Niles Investment Management LLC Purchases Shares of 63,169 Warby Parker Inc. $WRBY

Key Points

• Niles Investment Management disclosed a new fourth-quarter stake in Warby Parker, buying 63,169 shares worth about $1.38 million. The position makes up roughly 1.0% of Niles’ portfolio.
• Insider selling has been notable, with directors Bradley E. Singer and Youngme E. Moon both selling shares recently. Over the last 90 days, insiders sold a total of 198,040 shares valued at about $5.34 million.
• Warby Parker shares rose 1.8% to $26.32, while the company reported mixed quarterly results: earnings of $0.03 per share missed estimates, but revenue of $242.45 million topped forecasts and grew 8.4% year over year.

Niles Investment Management LLC purchased a new stake in shares of Warby Parker Inc. (NYSE:WRBY - Free Report) during the fourth quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The institutional investor purchased 63,169 shares of the company's stock, valued at approximately $1,376,000. Warby Parker comprises about 1.0% of Niles Investment Management LLC's portfolio, making the stock its 15th biggest holding. Niles Investment Management LLC owned about 0.06% of Warby Parker as of its most recent SEC filing.

Other institutional investors have also bought and sold shares of the company. First Horizon Corp boosted its position in 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 acquiring an additional 595 shares during the last quarter. Eagle Bay Advisors LLC acquired a new position in shares of Warby Parker during the fourth quarter valued at about $35,000. 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. Covestor Ltd raised its holdings in shares of Warby Parker by 5,795.3% during the fourth quarter. Covestor Ltd now owns 2,535 shares of the company's stock valued at $55,000 after purchasing an additional 2,492 shares during the period. Finally, NewEdge Advisors LLC raised its holdings in shares of Warby Parker by 56.7% during the third quarter. NewEdge Advisors LLC now owns 2,350 shares of the company's stock valued at $65,000 after purchasing an additional 850 shares during the period. Institutional investors own 93.24% of the company's stock.

Insider Transactions at Warby Parker

In other Warby Parker news, Director Bradley E. Singer sold 4,833 shares of Warby Parker stock in a transaction that occurred on Thursday, May 14th. The shares were sold at an average price of $29.01, for a total transaction of $140,205.33. Following the transaction, the director owned 100,000 shares of the company's stock, valued at $2,901,000. This trade represents a 4.61% decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through the SEC website. Also, Director Youngme E. Moon sold 10,000 shares of Warby Parker 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 transaction, the director directly owned 26,061 shares in the company, valued at approximately $691,398.33. This represents a 27.73% decrease in their position. The SEC filing for this sale provides additional information. Insiders sold a total of 198,040 shares of company stock valued at $5,340,326 over the last ninety days. 16.80% of the stock is currently owned by insiders.

Warby Parker Stock Up 1.8%

Shares of Warby Parker stock opened at $26.32 on Friday. The company has a market cap of $2.82 billion, a PE ratio of 1,316.86 and a beta of 1.96. Warby Parker Inc. has a 52 week low of $14.96 and a 52 week high of $31.00. The business has a 50 day moving average price of $24.31 and a 200-day moving average price of $24.30.

Warby Parker (NYSE:WRBY - Get Free Report) last issued its quarterly earnings data on Thursday, May 7th. The company reported $0.03 EPS for the quarter, missing the consensus estimate of $0.11 by ($0.08). The company had revenue of $242.45 million during the quarter, compared to analysts' expectations of $239.44 million. Warby Parker had a return on equity of 2.30% and a net margin of 0.15%.The business's revenue for the quarter was up 8.4% compared to the same quarter last year. During the same period last year, the company earned $0.03 earnings per share. As a group, research analysts anticipate that Warby Parker Inc. will post 0.19 EPS for the current year.

Wall Street Analysts Forecast Growth

Several brokerages have recently weighed in on WRBY. UBS Group upped their price objective on shares of Warby Parker from $25.00 to $27.00 and gave the company a "neutral" rating in a report on Friday, May 8th. 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 report on Friday, May 8th. 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 report on Tuesday, May 19th. Finally, Weiss Ratings upgraded shares of Warby Parker from a "sell (d)" rating to a "hold (c-)" rating in a report on Monday, May 11th. Nine investment analysts have rated the stock with a Buy rating and five have assigned a Hold rating to the company's stock. According to data from MarketBeat.com, Warby Parker currently has a consensus rating of "Moderate Buy" and a consensus target price of $29.50.

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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