TimesSquare Capital Management LLC Boosts Stock Holdings in Warby Parker Inc. $WRBY

Key Points

• TimesSquare Capital Management boosted its Warby Parker stake by 34.2% in the fourth quarter, ending with 1,353,554 shares valued at about $29.5 million.
• Warby Parker reported Q1 earnings of $0.03 per share, missing analyst expectations, though revenue of $242.45 million came in slightly above estimates and was up 8.4% year over year.
• Analysts remain moderately bullish overall, with a consensus rating of “Moderate Buy” and an average target price of $29.00, while recent insider sales included both the CEO and a director reducing holdings.

TimesSquare Capital Management LLC increased its position in shares of Warby Parker Inc. (NYSE:WRBY - Free Report) by 34.2% in the 4th quarter, according to its most recent disclosure with the Securities & Exchange Commission. The institutional investor owned 1,353,554 shares of the company's stock after purchasing an additional 344,879 shares during the period. TimesSquare Capital Management LLC owned approximately 1.28% of Warby Parker worth $29,494,000 as of its most recent SEC filing.

Several other large investors have also recently added to or reduced their stakes in WRBY. First Horizon Corp increased its holdings in Warby Parker by 96.7% in the fourth quarter. First Horizon Corp now owns 1,210 shares of the company's stock valued at $26,000 after buying an additional 595 shares in the last quarter. Eagle Bay Advisors LLC purchased a new position in Warby Parker in the fourth quarter valued at about $35,000. Farther Finance Advisors LLC increased its holdings 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 buying an additional 494 shares in the last quarter. NewEdge Advisors LLC increased its holdings 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 buying an additional 850 shares in the last quarter. Finally, Neo Ivy Capital Management purchased a new position in Warby Parker in the third quarter valued at about $112,000. 93.24% of the stock is owned by hedge funds and other institutional investors.

Warby Parker Stock Performance

Shares of NYSE WRBY opened at $28.66 on Tuesday. Warby Parker Inc. has a 1 year low of $14.96 and a 1 year high of $31.00. The firm's 50 day moving average price is $23.70 and its 200 day moving average price is $23.43. The firm has a market cap of $3.07 billion, a P/E ratio of 1,433.77 and a beta of 1.95.

Warby Parker (NYSE:WRBY - Get Free Report) last announced its earnings results on Thursday, May 7th. The company reported $0.03 earnings per share (EPS) 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 analyst estimates 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% compared to the same quarter last year. During the same quarter last year, the business posted $0.03 EPS. As a group, equities analysts predict that Warby Parker Inc. will post 0.24 EPS for the current year.

Analyst Ratings Changes

A number of research analysts have issued reports on WRBY shares. BTIG Research increased their target price on shares of Warby Parker from $32.00 to $34.00 and gave the company a "buy" rating in a report on Thursday, May 7th. Telsey Advisory Group increased their target price 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. Weiss Ratings raised shares of Warby Parker from a "sell (d)" rating to a "hold (c-)" rating in a report on Monday, May 11th. Citigroup increased their target price on shares of Warby Parker from $18.00 to $24.00 and gave the company a "neutral" rating in a report on Tuesday, March 17th. Finally, UBS Group raised their price objective 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. Ten investment analysts have rated the stock with a Buy rating and six have issued a Hold rating to the company. According to MarketBeat, the company has a consensus rating of "Moderate Buy" and an average target price of $29.00.

Insiders Place Their Bets

In related news, Director Bradley E. Singer sold 20,167 shares of Warby Parker stock in a transaction on Wednesday, May 13th. The shares were sold at an average price of $28.51, for a total transaction of $574,961.17. Following the transaction, the director owned 104,833 shares in the company, valued at approximately $2,988,788.83. The trade was a 16.13% decrease in their position. The transaction was disclosed in a legal filing with the SEC, which can be accessed through this link. Also, CEO Neil Harris Blumenthal sold 75,213 shares of Warby Parker stock in a transaction on Friday, April 17th. The shares were sold at an average price of $24.56, for a total transaction of $1,847,231.28. Following the transaction, the chief executive officer owned 50,165 shares in the company, valued at $1,232,052.40. The trade was a 59.99% 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. In the last quarter, insiders sold 140,793 shares of company stock worth $3,616,716. 16.80% of the stock is owned by company insiders.

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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