Bank of New York Mellon Corp Has $32.09 Million Stake in Warby Parker Inc. $WRBY

Key Points

• Bank of New York Mellon cut its Warby Parker stake by 41.3% in the first quarter, selling 1,071,236 shares. It still held 1,522,935 shares worth approximately $32.09 million, representing a 1.42% ownership stake.
• Warby Parker insiders sold 366,207 shares valued at about $10.81 million over the past 90 days, including substantial sales by CEO Neil Blumenthal and Director Youngme E. Moon.
• Warby Parker reported quarterly revenue of $242.45 million, up 8.4% year over year, but earnings of $0.03 per share missed estimates of $0.11. Despite the earnings miss, analysts maintain a “Moderate Buy” consensus with an average price target of $29.82.

Bank of New York Mellon Corp lowered its stake in Warby Parker Inc. (NYSE:WRBY - Free Report) by 41.3% in the 1st quarter, according to its most recent 13F filing with the Securities & Exchange Commission. The institutional investor owned 1,522,935 shares of the company's stock after selling 1,071,236 shares during the quarter. Bank of New York Mellon Corp owned 1.42% of Warby Parker worth $32,088,000 at the end of the most recent reporting period.

Other institutional investors also recently modified their holdings of the company. Man Group plc grew its holdings in Warby Parker by 1.6% in 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 raised its holdings in shares of Warby Parker by 41.4% during the fourth 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% during the fourth quarter. First Horizon Corp now owns 1,210 shares of the company's stock valued at $26,000 after purchasing an additional 595 shares during the period. Rafferty Asset Management LLC boosted its position in shares of Warby Parker by 5.4% during the 2nd quarter. Rafferty Asset Management LLC now owns 15,899 shares of the company's stock worth $349,000 after purchasing an additional 819 shares in the last quarter. Finally, Hennion & Walsh Asset Management Inc. boosted its position in shares of Warby Parker by 6.7% during the 4th quarter. Hennion & Walsh Asset Management Inc. now owns 13,435 shares of the company's stock worth $293,000 after purchasing an additional 845 shares in the last quarter. Institutional investors and hedge funds own 93.24% of the company's stock.

Insiders Place Their Bets

In related news, Director Youngme E. Moon sold 10,000 shares of the stock in a transaction that occurred on Friday, June 12th. The stock was sold at an average price of $26.53, for a total transaction of $265,300.00. Following the completion of the sale, the director directly owned 26,061 shares of the company's stock, valued at approximately $691,398.33. This trade represents a 27.73% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which can be accessed through this link. 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 value of $6,445,119.87. Following the sale, 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 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 have sold 366,207 shares of company stock worth $10,814,738 over the last 90 days. 16.80% of the stock is currently owned by corporate insiders.

Warby Parker Price Performance

NYSE WRBY opened at $24.52 on Monday. The company has a fifty day moving average price of $26.32 and a 200-day moving average price of $25.14. The firm has a market cap of $2.63 billion, a price-to-earnings ratio of 1,226.86, a PEG ratio of 4.91 and a beta of 1.91. Warby Parker Inc. has a 1 year low of $14.96 and a 1 year high of $31.00.

Warby Parker (NYSE:WRBY - Get Free Report) last released its quarterly 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). The firm had revenue of $242.45 million for the quarter, compared to the consensus estimate of $239.44 million. Warby Parker had a net margin of 0.15% and a return on equity of 2.30%. The firm's revenue for the quarter was up 8.4% on a year-over-year basis. During the same period in the previous year, the business earned $0.03 earnings per share. On average, research analysts anticipate that Warby Parker Inc. will post 0.19 EPS for the current fiscal year.

Wall Street Analysts Forecast Growth

A number of brokerages recently commented on WRBY. Weiss Ratings raised Warby Parker from a "sell (d)" rating to a "hold (c-)" rating in a research report on Monday, May 11th. Piper Sandler reiterated an "overweight" rating on shares of Warby Parker in a report on Tuesday, May 19th. Citigroup reissued a "market outperform" rating on shares of Warby Parker in a research note on Friday, May 22nd. UBS Group upped 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. Finally, Bank of America initiated coverage on Warby Parker in a research report on Monday, June 29th. They set a "buy" rating and a $33.00 target price on the stock. Ten research analysts have rated the stock with a Buy rating and five have issued a Hold rating to the company's stock. Based on data from MarketBeat, the stock presently has a consensus rating of "Moderate Buy" and a consensus price target of $29.82.

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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