Broad Bay Capital Management LP Acquires Shares of 787,550 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 bought 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 filing with the SEC. The institutional investor bought 787,550 shares of the company's stock, valued at approximately $14,357,000. Warby Parker comprises about 2.1% of Broad Bay Capital Management LP's holdings, making the stock its 19th biggest position. Broad Bay Capital Management LP owned about 0.75% of Warby Parker at the end of the most recent reporting period.

A number of other large investors have also recently bought and sold shares of WRBY. New York State Teachers Retirement System acquired a new stake in Warby Parker during the 1st quarter valued at $27,000. NewEdge Advisors LLC grew its holdings in Warby Parker by 700.0% during the 4th quarter. NewEdge Advisors LLC now owns 1,200 shares of the company's stock valued at $29,000 after buying an additional 1,050 shares during the last quarter. Comerica Bank grew its holdings in Warby Parker by 153.1% during the 4th quarter. Comerica Bank now owns 2,291 shares of the company's stock valued at $55,000 after buying an additional 1,386 shares during the last quarter. Caitong International Asset Management Co. Ltd acquired a new stake in Warby Parker during the 1st quarter valued at $58,000. Finally, Anderson Financial Strategies LLC acquired a new stake in Warby Parker during the 4th quarter valued at $69,000. Institutional investors and hedge funds own 93.24% of the company's stock.

Warby Parker Stock Performance

Shares of WRBY traded down $0.08 during trading hours on Wednesday, hitting $25.47. The stock had a trading volume of 267,657 shares, compared to its average volume of 2,183,311. The firm has a market cap of $2.68 billion, a P/E ratio of -363.95 and a beta of 2.10. The company's fifty day simple moving average is $24.17 and its 200 day simple moving average is $21.01. Warby Parker Inc. has a 12-month low of $12.69 and a 12-month high of $29.73.

Insider Buying and Selling at Warby Parker

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

Analysts Set New Price Targets

A number of equities research analysts have commented on WRBY shares. JMP Securities reiterated a "market perform" rating on shares of Warby Parker in a report on Thursday, July 10th. BTIG Research reissued a "buy" rating and set a $28.00 price target (up previously from $24.00) on shares of Warby Parker in a research note on Thursday, August 7th. The Goldman Sachs Group increased their price target on Warby Parker from $18.00 to $20.00 and gave the stock a "buy" rating in a research note on Friday, May 9th. Loop Capital reissued a "buy" rating on shares of Warby Parker in a research note on Wednesday, May 21st. Finally, Wall Street Zen raised Warby Parker from a "hold" rating to a "buy" rating in a research note on Saturday. Eleven equities research analysts have rated the stock with a Buy rating and eight have issued a Hold rating to the company's stock. According to data from MarketBeat, the stock presently has a consensus rating of "Moderate Buy" and an average target price of $24.06.

Warby Parker Profile

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.