Warby Parker Inc. $WRBY Stock Sold by King Luther Capital Management Corp

King Luther Capital Management Corp decreased its position in shares of Warby Parker Inc. (NYSE:WRBY) by 5.6% in the third quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The institutional investor owned 451,099 shares of the company’s stock after selling 26,762 shares during the period. King Luther Capital Management Corp owned approximately 0.42% of Warby Parker worth $12,532,000 at the end of the most recent reporting period.

Other hedge funds and other institutional investors have also recently modified their holdings of the company. Bank of America Corp DE increased its position in Warby Parker by 30.9% in the first quarter. Bank of America Corp DE now owns 1,377,646 shares of the company’s stock worth $29,027,000 after purchasing an additional 325,250 shares during the last quarter. Ranger Investment Management L.P. purchased a new stake in Warby Parker during the second quarter valued at $30,949,000. Dimensional Fund Advisors LP lifted its position in Warby Parker by 10.7% during the first quarter. Dimensional Fund Advisors LP now owns 1,722,577 shares of the company’s stock valued at $36,291,000 after purchasing an additional 166,235 shares during the last quarter. Kornitzer Capital Management Inc. KS lifted its position in Warby Parker by 52.1% during the third quarter. Kornitzer Capital Management Inc. KS now owns 263,415 shares of the company’s stock valued at $7,318,000 after purchasing an additional 90,185 shares during the last quarter. Finally, Granahan Investment Management LLC bought a new position in Warby Parker during the first quarter valued at $1,726,000. 93.24% of the stock is currently owned by institutional investors.

Analyst Ratings Changes

A number of research firms have recently weighed in on WRBY. TD Cowen started coverage on shares of Warby Parker in a report on Friday, October 30th. They issued a “strong-buy” rating on the stock. UBS Group upped their target price on shares of Warby Parker from $28.00 to $32.00 and gave the company a “neutral” rating in a research report on Friday, November 6th. Weiss Ratings downgraded shares of Warby Parker from a “hold (c-)” rating to a “sell (d+)” rating in a report on Friday, October 23rd. Roth Capital reiterated a “neutral” rating and issued a $28.00 price target on shares of Warby Parker in a research report on Wednesday, August 5th. Finally, The Goldman Sachs Group reissued a “buy” rating and set a $32.00 price objective on shares of Warby Parker in a research note on Friday, November 6th. One research analyst has rated the stock with a Strong Buy rating, seven have issued a Buy rating, three have assigned a Hold rating and one has assigned a Sell rating to the company. Based on data from MarketBeat, the company presently has a consensus rating of “Moderate Buy” and an average price target of $31.42.

Insider Buying and Selling at Warby Parker

In other news, CEO Neil Blumenthal sold 73,133 shares of the firm’s stock in a transaction dated Monday, November 9th. The shares were sold at an average price of $30.13, for a total value of $2,203,497.29. Following the completion of the sale, the chief executive officer owned 36,020 shares in the company, valued at approximately $1,085,282.60. This trade represents a 67.00% decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Corporate insiders own 16.80% of the company’s stock.

Warby Parker Stock Performance

NYSE:WRBY opened at $26.73 on Friday. The firm has a market capitalization of $2.91 billion, a PE ratio of 445.51, a PEG ratio of 9.87 and a beta of 1.95. The stock’s fifty day moving average is $25.30 and its 200 day moving average is $25.17. Warby Parker Inc. has a fifty-two week low of $16.26 and a fifty-two week high of $31.75.

Warby Parker (NYSE:WRBY) last posted its quarterly earnings data on Thursday, November 5th. The company reported $0.04 EPS for the quarter, missing the consensus estimate of $0.09 by ($0.05). The firm had revenue of $244.74 million for the quarter, compared to analysts’ expectations of $244.92 million. Warby Parker had a return on equity of 3.36% and a net margin of 0.80%. The firm’s quarterly revenue was up 10.4% compared to the same quarter last year. During the same period in the previous year, the firm earned $0.05 earnings per share. Equities analysts forecast that Warby Parker Inc. will post 0.12 EPS for the current year.

Warby Parker Profile

Warby Parker Inc. is an eyewear company that sells prescription glasses, sunglasses, and contact lenses through its website and retail stores. It also offers vision-related services, including eye exams at select locations. Founded in 2010, the company helped popularize a direct-to-consumer model for eyewear and has since expanded its network of stores. Warby Parker serves customers primarily in the United States and Canada. The company was co-founded by Neil Blumenthal, Dave Gilboa, Andrew Hunt, and Jeffrey Raider.