Pinnacle Associates Ltd. Invests $460,000 in Warby Parker Inc. $WRBY

Pinnacle Associates Ltd. acquired a new stake in Warby Parker Inc. (NYSE:WRBY) during the fourth quarter, according to its most recent Form 13F filing with the SEC. The firm acquired 21,130 shares of the company’s stock, valued at approximately $460,000.

A number of other large investors have also recently added to or reduced their stakes in the stock. K.J. Harrison & Partners Inc bought a new stake in shares of Warby Parker during the 4th quarter worth $1,307,000. Primoris Wealth Advisors LLC acquired a new position in Warby Parker during the 4th quarter worth $1,781,000. Kornitzer Capital Management Inc. KS boosted its holdings in Warby Parker by 30.3% during the fourth quarter. Kornitzer Capital Management Inc. KS now owns 170,680 shares of the company’s stock valued at $3,719,000 after acquiring an additional 39,690 shares during the period. Comerica Bank grew its position 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 purchasing an additional 46,300 shares during the last quarter. Finally, Quent Capital LLC bought a new position in shares of Warby Parker in the fourth quarter worth about $327,000. Institutional investors own 93.24% of the company’s stock.

Wall Street Analyst Weigh In

WRBY has been the subject of several recent analyst reports. Citigroup increased their target price on Warby Parker from $18.00 to $24.00 and gave the company a “neutral” rating in a research note on Tuesday, March 17th. UBS Group raised their price objective on shares of Warby Parker from $25.00 to $27.00 and gave the stock a “neutral” rating in a research note on Friday, May 8th. Telsey Advisory Group upped their target price on shares of Warby Parker from $32.00 to $33.00 and gave the company an “outperform” rating in a research note on Friday, May 8th. Weiss Ratings raised shares of Warby Parker from a “sell (d)” rating to a “hold (c-)” rating in a report on Monday, May 11th. Finally, BTIG Research boosted their price objective on shares of Warby Parker from $32.00 to $34.00 and gave the stock a “buy” rating in a report on Thursday, May 7th. Ten investment analysts have rated the stock with a Buy rating and six have given a Hold rating to the company. Based on data from MarketBeat.com, Warby Parker presently has an average rating of “Moderate Buy” and a consensus target price of $29.00.

Warby Parker Trading Down 0.2%

Shares of NYSE WRBY opened at $28.66 on Tuesday. Warby Parker Inc. has a one year low of $14.96 and a one year high of $31.00. The business has a fifty day simple moving average of $23.70 and a 200 day simple moving average of $23.43. The firm has a market capitalization of $3.07 billion, a price-to-earnings ratio of 1,433.77 and a beta of 1.95.

Warby Parker (NYSE:WRBY) last released its quarterly earnings data 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 net margin of 0.15% and a return on equity of 2.30%. The company had revenue of $242.45 million for the quarter, compared to analyst estimates of $239.44 million. During the same period in the previous year, the firm posted $0.03 earnings per share. The firm’s revenue for the quarter was up 8.4% compared to the same quarter last year. On average, research analysts anticipate that Warby Parker Inc. will post 0.24 earnings per share for the current fiscal year.

Insiders Place Their Bets

In related news, Director Bradley E. Singer sold 20,167 shares of the stock in a transaction dated 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 owned 104,833 shares in the company, valued at $2,988,788.83. This trade represents a 16.13% decrease in their position. The sale was disclosed in a document filed with the SEC, which is available through the SEC website. Also, CEO Neil Harris Blumenthal sold 75,213 shares of Warby Parker stock in a transaction dated Friday, April 17th. The shares were sold at an average price of $24.56, for a total transaction of $1,847,231.28. Following the transaction, the chief executive officer directly owned 50,165 shares of the company’s stock, valued at $1,232,052.40. This represents a 59.99% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Over the last three months, insiders have sold 140,793 shares of company stock valued at $3,616,716. Company 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.