Ranger Investment Management L.P. Reduces Position in Warby Parker Inc. $WRBY

Ranger Investment Management L.P. reduced its position in shares of Warby Parker Inc. (NYSE:WRBY) by 2.1% in the 3rd quarter, Holdings Channel.com reports. The firm owned 990,450 shares of the company’s stock after selling 21,760 shares during the period. Warby Parker comprises about 1.9% of Ranger Investment Management L.P.’s holdings, making the stock its 20th largest position. Ranger Investment Management L.P.’s holdings in Warby Parker were worth $27,317,000 as of its most recent SEC filing.

Other hedge funds and other institutional investors also recently bought and sold shares of the company. Compass Wealth Management LLC acquired a new stake in shares of Warby Parker during the 3rd quarter worth about $2,184,000. New York State Common Retirement Fund raised its holdings in Warby Parker by 1,112.3% during the second quarter. New York State Common Retirement Fund now owns 353,091 shares of the company’s stock worth $7,743,000 after purchasing an additional 323,965 shares in the last quarter. Atika Capital Management LLC purchased a new stake in shares of Warby Parker during the 2nd quarter worth approximately $982,000. Russell Investments Group Ltd. boosted its holdings in shares of Warby Parker by 209.8% in the 2nd quarter. Russell Investments Group Ltd. now owns 356,372 shares of the company’s stock valued at $7,815,000 after buying an additional 241,357 shares in the last quarter. Finally, Dynamic Technology Lab Private Ltd grew its position in shares of Warby Parker by 209.3% in the 2nd quarter. Dynamic Technology Lab Private Ltd now owns 111,322 shares of the company’s stock valued at $2,442,000 after buying an additional 75,325 shares during the last quarter. 93.24% of the stock is currently owned by institutional investors and hedge funds.

Wall Street Analyst Weigh In

Several research firms have issued reports on WRBY. BTIG Research upped their price objective on shares of Warby Parker from $25.00 to $32.00 and gave the company a “buy” rating in a research note on Thursday, December 11th. Stifel Nicolaus increased their price objective on Warby Parker from $19.00 to $25.00 and gave the company a “hold” rating in a report on Friday, December 12th. Citizens Jmp raised shares of Warby Parker from a “market perform” rating to an “outperform” rating and set a $30.00 target price on the stock in a report on Wednesday, December 10th. Wall Street Zen cut shares of Warby Parker from a “buy” rating to a “hold” rating in a report on Saturday, November 1st. Finally, Telsey Advisory Group reaffirmed an “outperform” rating and set a $32.00 price objective on shares of Warby Parker in a research report on Wednesday, December 17th. Eleven research analysts have rated the stock with a Buy rating and six have assigned a Hold rating to the stock. According to MarketBeat.com, Warby Parker presently has a consensus rating of “Moderate Buy” and a consensus target price of $27.38.

Insider Buying and Selling at Warby Parker

In related news, Director Youngme E. Moon sold 38,832 shares of Warby Parker stock in a transaction on Thursday, December 11th. The stock was sold at an average price of $29.07, for a total transaction of $1,128,846.24. Following the completion of the transaction, the director directly owned 27,057 shares of the company’s stock, valued at approximately $786,546.99. The trade was a 58.94% decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which can be accessed through this link. Also, CEO Neil Harris Blumenthal sold 150,000 shares of the business’s stock in a transaction on Tuesday, January 6th. The stock was sold at an average price of $25.09, for a total value of $3,763,500.00. Following the sale, the chief executive officer owned 37,119 shares in the company, valued at approximately $931,315.71. The trade was a 80.16% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. Over the last three months, insiders sold 359,424 shares of company stock valued at $9,813,571. Corporate insiders own 18.24% of the company’s stock.

Warby Parker Price Performance

Warby Parker stock opened at $24.74 on Friday. The stock’s 50 day moving average price is $25.24 and its 200 day moving average price is $24.14. Warby Parker Inc. has a 1-year low of $13.63 and a 1-year high of $31.00. The company has a market cap of $2.62 billion, a PE ratio of 2,478.30 and a beta of 2.05.

Warby Parker (NYSE:WRBY) last issued its earnings results on Thursday, November 6th. The company reported $0.06 EPS for the quarter, missing the consensus estimate of $0.09 by ($0.03). Warby Parker had a return on equity of 1.96% and a net margin of 0.08%.The company had revenue of $221.68 million for the quarter, compared to analysts’ expectations of $224.49 million. During the same quarter in the previous year, the firm posted ($0.03) earnings per share. Warby Parker’s revenue for the quarter was up 15.2% on a year-over-year basis. On average, equities research analysts anticipate that Warby Parker Inc. will post -0.12 EPS for the current fiscal year.

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.