Warby Parker (NYSE:WRBY) CEO Neil Harris Blumenthal Sells 22,442 Shares

Key Points

• Warby Parker CEO Neil H. Blumenthal sold a total of 100,000 shares across April 16–20 (including 22,442 shares on April 20) under a pre-arranged Rule 10b5-1 plan for roughly $2.47 million, reducing his position by about 30.9% to 50,165 shares.
• Shares traded up 3.9% to $25.83 on the day with above-average volume (~3.49M shares); analysts hold a consensus Moderate Buy rating with a $28.09 price target and the company has a market cap of about $2.76 billion.

Warby Parker Inc. (NYSE:WRBY - Get Free Report) CEO Neil Harris Blumenthal sold 22,442 shares of the business's stock in a transaction that occurred on Monday, April 20th. The stock was sold at an average price of $25.09, for a total transaction of $563,069.78. Following the transaction, the chief executive officer owned 50,165 shares of the company's stock, valued at approximately $1,258,639.85. This trade represents a 30.91% decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan.

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

• On Friday, April 17th, Neil Harris Blumenthal sold 75,213 shares of Warby Parker stock. The stock was sold at an average price of $24.56, for a total transaction of $1,847,231.28.
• On Thursday, April 16th, Neil Harris Blumenthal sold 2,345 shares of Warby Parker stock. The stock was sold at an average price of $24.08, for a total transaction of $56,467.60.

Warby Parker Stock Up 3.9%

Shares of NYSE WRBY traded up $0.97 during trading hours on Monday, hitting $25.83. 3,492,314 shares of the stock were exchanged, compared to its average volume of 2,084,250. The company has a market cap of $2.76 billion, a PE ratio of 1,292.10 and a beta of 2.07. The firm has a fifty day moving average price of $23.15 and a 200-day moving average price of $23.10. Warby Parker Inc. has a 12 month low of $13.63 and a 12 month high of $31.00.

Analyst Upgrades and Downgrades

WRBY has been the topic of a number of recent analyst reports. Telsey Advisory Group restated an "outperform" rating and set a $32.00 price target on shares of Warby Parker in a research note on Friday, February 20th. Weiss Ratings cut Warby Parker from a "hold (c-)" rating to a "sell (d)" rating in a research report on Monday, March 2nd. Citigroup boosted their price target on Warby Parker from $18.00 to $24.00 and gave the company a "neutral" rating in a research note on Tuesday, March 17th. Finally, UBS Group restated a "neutral" rating and issued a $20.00 price objective on shares of Warby Parker in a research note on Wednesday, February 25th. Ten research analysts have rated the stock with a Buy rating, five have given a Hold rating and one has issued a Sell rating to the stock. According to data from MarketBeat.com, the stock presently has an average rating of "Moderate Buy" and a consensus price target of $28.09.

Institutional Trading of Warby Parker

Hedge funds and other institutional investors have recently made changes to their positions in the business. Compass Wealth Management LLC acquired a new stake in shares of Warby Parker in the third quarter worth $2,184,000. Impax Asset Management Group plc increased its stake in shares of Warby Parker by 28.3% in the third quarter. Impax Asset Management Group plc now owns 385,000 shares of the company's stock worth $10,618,000 after acquiring an additional 85,000 shares during the period. JPMorgan Chase & Co. increased its stake in shares of Warby Parker by 40.9% in the third quarter. JPMorgan Chase & Co. now owns 7,303,341 shares of the company's stock worth $201,426,000 after acquiring an additional 2,120,768 shares during the period. Udine Wealth Management Inc. acquired a new stake in shares of Warby Parker in the fourth quarter worth $1,284,000. Finally, Kingdon Capital Management L.L.C. acquired a new stake in shares of Warby Parker in the third quarter worth $9,653,000. Institutional investors and hedge funds own 93.24% of the company's stock.

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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