UBS Group AG Trims Stock Position in Warby Parker Inc. $WRBY

Key Points

• UBS Group AG reduced its Warby Parker stake by 15.6% in the fourth quarter, selling 135,859 shares and ending with 736,461 shares worth about $16.0 million.
• Warby Parker reported mixed quarterly results: revenue rose 8.4% year over year to $242.45 million, but earnings per share came in at $0.03, below the $0.11 analyst estimate.
• Insider selling continued, with CEO Neil Blumenthal and Director Bradley E. Singer both trimming holdings, while analysts remain broadly constructive with a consensus rating of Moderate Buy and an average price target of $29.

UBS Group AG lessened its position in shares of Warby Parker Inc. (NYSE:WRBY - Free Report) by 15.6% during the 4th quarter, according to the company in its most recent 13F filing with the SEC. The firm owned 736,461 shares of the company's stock after selling 135,859 shares during the quarter. UBS Group AG owned about 0.70% of Warby Parker worth $16,047,000 at the end of the most recent reporting period.

Several other institutional investors have also recently made changes to their positions in the company. Quent Capital LLC purchased a new stake in shares of Warby Parker during the 4th quarter valued at approximately $327,000. Geneos Wealth Management Inc. acquired a new stake in Warby Parker in the 4th quarter valued at approximately $411,000. Zurcher Kantonalbank Zurich Cantonalbank increased its holdings in Warby Parker by 8.2% in the 4th quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 31,744 shares of the company's stock valued at $692,000 after purchasing an additional 2,400 shares during the last quarter. First Horizon Corp increased its holdings in Warby Parker by 96.7% in the 4th quarter. First Horizon Corp now owns 1,210 shares of the company's stock valued at $26,000 after purchasing an additional 595 shares during the last quarter. Finally, PFG Investments LLC acquired a new stake in Warby Parker in the 4th quarter valued at approximately $201,000. Hedge funds and other institutional investors own 93.24% of the company's stock.

Insiders Place Their Bets

In related news, CEO Neil Harris Blumenthal sold 22,442 shares of the business's stock in a transaction on Monday, April 20th. The shares were sold at an average price of $25.09, for a total value of $563,069.78. Following the completion of the sale, the chief executive officer directly owned 50,165 shares of the company's stock, valued at $1,258,639.85. The trade was a 30.91% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this hyperlink. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, Director Bradley E. Singer sold 15,793 shares of the business's stock in a transaction on Wednesday, March 4th. The shares were sold at an average price of $27.53, for a total transaction of $434,781.29. Following the completion of the sale, the director directly owned 16,026 shares of the company's stock, valued at approximately $441,195.78. This trade represents a 49.63% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. Over the last three months, insiders sold 115,793 shares of company stock valued at $2,901,550. 16.80% of the stock is owned by corporate insiders.

Warby Parker Trading Down 6.4%

Shares of WRBY stock opened at $26.96 on Wednesday. Warby Parker Inc. has a 12 month low of $14.96 and a 12 month high of $31.00. The company has a market cap of $2.89 billion, a P/E ratio of 1,348.62 and a beta of 1.95. The firm has a fifty day moving average price of $23.57 and a 200 day moving average price of $23.22.

Warby Parker (NYSE:WRBY - Get Free Report) last announced its quarterly 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). Warby Parker had a net margin of 0.15% and a return on equity of 2.30%. The company had revenue of $242.45 million during the quarter, compared to analysts' expectations of $239.44 million. During the same period last year, the firm earned $0.03 earnings per share. Warby Parker's revenue was up 8.4% on a year-over-year basis. On average, equities analysts forecast that Warby Parker Inc. will post 0.24 EPS for the current year.

Analyst Upgrades and Downgrades

Several research firms recently weighed in on WRBY. Telsey Advisory Group lifted 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. BTIG Research boosted their target price on shares of Warby Parker from $32.00 to $34.00 and gave the stock a "buy" rating in a research note on Thursday, May 7th. UBS Group boosted their target price on shares of Warby Parker from $25.00 to $27.00 and gave the stock a "neutral" rating in a research note on Friday. Weiss Ratings upgraded shares of Warby Parker from a "sell (d)" rating to a "hold (c-)" rating in a research note on Monday. Finally, Citigroup boosted their target price on shares of Warby Parker from $18.00 to $24.00 and gave the stock a "neutral" rating in a research note on Tuesday, March 17th. Ten equities research analysts have rated the stock with a Buy rating and six have assigned a Hold rating to the company. Based on data from MarketBeat.com, the company presently has a consensus rating of "Moderate Buy" and an average price target of $29.00.

About Warby Parker

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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