Dimensional Fund Advisors LP Raises Position in Warby Parker Inc. $WRBY

Key Points

• Dimensional Fund Advisors increased its Warby Parker position by 10.7% in the first quarter, bringing its holdings to 1.72 million shares valued at approximately $36.3 million. Institutional investors collectively own 93.24% of the company.
• Analyst sentiment remains positive, with nine Buy ratings and four Hold ratings producing a consensus “Moderate Buy” rating and an average price target of $30.40. Several firms recently raised targets to between $33 and $34.
• Warby Parker’s latest quarterly revenue rose 8.4% year over year to $242.45 million, exceeding estimates, but adjusted earnings per share of $0.03 fell short of the $0.11 consensus. The stock opened at $29.96, near its 12-month high of $31.00.

Dimensional Fund Advisors LP lifted its holdings in shares of Warby Parker Inc. (NYSE:WRBY - Free Report) by 10.7% during the 1st quarter, according to its most recent disclosure with the Securities & Exchange Commission. The fund owned 1,722,577 shares of the company's stock after purchasing an additional 166,235 shares during the quarter. Dimensional Fund Advisors LP owned about 1.61% of Warby Parker worth $36,291,000 as of its most recent SEC filing.

Several other large investors have also recently added to or reduced their stakes in the business. Parallel Advisors LLC grew its holdings in Warby Parker by 110.7% in the 1st quarter. Parallel Advisors LLC now owns 1,837 shares of the company's stock valued at $39,000 after buying an additional 965 shares during the period. Swiss National Bank raised its holdings in Warby Parker by 1.5% in the first quarter. Swiss National Bank now owns 179,100 shares of the company's stock valued at $3,774,000 after buying an additional 2,700 shares during the period. Watershed Asset Management L.L.C. lifted its position in Warby Parker by 60.2% during the first quarter. Watershed Asset Management L.L.C. now owns 70,500 shares of the company's stock valued at $1,485,000 after buying an additional 26,500 shares in the last quarter. Fiscal Wisdom Wealth Management LLC purchased a new stake in Warby Parker during the first quarter worth approximately $575,000. Finally, Geneos Wealth Management Inc. increased its position in shares of Warby Parker by 39.6% in the first quarter. Geneos Wealth Management Inc. now owns 26,350 shares of the company's stock worth $555,000 after acquiring an additional 7,475 shares in the last quarter. 93.24% of the stock is currently owned by hedge funds and other institutional investors.

Analysts Set New Price Targets

Several brokerages recently issued reports on WRBY. Citigroup reiterated a "market outperform" rating on shares of Warby Parker in a report on Friday, May 22nd. Piper Sandler reiterated an "overweight" rating on shares of Warby Parker in a research note on Tuesday, May 19th. Bank of America started coverage on shares of Warby Parker in a report on Monday, June 29th. They set a "buy" rating and a $33.00 price target for the company. Telsey Advisory Group upped their price objective on shares of Warby Parker from $32.00 to $33.00 and gave the company an "outperform" rating in a research report on Friday, May 8th. Finally, BTIG Research boosted their price target on Warby Parker from $32.00 to $34.00 and gave the stock a "buy" rating in a research note on Thursday, May 7th. Nine analysts have rated the stock with a Buy rating and four have issued a Hold rating to the company's stock. Based on data from MarketBeat.com, Warby Parker has an average rating of "Moderate Buy" and a consensus price target of $30.40.

Warby Parker Trading Up 5.9%

WRBY stock opened at $29.96 on Wednesday. The stock's 50 day simple moving average is $26.51 and its 200 day simple moving average is $25.09. Warby Parker Inc. has a 12-month low of $14.96 and a 12-month high of $31.00. The firm has a market cap of $3.21 billion, a P/E ratio of 1,498.60, a P/E/G ratio of 5.88 and a beta of 1.92.

Warby Parker (NYSE:WRBY - Get Free Report) last released its earnings results on Thursday, May 7th. The company reported $0.03 earnings per share 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 business had revenue of $242.45 million for the quarter, compared to the consensus estimate of $239.44 million. During the same quarter in the previous year, the firm earned $0.03 EPS. The firm's revenue for the quarter was up 8.4% on a year-over-year basis. On average, research analysts forecast that Warby Parker Inc. will post 0.18 EPS for the current fiscal year.

Insider Buying and Selling

In other news, Director Bradley E. Singer sold 20,167 shares of the company's stock in a transaction dated Wednesday, May 13th. The shares were sold at an average price of $28.51, for a total transaction of $574,961.17. Following the completion of the transaction, the director owned 104,833 shares in the company, valued at approximately $2,988,788.83. This represents a 16.13% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, Director Youngme E. Moon sold 10,000 shares of the stock in a transaction dated 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 in the company, valued at approximately $691,398.33. This trade represents a 27.73% decrease in their position. The SEC filing for this sale provides additional information. Insiders have sold 366,207 shares of company stock valued at $10,814,738 in the last 90 days. Corporate insiders own 16.80% of the company's stock.

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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