Warby Parker (NYSE:WRBY) Director Sells $434,781.29 in Stock

Key Points

• Director Bradley Singer sold 15,793 shares at an average price of $27.53 for $434,781.29, cutting his stake by 49.63% to 16,026 shares.
• Shares fell 7.3% to $24.90 on Friday with roughly 3.44 million traded; the company has a market cap of $2.66 billion and a 52-week range of $13.63–$31.00.
• Institutional investors own 93.24% of WRBY with large recent purchases by firms including JPMorgan, and analysts' consensus is a "Moderate Buy" with an average price target of $27.83.

Warby Parker Inc. (NYSE:WRBY - Get Free Report) Director Bradley Singer sold 15,793 shares of the stock in a transaction dated 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 in the company, valued at approximately $441,195.78. The trade was a 49.63% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which can be accessed through this hyperlink.

Warby Parker Stock Down 7.3%

Shares of Warby Parker stock traded down $1.97 during trading on Friday, hitting $24.90. 3,443,677 shares of the company were exchanged, compared to its average volume of 3,598,538. The firm has a 50 day moving average price of $25.11 and a 200 day moving average price of $24.06. The stock has a market capitalization of $2.66 billion, a price-to-earnings ratio of 1,245.62 and a beta of 2.05. Warby Parker Inc. has a fifty-two week low of $13.63 and a fifty-two week high of $31.00.

Institutional Investors Weigh In On Warby Parker

Several hedge funds and other institutional investors have recently added to or reduced their stakes in WRBY. JPMorgan Chase & Co. boosted its position in Warby Parker by 987.8% in the 2nd quarter. JPMorgan Chase & Co. now owns 5,182,573 shares of the company's stock valued at $113,654,000 after buying an additional 4,706,148 shares during the last quarter. Fuller & Thaler Asset Management Inc. acquired a new position in shares of Warby Parker in the fourth quarter worth about $46,484,000. SRS Investment Management LLC purchased a new position in Warby Parker in the fourth quarter valued at about $31,277,000. Artisan Partners Limited Partnership purchased a new position in Warby Parker in the second quarter valued at about $27,589,000. Finally, Ranger Investment Management L.P. acquired a new stake in Warby Parker during the 2nd quarter valued at approximately $22,198,000. Hedge funds and other institutional investors own 93.24% of the company's stock.

Wall Street Analysts Forecast Growth

A number of research analysts have recently commented on the stock. Citigroup raised shares of Warby Parker from a "hold" rating to an "outperform" rating in a research note on Wednesday, December 10th. Telsey Advisory Group reiterated an "outperform" rating and set a $32.00 price objective on shares of Warby Parker in a research note on Friday, February 20th. Piper Sandler increased their price objective on shares of Warby Parker from $22.00 to $32.00 and gave the stock an "overweight" rating in a research report on Tuesday, December 16th. BTIG Research lifted their target price on shares of Warby Parker from $25.00 to $32.00 and gave the company a "buy" rating in a report on Thursday, December 11th. Finally, Weiss Ratings cut shares of Warby Parker from a "hold (c-)" rating to a "sell (d)" rating in a research report on Monday. Eleven investment analysts have rated the stock with a Buy rating, four have issued a Hold rating and one has issued a Sell rating to the company's stock. According to data from MarketBeat.com, the stock currently has an average rating of "Moderate Buy" and a consensus price target of $27.83.

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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