First Eagle Investment Management LLC Sells 196,700 Shares of Warby Parker Inc. $WRBY

First Eagle Investment Management LLC reduced its position in shares of Warby Parker Inc. (NYSE:WRBY) by 35.8% in the fourth quarter, according to its most recent filing with the SEC. The fund owned 352,941 shares of the company’s stock after selling 196,700 shares during the quarter. First Eagle Investment Management LLC’s holdings in Warby Parker were worth $7,691,000 at the end of the most recent reporting period.

A number of other hedge funds and other institutional investors have also recently modified their holdings of the company. Farther Finance Advisors LLC raised its holdings in Warby Parker by 259.3% during the 3rd quarter. Farther Finance Advisors LLC now owns 1,193 shares of the company’s stock valued at $33,000 after buying an additional 861 shares during the period. First Horizon Corp raised its holdings in Warby Parker by 96.7% during the 4th quarter. First Horizon Corp now owns 1,210 shares of the company’s stock valued at $26,000 after buying an additional 595 shares during the period. Eagle Bay Advisors LLC purchased a new stake in Warby Parker during the 4th quarter valued at $35,000. NewEdge Advisors LLC raised its holdings in Warby Parker by 56.7% during the 3rd quarter. NewEdge Advisors LLC now owns 2,350 shares of the company’s stock valued at $65,000 after buying an additional 850 shares during the period. Finally, Neo Ivy Capital Management purchased a new stake in Warby Parker during the 3rd quarter valued at $112,000. 93.24% of the stock is currently owned by institutional investors.

Insider Transactions at Warby Parker

In related news, CEO Neil Harris Blumenthal sold 22,442 shares of the firm’s stock in a transaction dated Monday, April 20th. The stock was sold at an average price of $25.09, for a total transaction of $563,069.78. Following the sale, the chief executive officer owned 50,165 shares of the company’s stock, valued at $1,258,639.85. This trade represents a 30.91% decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, Director Bradley E. Singer sold 15,793 shares of the firm’s stock in a transaction dated Wednesday, March 4th. The shares were sold at an average price of $27.53, for a total value of $434,781.29. Following 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 position. Additional details regarding this sale are available in the official SEC disclosure. In the last ninety days, insiders have sold 115,793 shares of company stock worth $2,901,550. 16.80% of the stock is owned by corporate insiders.

Analyst Ratings Changes

WRBY has been the topic of several recent research reports. BTIG Research increased their price target on 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 price target on Warby Parker from $32.00 to $33.00 and gave the company an “outperform” rating in a report on Friday, May 8th. Weiss Ratings upgraded Warby Parker from a “sell (d)” rating to a “hold (c-)” rating in a research report on Monday. UBS Group boosted their target price on shares of Warby Parker from $25.00 to $27.00 and gave the company a “neutral” rating in a research note on Friday. Finally, Citigroup upped their price target on shares of Warby Parker from $18.00 to $24.00 and gave the stock a “neutral” rating in a report 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 stock. According to MarketBeat.com, the company has an average rating of “Moderate Buy” and an average price target of $29.00.

Warby Parker Trading Down 6.4%

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

Warby Parker (NYSE:WRBY) last announced its quarterly earnings results on Thursday, May 7th. The company reported $0.03 EPS for the quarter, missing the consensus estimate of $0.11 by ($0.08). The firm had revenue of $242.45 million for the quarter, compared to analysts’ expectations of $239.44 million. Warby Parker had a net margin of 0.15% and a return on equity of 2.30%. The business’s quarterly revenue was up 8.4% on a year-over-year basis. During the same quarter in the prior year, the business posted $0.03 EPS. Analysts forecast that Warby Parker Inc. will post 0.24 earnings per share for the current year.

Warby Parker 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.