13,680 Shares in Warby Parker Inc. $WRBY Purchased by Kings Path Partners LLC

Key Points

• Kings Path Partners LLC acquired 13,680 shares of Warby Parker Inc., valued at approximately $300,000, during the second quarter.
• Insider selling activity includes Director Joel E. Cutler and CEO Neil Harris Blumenthal each reducing their stock holdings significantly, with 141,000 shares sold by insiders worth over $3.5 million in the last three months.
• Warby Parker's stock is currently trading around $26.76, with a market cap of $2.81 billion, while analysts have rated it with a consensus "Moderate Buy" and a price target of $24.06.

Kings Path Partners LLC bought a new position in Warby Parker Inc. (NYSE:WRBY - Free Report) in the 2nd quarter, according to the company in its most recent filing with the SEC. The institutional investor bought 13,680 shares of the company's stock, valued at approximately $300,000.

A number of other large investors also recently made changes to their positions in WRBY. New York State Teachers Retirement System bought a new stake in Warby Parker in the 1st quarter worth about $27,000. Comerica Bank increased its position in shares of Warby Parker by 153.1% during the fourth quarter. Comerica Bank now owns 2,291 shares of the company's stock valued at $55,000 after acquiring an additional 1,386 shares during the last quarter. Caitong International Asset Management Co. Ltd bought a new stake in Warby Parker during the first quarter worth $58,000. Anderson Financial Strategies LLC boosted its position in Warby Parker by 39.0% in the first quarter. Anderson Financial Strategies LLC now owns 3,954 shares of the company's stock worth $72,000 after purchasing an additional 1,109 shares during the last quarter. Finally, CWM LLC grew its stake in Warby Parker by 231.9% in the 1st quarter. CWM LLC now owns 5,855 shares of the company's stock valued at $107,000 after purchasing an additional 4,091 shares during the period. 93.24% of the stock is owned by institutional investors.

Analysts Set New Price Targets

WRBY has been the subject of a number of research analyst reports. Wall Street Zen upgraded shares of Warby Parker from a "hold" rating to a "buy" rating in a report on Monday. Cowen reaffirmed a "buy" rating on shares of Warby Parker in a report on Friday, August 8th. Piper Sandler reissued an "overweight" rating and set a $25.00 price objective (up from $20.00) on shares of Warby Parker in a report on Thursday, May 29th. Telsey Advisory Group restated an "outperform" rating and issued a $28.00 target price on shares of Warby Parker in a research note on Thursday, August 7th. Finally, JMP Securities reiterated a "market perform" rating on shares of Warby Parker in a research note on Thursday, July 10th. Eleven research analysts have rated the stock with a Buy rating and nine have assigned a Hold rating to the stock. Based on data from MarketBeat, the stock presently has a consensus rating of "Moderate Buy" and a consensus price target of $24.06.

Warby Parker Stock Down 0.8%

Shares of WRBY stock traded down $0.24 during mid-day trading on Friday, reaching $28.10. 438,163 shares of the company's stock traded hands, compared to its average volume of 2,143,345. The company's 50-day moving average price is $25.30 and its 200-day moving average price is $21.22. Warby Parker Inc. has a 12 month low of $13.63 and a 12 month high of $29.73. The company has a market cap of $2.96 billion, a P/E ratio of -400.44 and a beta of 2.10.

Insiders Place Their Bets

In other Warby Parker news, CEO Neil Harris Blumenthal sold 50,000 shares of the company's stock in a transaction that occurred on Wednesday, August 13th. The stock was sold at an average price of $25.11, for a total value of $1,255,500.00. Following the completion of the transaction, the chief executive officer directly owned 28,347 shares in the company, valued at $711,793.17. This represents a 63.82% decrease in their position. The transaction was disclosed in a document filed with the SEC, which is available through the SEC website. Also, Director Teresa Briggs sold 6,000 shares of the firm's stock in a transaction dated Monday, August 11th. The shares were sold at an average price of $23.56, for a total value of $141,360.00. Following the transaction, the director owned 44,879 shares of the company's stock, valued at approximately $1,057,349.24. The trade was a 11.79% decrease in their position. The disclosure for this sale can be found here. Insiders sold a total of 182,084 shares of company stock worth $4,674,573 over the last three months. 18.24% of the stock is currently owned by company insiders.

About Warby Parker

Warby Parker Inc provides eyewear products in the United States and Canada. The company offers eyeglasses, sunglasses, light-responsive lenses, blue-light-filtering lenses, non-prescription lenses, and contact lenses. It also provides accessories, such as cases, lenses kit with anti-fog spray, pouches, and anti-fog lens spray through its retail stores, website, and mobile apps.