Insider Selling: Warby Parker Inc. (NYSE:WRBY) CEO Sells 50,000 Shares of Stock

Key Points

• Warby Parker CEO Neil Harris Blumenthal sold 50,000 shares of the company's stock at an average price of $25.11, totaling $1,255,500, resulting in a significant reduction of his holdings by approximately 63.82%.
• The company's stock traded up 9.9% reaching $26.83, with a market capitalization of $2.82 billion and a PE ratio of -383.23.
• Institutional investors own 93.24% of Warby Parker's stock, with notable increases from firms such as Durable Capital Partners LP and JPMorgan Chase & Co. in recent quarters.

Warby Parker Inc. (NYSE:WRBY - Get Free Report) CEO Neil Harris Blumenthal sold 50,000 shares of Warby Parker stock in a transaction on Wednesday, August 13th. The stock was sold at an average price of $25.11, for a total transaction of $1,255,500.00. Following the sale, the chief executive officer owned 28,347 shares of the company's stock, valued at $711,793.17. The trade was a 63.82% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is accessible through the SEC website.

Neil Harris Blumenthal also recently made the following trade(s):

• On Monday, July 21st, Neil Harris Blumenthal sold 49,600 shares of Warby Parker stock. The stock was sold at an average price of $24.21, for a total transaction of $1,200,816.00.
• On Friday, July 18th, Neil Harris Blumenthal sold 400 shares of Warby Parker stock. The stock was sold at an average price of $24.01, for a total transaction of $9,604.00.

Warby Parker Trading Up 1.5%

WRBY traded up $0.39 on Friday, reaching $27.24. The stock had a trading volume of 1,804,351 shares, compared to its average volume of 1,886,962. The company has a market cap of $2.87 billion, a P/E ratio of -389.09 and a beta of 2.09. The business's 50-day moving average price is $23.10 and its two-hundred day moving average price is $21.03. Warby Parker Inc. has a 12-month low of $12.69 and a 12-month high of $29.73.

Wall Street Analyst Weigh In

Several research analysts recently issued reports on WRBY shares. Loop Capital reissued a "buy" rating on shares of Warby Parker in a report on Wednesday, May 21st. Roth Capital set a $24.00 target price on shares of Warby Parker and gave the stock a "neutral" rating in a report on Tuesday, August 5th. Citizens Jmp cut shares of Warby Parker from an "outperform" rating to a "market perform" rating in a report on Thursday, July 10th. The Goldman Sachs Group raised their target price on shares of Warby Parker from $18.00 to $20.00 and gave the stock a "buy" rating in a report on Friday, May 9th. Finally, Citigroup reissued a "neutral" rating and set a $22.00 target price (up previously from $17.00) on shares of Warby Parker in a report on Wednesday, May 21st. Eight analysts have rated the stock with a hold rating and eleven have issued a buy rating to the company. Based on data from MarketBeat, the company presently has a consensus rating of "Moderate Buy" and an average target price of $24.06.

Institutional Trading of Warby Parker

A number of institutional investors and hedge funds have recently modified their holdings of WRBY. New York State Teachers Retirement System purchased a new stake in shares of Warby Parker during the first quarter worth about $27,000. NewEdge Advisors LLC increased its stake in shares of Warby Parker by 700.0% during the fourth quarter. NewEdge Advisors LLC now owns 1,200 shares of the company's stock worth $29,000 after purchasing an additional 1,050 shares in the last quarter. PNC Financial Services Group Inc. increased its stake in shares of Warby Parker by 400.3% during the second quarter. PNC Financial Services Group Inc. now owns 1,601 shares of the company's stock worth $35,000 after purchasing an additional 1,281 shares in the last quarter. Huntington National Bank increased its stake in shares of Warby Parker by 111.0% during the second quarter. Huntington National Bank now owns 1,675 shares of the company's stock worth $37,000 after purchasing an additional 881 shares in the last quarter. Finally, Comerica Bank increased its stake in shares of Warby Parker by 153.1% during the fourth quarter. Comerica Bank now owns 2,291 shares of the company's stock worth $55,000 after purchasing an additional 1,386 shares in the last quarter. Hedge funds and other institutional investors own 93.24% of the company's stock.

Warby Parker Company Profile

Warby Parker Inc provides eyewear products in the United States and Canada. The company offers eyeglasses, sunglasses, light-responsive lenses, blue-light-filtering lenses, non-prescription lenses, and contact lenses. It also provides accessories, such as cases, lenses kit with anti-fog spray, pouches, and anti-fog lens spray through its retail stores, website, and mobile apps.