Simplify Asset Management Inc. Sells 109,512 Shares of Warby Parker Inc. $WRBY

Key Points

• Simplify Asset Management cut its Warby Parker stake by 27.4% in the first quarter, selling 109,512 shares and leaving it with 290,831 shares worth about $6.1 million.
• Warby Parker reported Q1 earnings of $0.03 per share, missing analyst expectations, though revenue of $242.45 million topped estimates and rose 8.4% year over year.
• Insider selling has been notable, with directors Teresa Briggs and Bradley E. Singer recently trimming holdings, while analysts remain generally positive with a Moderate Buy consensus and an average price target of $29.82.

Simplify Asset Management Inc. lowered its position in Warby Parker Inc. (NYSE:WRBY - Free Report) by 27.4% during the 1st quarter, according to the company in its most recent Form 13F filing with the SEC. The firm owned 290,831 shares of the company's stock after selling 109,512 shares during the quarter. Warby Parker comprises approximately 0.1% of Simplify Asset Management Inc.'s portfolio, making the stock its 28th largest holding. Simplify Asset Management Inc. owned approximately 0.27% of Warby Parker worth $6,128,000 at the end of the most recent quarter.

A number of other institutional investors and hedge funds also recently made changes to their positions in the business. First Horizon Corp lifted its holdings in shares of Warby Parker by 96.7% during the 4th quarter. First Horizon Corp now owns 1,210 shares of the company's stock worth $26,000 after acquiring an additional 595 shares during the last quarter. Eagle Bay Advisors LLC purchased a new position in Warby Parker in the fourth quarter worth $35,000. Farther Finance Advisors LLC increased its stake in Warby Parker by 41.4% in the fourth quarter. Farther Finance Advisors LLC now owns 1,687 shares of the company's stock valued at $37,000 after acquiring an additional 494 shares during the last quarter. NewEdge Advisors LLC increased its stake in Warby Parker by 56.7% in the third quarter. NewEdge Advisors LLC now owns 2,350 shares of the company's stock valued at $65,000 after acquiring an additional 850 shares during the last quarter. Finally, Covestor Ltd raised its position in 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 in the last quarter. Hedge funds and other institutional investors own 93.24% of the company's stock.

Warby Parker Stock Down 0.3%

Shares of Warby Parker stock opened at $29.18 on Friday. The business has a 50 day moving average of $25.80 and a 200 day moving average of $24.92. Warby Parker Inc. has a 52 week low of $14.96 and a 52 week high of $31.00. The company has a market cap of $3.12 billion, a PE ratio of 1,459.48, a P/E/G ratio of 5.85 and a beta of 1.91.

Warby Parker (NYSE:WRBY - Get Free Report) last posted its earnings results on Thursday, May 7th. The company reported $0.03 earnings per share for the quarter, missing analysts' consensus estimates of $0.11 by ($0.08). The firm had revenue of $242.45 million for 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 firm's revenue was up 8.4% on a year-over-year basis. During the same quarter last year, the company posted $0.03 EPS. On average, research analysts anticipate that Warby Parker Inc. will post 0.19 earnings per share for the current year.

Insider Activity

In other Warby Parker news, Director Teresa Briggs sold 5,000 shares of the business's stock in a transaction on Tuesday, June 16th. The shares were sold at an average price of $25.94, for a total transaction of $129,700.00. Following the completion of the sale, the director directly owned 48,883 shares in the company, valued at approximately $1,268,025.02. The trade was a 9.28% decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, Director Bradley E. Singer sold 4,833 shares of the company's stock in a transaction on Thursday, May 14th. The shares were 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 of the company's stock, valued at approximately $2,901,000. This trade represents a 4.61% decrease in their position. The SEC filing for this sale provides additional information. Insiders have sold a total of 457,007 shares of company stock valued at $13,005,598 in the last quarter. 16.80% of the stock is owned by company insiders.

Analysts Set New Price Targets

A number of research firms recently weighed in on WRBY. BTIG Research boosted their target price on Warby Parker from $32.00 to $34.00 and gave the stock a "buy" rating in a research report on Thursday, May 7th. UBS Group lifted their price target on shares of Warby Parker from $25.00 to $27.00 and gave the stock a "neutral" rating in a research note on Friday, May 8th. Piper Sandler restated an "overweight" rating on shares of Warby Parker in a report on Tuesday, May 19th. Citigroup restated a "market outperform" rating on shares of Warby Parker in a report on Friday, May 22nd. Finally, Bank of America assumed coverage on shares of Warby Parker in a report on Monday, June 29th. They set a "buy" rating and a $33.00 target price on the stock. Ten research analysts have rated the stock with a Buy rating and five have assigned a Hold rating to the stock. Based on data from MarketBeat.com, Warby Parker has a consensus rating of "Moderate Buy" and an average price target of $29.82.

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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