Warby Parker CFO sells $167,331 in stock

Published 14/12/2024, 00:58
Warby Parker CFO sells $167,331 in stock

NEW YORK—Steven Clive Miller, Chief Financial Officer of Warby Parker Inc. (NYSE:WRBY), recently sold 7,016 shares of the company’s Class A common stock. According to an SEC filing, the sale was executed on December 11, with shares sold at an average price of $23.85, resulting in a total transaction value of approximately $167,331.

The sales were conducted under a Rule 10b5-1 trading plan, which Miller adopted on August 29, 2023. Following the transaction, Miller holds 182,130 shares in the company. The shares were sold in multiple transactions, with prices ranging from $23.50 to $24.17. The company maintains strong liquidity with a current ratio of 2.47, and analysts expect profitability this year despite recent volatility in the stock price.

In other recent news, Warby Parker Inc. has shown robust growth and expansion in its third-quarter earnings for 2024. The company reported a significant year-over-year increase in net revenue, reaching $192.4 million, marking a 13.3% growth compared to the previous year. This performance led Warby Parker to raise its full-year revenue growth guidance to 14-15% and set a target for approximately $73 million in adjusted EBITDA.

Furthermore, Baird maintained an Outperform rating on shares of Warby Parker and increased the company's price target from $23.00 to $30.00. The firm's analyst pointed to Warby Parker's potential for continued market share growth within the approximately $66 billion U.S. eyewear category, citing the company's competitive pricing and expansion strategy as key drivers.

These recent developments come as Warby Parker's retail expansion plan is on track, with around 40 new stores opening each year. The company's digital business has also resumed growth in 2024, following a period of normalization after the Covid-19 pandemic. This recovery is part of the steady execution and solid share gains observed by the analyst in a market that has been disrupted by the pandemic.

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