Warby Parker Inc. (NYSE:WRBY) Sees Significant Decline in Short Interest

Warby Parker Inc. (NYSE:WRBY) was the recipient of a large drop in short interest in the month of January. As of January 15th, there was short interest totaling 10,549,384 shares, a drop of 20.3% from the December 31st total of 13,241,691 shares. Currently, 12.2% of the shares of the company are short sold. Based on an average daily trading volume, of 4,534,016 shares, the short-interest ratio is presently 2.3 days. Based on an average daily trading volume, of 4,534,016 shares, the short-interest ratio is presently 2.3 days. Currently, 12.2% of the shares of the company are short sold.

Insider Transactions at Warby Parker

In other news, CEO Neil Harris Blumenthal sold 50,000 shares of the business’s stock in a transaction dated Wednesday, January 7th. The shares were sold at an average price of $27.08, for a total value of $1,354,000.00. Following the completion of the sale, the chief executive officer owned 37,119 shares of the company’s stock, valued at approximately $1,005,182.52. The trade was a 57.39% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which can be accessed through this link. Also, Director Joel E. Cutler sold 19,932 shares of Warby Parker stock in a transaction dated Tuesday, December 16th. The stock was sold at an average price of $26.01, for a total transaction of $518,431.32. Following the completion of the sale, the director owned 20,000 shares of the company’s stock, valued at $520,200. This trade represents a 49.91% decrease in their position. The SEC filing for this sale provides additional information. Over the last 90 days, insiders sold 359,424 shares of company stock valued at $9,813,571. 18.24% of the stock is currently owned by corporate insiders.

Institutional Investors Weigh In On Warby Parker

Hedge funds and other institutional investors have recently bought and sold shares of the company. K.J. Harrison & Partners Inc acquired a new position in Warby Parker in the 4th quarter worth about $1,307,000. Primoris Wealth Advisors LLC acquired a new stake in shares of Warby Parker during the fourth quarter valued at about $1,781,000. Kornitzer Capital Management Inc. KS grew its holdings in shares of Warby Parker by 30.3% during the fourth quarter. Kornitzer Capital Management Inc. KS now owns 170,680 shares of the company’s stock worth $3,719,000 after purchasing an additional 39,690 shares during the last quarter. Comerica Bank increased its stake in shares of Warby Parker by 1,721.2% in the fourth quarter. Comerica Bank now owns 48,990 shares of the company’s stock valued at $1,067,000 after buying an additional 46,300 shares during the period. Finally, Quent Capital LLC bought a new position in Warby Parker in the 4th quarter valued at approximately $327,000. Institutional investors own 93.24% of the company’s stock.

Analyst Upgrades and Downgrades

A number of equities analysts have commented on the company. UBS Group lowered their price objective on Warby Parker from $23.00 to $20.00 and set a “neutral” rating on the stock in a research note on Friday, November 7th. Citigroup upgraded Warby Parker from a “hold” rating to an “outperform” rating in a research report on Wednesday, December 10th. Wall Street Zen downgraded Warby Parker from a “buy” rating to a “hold” rating in a research note on Saturday, November 1st. BTIG Research increased their price objective on shares of Warby Parker from $25.00 to $32.00 and gave the stock a “buy” rating in a research note on Thursday, December 11th. Finally, Piper Sandler raised their target price on shares of Warby Parker from $22.00 to $32.00 and gave the company an “overweight” rating in a report on Tuesday, December 16th. Eleven investment analysts have rated the stock with a Buy rating and six have assigned a Hold rating to the company. Based on data from MarketBeat.com, Warby Parker has an average rating of “Moderate Buy” and an average price target of $27.38.

Warby Parker Stock Up 0.4%

Shares of WRBY stock traded up $0.11 on Tuesday, reaching $26.14. The company had a trading volume of 2,072,082 shares, compared to its average volume of 3,170,077. The business’s 50-day moving average is $25.02 and its 200 day moving average is $24.13. Warby Parker has a one year low of $13.63 and a one year high of $31.00. The stock has a market capitalization of $2.76 billion, a PE ratio of 2,613.60 and a beta of 2.05.

Warby Parker (NYSE:WRBY) last released its quarterly earnings data on Thursday, November 6th. The company reported $0.06 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates 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 analyst estimates of $224.49 million. During the same quarter in the prior year, the company earned ($0.03) earnings per share. Warby Parker’s revenue for the quarter was up 15.2% compared to the same quarter last year. On average, sell-side analysts forecast that Warby Parker will post -0.12 earnings per share 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.