David Gilboa, the Co-Chief Executive Officer of Warby Parker Inc. (NYSE:WRBY), recently sold a significant portion of his Class A Common Stock holdings. On December 3, Gilboa sold 36,163 shares at an average price of $22.61 per share, amounting to a total transaction value of approximately $817,645. The transaction comes as Warby Parker's stock has shown remarkable strength, delivering a 109% return over the past year and currently trading near its 52-week high of $24.60.
The sale was part of a series of transactions reported in a recent SEC filing. According to the filing, these share sales were necessary to cover taxes due on restricted stock units (RSUs) that vested. Following this transaction, Gilboa now directly owns 12,306 shares of Warby Parker's Class A Common Stock. According to InvestingPro analysis, the company, now valued at $2.85 billion, appears to be trading above its Fair Value, though it maintains strong liquidity with a current ratio of 2.47.
In addition to the sale, the filing detailed several other transactions, including the conversion and acquisition of Class B Common Stock. However, these transactions did not involve any cash exchange as they were related to RSU vesting events. InvestingPro subscribers can access 13 additional key insights about Warby Parker, including detailed analysis of its financial health, growth prospects, and comprehensive valuation metrics in the Pro Research Report.
In other recent news, Warby Parker has reported a significant increase in its Q3 2024 net revenue, reaching $192.4 million, marking a 13.3% growth compared to the previous year. This robust performance has led the company to raise its full-year revenue growth guidance to 14-15% and set a target for approximately $73 million in adjusted EBITDA. The company's strategic expansion in physical stores and enhancements in its e-commerce platform, alongside the successful integration of in-network insurance partnerships, have been key drivers of this growth.
In addition, Warby Parker's active customers increased to 2.4 million, up 5.6% year-over-year, and the average revenue per customer rose by 7.5%. The company also saw a 1% year-over-year growth in e-commerce revenue, with a 35% surge in single vision glasses and contact lens sales. Eye exam revenue increased by 40%, underscoring the company's focus on holistic vision care services.
In terms of future developments, Warby Parker projects Q4 revenue between $184 million and $187 million, with an anticipated adjusted EBITDA margin of 7.3%. The company plans to continue opening at least 40 stores annually and expects multi-year benefits from the partnership with Versant Health as more customers utilize in-network benefits. These are among the recent developments shaping the trajectory of Warby Parker.
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