Bank of New York Mellon Corp Sells 1,071,236 Shares of Warby Parker Inc. $WRBY

Bank of New York Mellon Corp lessened its stake in Warby Parker Inc. (NYSE:WRBY) by 41.3% during the first quarter, HoldingsChannel reports. The firm owned 1,522,935 shares of the company’s stock after selling 1,071,236 shares during the period. Bank of New York Mellon Corp’s holdings in Warby Parker were worth $32,088,000 as of its most recent filing with the Securities and Exchange Commission.

Several other institutional investors have also bought and sold shares of the company. Man Group plc grew its holdings in Warby Parker by 1.6% during the second quarter. Man Group plc now owns 25,095 shares of the company’s stock valued at $550,000 after purchasing an additional 400 shares during the period. Farther Finance Advisors LLC raised its stake in shares of Warby Parker by 41.4% in the fourth quarter. Farther Finance Advisors LLC now owns 1,687 shares of the company’s stock valued at $37,000 after buying an additional 494 shares during the period. First Horizon Corp raised its stake in shares of Warby Parker by 96.7% in the fourth 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. Rafferty Asset Management LLC lifted its position in shares of Warby Parker by 5.4% during the 2nd quarter. Rafferty Asset Management LLC now owns 15,899 shares of the company’s stock valued at $349,000 after buying an additional 819 shares during the last quarter. Finally, Hennion & Walsh Asset Management Inc. lifted its position in shares of Warby Parker by 6.7% during the 4th quarter. Hennion & Walsh Asset Management Inc. now owns 13,435 shares of the company’s stock valued at $293,000 after buying an additional 845 shares during the last quarter. Hedge funds and other institutional investors own 93.24% of the company’s stock.

Insiders Place Their Bets

In other Warby Parker news, Director Bradley E. Singer sold 20,167 shares of Warby Parker stock in a transaction that occurred on Wednesday, May 13th. The shares were sold at an average price of $28.51, for a total transaction of $574,961.17. Following the completion of the sale, the director directly owned 104,833 shares in the company, valued at $2,988,788.83. The trade was a 16.13% decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is available through this hyperlink. Also, CEO Neil Harris Blumenthal sold 217,667 shares of Warby Parker stock in a transaction that occurred on Wednesday, July 1st. The shares were sold at an average price of $29.61, for a total transaction of $6,445,119.87. Following the sale, the chief executive officer owned 31,112 shares of the company’s stock, valued at approximately $921,226.32. The trade was a 87.49% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Insiders sold a total of 366,207 shares of company stock worth $10,814,738 over the last three months. Company insiders own 16.80% of the company’s stock.

Warby Parker Stock Down 0.1%

Warby Parker stock opened at $24.52 on Monday. Warby Parker Inc. has a 52 week low of $14.96 and a 52 week high of $31.00. The business has a 50-day simple moving average of $26.32 and a 200 day simple moving average of $25.14. The stock has a market cap of $2.63 billion, a price-to-earnings ratio of 1,226.86, a PEG ratio of 4.91 and a beta of 1.91.

Warby Parker (NYSE:WRBY) last announced its earnings results on Thursday, May 7th. The company reported $0.03 earnings per share for the quarter, missing analysts’ consensus estimates of $0.11 by ($0.08). Warby Parker had a return on equity of 2.30% and a net margin of 0.15%.The business had revenue of $242.45 million during the quarter, compared to the consensus estimate of $239.44 million. During the same quarter in the prior year, the company earned $0.03 earnings per share. Warby Parker’s revenue was up 8.4% compared to the same quarter last year. On average, research analysts anticipate that Warby Parker Inc. will post 0.19 earnings per share for the current year.

Wall Street Analyst Weigh In

Several research analysts have recently weighed in on WRBY shares. Weiss Ratings upgraded Warby Parker from a “sell (d)” rating to a “hold (c-)” rating in a research note on Monday, May 11th. Bank of America started coverage on Warby Parker in a research note on Monday, June 29th. They issued a “buy” rating and a $33.00 price objective on the stock. UBS Group increased their target price on shares of Warby Parker from $25.00 to $27.00 and gave the stock a “neutral” rating in a research report on Friday, May 8th. Piper Sandler reiterated an “overweight” rating on shares of Warby Parker in a research note on Tuesday, May 19th. Finally, BTIG Research lifted their target price on shares of Warby Parker from $32.00 to $34.00 and gave the stock a “buy” rating in a research note on Thursday, May 7th. Ten equities research analysts have rated the stock with a Buy rating and five have issued a Hold rating to the company. According to MarketBeat.com, the stock currently has an average rating of “Moderate Buy” and a consensus target price of $29.82.

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.