Simplify Asset Management Inc. Buys New Position in Warby Parker Inc. $WRBY

Key Points

• Simplify Asset Management disclosed a new position in Warby Parker during the fourth quarter, buying 400,343 shares valued at about $8.7 million. The stake represented roughly 0.38% of Warby Parker and was Simplify’s 24th largest holding.
• Insider selling has been notable recently, including sales by Director Bradley E. Singer and CEO Neil Harris Blumenthal. In the past 90 days, insiders sold 203,833 shares worth about $5.5 million.
• Warby Parker reported quarterly revenue of $242.45 million, topping expectations, but earnings per share of $0.03 missed analyst estimates. Analysts currently hold a Moderate Buy view on the stock with an average target price of $29.50.

Simplify Asset Management Inc. bought a new stake in shares of Warby Parker Inc. (NYSE:WRBY - Free Report) during the 4th quarter, according to its most recent disclosure with the Securities and Exchange Commission. The institutional investor bought 400,343 shares of the company's stock, valued at approximately $8,723,000. Warby Parker makes up approximately 0.1% of Simplify Asset Management Inc.'s holdings, making the stock its 24th largest holding. Simplify Asset Management Inc. owned approximately 0.38% of Warby Parker as of its most recent filing with the Securities and Exchange Commission.

Several other hedge funds also recently added to or reduced their stakes in the business. FourThought Financial Partners LLC acquired a new position in shares of Warby Parker in the fourth quarter valued at about $217,000. Global Retirement Partners LLC increased its holdings in shares of Warby Parker by 6,677.1% in the fourth quarter. Global Retirement Partners LLC now owns 3,253 shares of the company's stock valued at $71,000 after purchasing an additional 3,205 shares during the period. Fortis Group Advisors LLC acquired a new position in shares of Warby Parker in the fourth quarter valued at about $1,028,000. Covestor Ltd increased its holdings in shares of Warby Parker by 5,795.3% in 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, Handelsbanken Fonder AB increased its holdings in shares of Warby Parker by 29.3% in the fourth quarter. Handelsbanken Fonder AB now owns 39,673 shares of the company's stock valued at $864,000 after purchasing an additional 9,000 shares during the period. 93.24% of the stock is owned by institutional investors and hedge funds.

Insider Transactions at Warby Parker

In other news, Director Bradley E. Singer sold 4,833 shares of the company's stock in a transaction dated Thursday, May 14th. The stock was sold at an average price of $29.01, for a total value of $140,205.33. Following the sale, the director owned 100,000 shares in the company, valued at $2,901,000. This represents a 4.61% decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through the SEC website. Also, CEO Neil Harris Blumenthal sold 63,040 shares of the company's stock in a transaction dated Tuesday, May 19th. The stock was sold at an average price of $30.03, for a total value of $1,893,091.20. Following the completion of the sale, the chief executive officer owned 50,165 shares in the company, valued at $1,506,454.95. The trade was a 55.69% decrease in their position. 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 sold 203,833 shares of company stock worth $5,509,808 in the last 90 days. Company insiders own 16.80% of the company's stock.

Warby Parker Stock Up 0.0%

Shares of WRBY opened at $25.10 on Monday. Warby Parker Inc. has a 52 week low of $14.96 and a 52 week high of $31.00. The company has a market capitalization of $2.69 billion, a price-to-earnings ratio of 1,255.63 and a beta of 1.95. The stock's 50-day moving average price is $23.67 and its 200-day moving average price is $23.57.

Warby Parker (NYSE:WRBY - Get Free Report) last issued its earnings results on Thursday, May 7th. The company reported $0.03 EPS for the quarter, missing analysts' consensus estimates of $0.11 by ($0.08). Warby Parker had a return on equity of 2.30% and a net margin of 0.15%.The company had revenue of $242.45 million during the quarter, compared to analysts' expectations of $239.44 million. During the same quarter in the previous year, the company earned $0.03 EPS. The firm's quarterly revenue was up 8.4% compared to the same quarter last year. As a group, equities analysts anticipate that Warby Parker Inc. will post 0.24 EPS for the current fiscal year.

Analyst Upgrades and Downgrades

A number of brokerages have recently weighed in on WRBY. Telsey Advisory Group increased their price objective on Warby Parker from $32.00 to $33.00 and gave the company an "outperform" rating in a report on Friday, May 8th. Weiss Ratings raised Warby Parker from a "sell (d)" rating to a "hold (c-)" rating in a report on Monday, May 11th. BTIG Research increased their price objective on Warby Parker from $32.00 to $34.00 and gave the company a "buy" rating in a report on Thursday, May 7th. UBS Group increased their price objective on Warby Parker from $25.00 to $27.00 and gave the company a "neutral" rating in a report on Friday, May 8th. Finally, Piper Sandler reissued an "overweight" rating on shares of Warby Parker in a report on Tuesday, May 19th. Nine investment analysts have rated the stock with a Buy rating and five have issued a Hold rating to the stock. According to data from MarketBeat, the company has an average rating of "Moderate Buy" and an average target price of $29.50.

Warby Parker Company 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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