Ranger Investment Management L.P. Sells 294,569 Shares of Warby Parker Inc. $WRBY

Ranger Investment Management L.P. trimmed its holdings in shares of Warby Parker Inc. (NYSE:WRBY) by 30.3% during the first quarter, according to its most recent 13F filing with the SEC. The institutional investor owned 677,310 shares of the company’s stock after selling 294,569 shares during the period. Ranger Investment Management L.P.’s holdings in Warby Parker were worth $14,271,000 as of its most recent filing with the SEC.

Several other large investors also recently modified their holdings of the stock. JPMorgan Chase & Co. lifted its position in shares of Warby Parker by 32.5% during the 4th quarter. JPMorgan Chase & Co. now owns 9,679,067 shares of the company’s stock valued at $210,907,000 after acquiring an additional 2,375,726 shares during the period. Vaughan Nelson Investment Management L.P. increased its stake in Warby Parker by 31.3% in the first 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. Bank of New York Mellon Corp raised its holdings in shares of Warby Parker by 17.2% during the fourth quarter. Bank of New York Mellon Corp now owns 2,594,171 shares of the company’s stock valued at $56,527,000 after purchasing an additional 381,071 shares during the period. State Street Corp boosted its position in shares of Warby Parker by 9.2% during the 4th quarter. State Street Corp now owns 2,408,610 shares of the company’s stock worth $52,484,000 after purchasing an additional 202,029 shares in the last quarter. Finally, Geode Capital Management LLC boosted its position in shares of Warby Parker by 0.5% during the 4th quarter. Geode Capital Management LLC now owns 2,297,123 shares of the company’s stock worth $50,064,000 after purchasing an additional 11,736 shares in the last quarter. Institutional investors and hedge funds own 93.24% of the company’s stock.

Warby Parker Stock Performance

WRBY stock opened at $25.95 on Wednesday. The business has a 50-day simple moving average of $26.26 and a two-hundred day simple moving average of $25.12. The company has a market capitalization of $2.78 billion, a P/E ratio of 1,298.30, a price-to-earnings-growth ratio of 4.97 and a beta of 1.91. Warby Parker Inc. has a 52-week low of $14.96 and a 52-week high of $31.00.

Warby Parker (NYSE:WRBY) last issued its quarterly earnings data on Thursday, May 7th. The company reported $0.03 EPS for the quarter, missing the consensus estimate of $0.11 by ($0.08). The company had revenue of $242.45 million during the quarter, compared to analysts’ expectations of $239.44 million. Warby Parker had a return on equity of 2.30% and a net margin of 0.15%.The business’s revenue for the quarter was up 8.4% compared to the same quarter last year. During the same period last year, the company earned $0.03 earnings per share. As a group, sell-side analysts forecast that Warby Parker Inc. will post 0.19 earnings per share for the current fiscal year.

Analysts Set New Price Targets

A number of analysts recently commented on the company. Telsey Advisory Group boosted their target price on Warby Parker from $32.00 to $33.00 and gave the company an “outperform” rating in a research report on Friday, May 8th. Weiss Ratings upgraded Warby Parker from a “sell (d)” rating to a “hold (c-)” rating in a report on Monday, May 11th. BTIG Research upped their target price on Warby Parker from $32.00 to $34.00 and gave the stock a “buy” rating in a research report on Thursday, May 7th. Bank of America assumed coverage on Warby Parker in a report on Monday, June 29th. They issued a “buy” rating and a $33.00 target price on the stock. Finally, Piper Sandler reissued an “overweight” rating on shares of Warby Parker in a research report on Tuesday, May 19th. Ten equities research analysts have rated the stock with a Buy rating and five have issued a Hold rating to the company. Based on data from MarketBeat, the stock has an average rating of “Moderate Buy” and an average price target of $29.82.

Insider Buying and Selling

In other Warby Parker news, Director Bradley E. Singer sold 20,167 shares of Warby Parker stock in a transaction 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 transaction, the director directly owned 104,833 shares of the company’s stock, valued at $2,988,788.83. The trade was a 16.13% decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. Also, Director Teresa Briggs sold 5,000 shares of the company’s stock in a transaction on Tuesday, June 16th. The stock was sold at an average price of $25.94, for a total transaction of $129,700.00. Following the completion of the sale, the director owned 48,883 shares of the company’s stock, valued at approximately $1,268,025.02. The trade was a 9.28% decrease in their position. The SEC filing for this sale provides additional information. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Insiders have sold a total of 366,207 shares of company stock valued at $10,814,738 in the last 90 days. Insiders own 16.80% of the company’s stock.

Warby Parker Company 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.