Broad Bay Capital Management LP Buys New Shares in Warby Parker Inc. $WRBY

Key Points

• Broad Bay Capital Management LP has invested approximately $14.36 million in Warby Parker Inc., acquiring a total of 787,550 shares, making it the firm's 19th largest holding.
• Insider selling activity included CEO Neil Harris Blumenthal offloading 50,000 shares, reducing his overall stake by 63.82% to 28,347 shares.
• Analysts have a mixed outlook on Warby Parker, with targets ranging from $23 to $30, and the stock currently holds an average rating of "Moderate Buy."

Broad Bay Capital Management LP purchased a new stake in shares of Warby Parker Inc. (NYSE:WRBY - Free Report) during the first quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The institutional investor purchased 787,550 shares of the company's stock, valued at approximately $14,357,000. Warby Parker makes up about 2.1% of Broad Bay Capital Management LP's investment portfolio, making the stock its 19th biggest position. Broad Bay Capital Management LP owned about 0.75% of Warby Parker as of its most recent SEC filing.

A number of other institutional investors and hedge funds have also made changes to their positions in WRBY. New York State Teachers Retirement System purchased a new stake in shares of Warby Parker during the 1st quarter valued at about $27,000. NewEdge Advisors LLC raised its position in Warby Parker by 700.0% during the fourth quarter. NewEdge Advisors LLC now owns 1,200 shares of the company's stock valued at $29,000 after purchasing an additional 1,050 shares during the period. Comerica Bank lifted its stake in shares of Warby Parker by 153.1% in the 4th quarter. Comerica Bank now owns 2,291 shares of the company's stock valued at $55,000 after purchasing an additional 1,386 shares during the last quarter. Caitong International Asset Management Co. Ltd purchased a new position in shares of Warby Parker in the 1st quarter worth approximately $58,000. Finally, Anderson Financial Strategies LLC bought a new position in shares of Warby Parker during the 4th quarter valued at approximately $69,000. 93.24% of the stock is owned by hedge funds and other institutional investors.

Warby Parker Stock Performance

NYSE WRBY traded down $0.60 on Tuesday, reaching $25.61. 925,222 shares of the stock traded hands, compared to its average volume of 2,191,695. Warby Parker Inc. has a 12 month low of $12.69 and a 12 month high of $29.73. The company has a market cap of $2.69 billion, a price-to-earnings ratio of -365.73 and a beta of 2.10. The company has a fifty day moving average price of $24.09 and a 200-day moving average price of $20.98.

Analyst Upgrades and Downgrades

A number of analysts recently issued reports on WRBY shares. Wall Street Zen upgraded Warby Parker from a "hold" rating to a "buy" rating in a research report on Saturday. TD Securities lifted their price target on shares of Warby Parker from $20.00 to $24.00 and gave the stock a "buy" rating in a research note on Wednesday, May 21st. JMP Securities reiterated a "market perform" rating on shares of Warby Parker in a report on Thursday, July 10th. Loop Capital reissued a "buy" rating on shares of Warby Parker in a research note on Wednesday, May 21st. Finally, Telsey Advisory Group reaffirmed an "outperform" rating and set a $28.00 target price on shares of Warby Parker in a research note on Thursday, August 7th. Eleven equities research analysts have rated the stock with a Buy rating and eight have assigned a Hold rating to the company's stock. Based on data from MarketBeat.com, Warby Parker has a consensus rating of "Moderate Buy" and an average target price of $24.06.

Insider Buying and Selling

In other news, CEO Neil Harris Blumenthal sold 50,000 shares of the firm's stock in a transaction dated Wednesday, August 13th. The shares were sold at an average price of $25.11, for a total value of $1,255,500.00. Following the sale, the chief executive officer directly owned 28,347 shares in the company, valued at approximately $711,793.17. This trade represents a 63.82% decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, Director Teresa Briggs sold 6,000 shares of the stock in a transaction on Monday, August 11th. The shares were sold at an average price of $23.56, for a total value of $141,360.00. Following the sale, the director owned 44,879 shares of the company's stock, valued at approximately $1,057,349.24. This represents a 11.79% decrease in their position. The disclosure for this sale can be found here. Over the last quarter, insiders have sold 106,000 shares of company stock worth $2,607,280. Insiders own 18.24% of the company's stock.

About Warby Parker

Warby Parker Inc provides eyewear products in the United States and Canada. The company offers eyeglasses, sunglasses, light-responsive lenses, blue-light-filtering lenses, non-prescription lenses, and contact lenses. It also provides accessories, such as cases, lenses kit with anti-fog spray, pouches, and anti-fog lens spray through its retail stores, website, and mobile apps.