12 month high of $31.00. The firm's 50-day moving average is $26.26 and its 200 day moving average is $25.12.

Warby Parker (NYSE:WRBY - Get Free Report) last released 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 company had revenue of $242.45 million during the quarter, compared to analysts' expectations of $239.44 million. During the same period last year, the firm earned $0.03 earnings per share. Warby Parker's quarterly revenue was up 8.4% on a year-over-year basis. Sell-side analysts forecast that Warby Parker Inc. will post 0.19 EPS for the current fiscal year.

Analyst Upgrades and Downgrades

A number of equities research analysts recently commented on the company. UBS Group boosted their target price on Warby Parker from $25.00 to $27.00 and gave the stock a "neutral" rating in a research report on Friday, May 8th. Citigroup reaffirmed a "market outperform" rating on shares of Warby Parker in a research note on Friday, May 22nd. Bank of America started coverage on Warby Parker in a research report on Monday, June 29th. They set a "buy" rating and a $33.00 target price for the company. Weiss Ratings upgraded shares of Warby Parker from a "sell (d)" rating to a "hold (c-)" rating in a research report on Monday, May 11th. Finally, Piper Sandler reaffirmed an "overweight" rating on shares of Warby Parker in a research note on Tuesday, May 19th. 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 presently has a consensus rating of "Moderate Buy" and an average price target of $29.82.

Insider Transactions at Warby Parker

In other news, CEO Neil Harris Blumenthal sold 217,667 shares of the firm's 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 transaction, the chief executive officer owned 31,112 shares in the company, valued at approximately $921,226.32. This trade represents a 87.49% decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is accessible through this link. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, Director Teresa Briggs sold 5,000 shares of the company's stock in a transaction dated Tuesday, June 16th. The stock was sold at an average price of $25.94, for a total transaction of $129,700.00. Following the completion of the sale, the director directly owned 48,883 shares of the company's stock, valued at approximately $1,268,025.02. This trade represents a 9.28% decrease in their ownership of the stock. 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. Insiders sold a total of 366,207 shares of company stock worth $10,814,738 over the last quarter. 16.80% of the stock is owned by corporate insiders.

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.

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