Insider Selling: Warby Parker (NYSE:WRBY) CEO Sells $1,847,231.28 in Stock

Warby Parker Inc. (NYSE:WRBY) CEO Neil Harris Blumenthal sold 75,213 shares of the stock in a transaction that occurred on Friday, April 17th. The stock was sold at an average price of $24.56, for a total value of $1,847,231.28. Following the sale, the chief executive officer directly owned 50,165 shares of the company’s stock, valued at $1,232,052.40. The trade was a 59.99% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which can be accessed through the SEC website. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan.

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

• On Monday, April 20th, Neil Harris Blumenthal sold 22,442 shares of Warby Parker stock. The shares were sold at an average price of $25.09, for a total value of $563,069.78.
• On Thursday, April 16th, Neil Harris Blumenthal sold 2,345 shares of Warby Parker stock. The shares were sold at an average price of $24.08, for a total value of $56,467.60.

Warby Parker Price Performance

WRBY opened at $24.62 on Thursday. The business has a 50 day simple moving average of $23.25 and a 200-day simple moving average of $23.10. The stock has a market capitalization of $2.63 billion, a P/E ratio of 1,231.37 and a beta of 2.07. Warby Parker Inc. has a 12 month low of $14.72 and a 12 month high of $31.00.

Hedge Funds Weigh In On Warby Parker

Several hedge funds have recently bought and sold shares of the company. Maridea Wealth Management LLC increased its stake in Warby Parker by 179.3% in the 1st quarter. Maridea Wealth Management LLC now owns 112,581 shares of the company’s stock valued at $2,372,000 after purchasing an additional 72,275 shares in the last quarter. SG Americas Securities LLC purchased a new position in Warby Parker in the 1st quarter valued at approximately $2,713,000. Vaughan Nelson Investment Management L.P. increased its stake in Warby Parker by 31.3% in the 1st quarter. Vaughan Nelson Investment Management L.P. now owns 3,028,307 shares of the company’s stock valued at $63,806,000 after purchasing an additional 722,627 shares in the last quarter. Caitong International Asset Management Co. Ltd purchased a new position in Warby Parker in the 4th quarter valued at approximately $768,000. Finally, Virtu Financial LLC purchased a new position in Warby Parker in the 4th quarter valued at approximately $785,000. 93.24% of the stock is owned by hedge funds and other institutional investors.

Wall Street Analysts Forecast Growth

Several analysts have recently commented on the company. UBS Group reissued a “neutral” rating and issued a $20.00 price target on shares of Warby Parker in a report on Wednesday, February 25th. Weiss Ratings cut Warby Parker from a “hold (c-)” rating to a “sell (d)” rating in a report on Monday, March 2nd. Telsey Advisory Group reissued an “outperform” rating and issued a $32.00 price target on shares of Warby Parker in a report on Friday, February 20th. Finally, Citigroup raised their price target on Warby Parker from $18.00 to $24.00 and gave the company a “neutral” rating in a report on Tuesday, March 17th. Ten research analysts have rated the stock with a Buy rating, five have assigned a Hold rating and one has issued a Sell rating to the company’s stock. According to MarketBeat.com, the stock has an average rating of “Moderate Buy” and a consensus target price of $28.09.

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.