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 purchased a new position in Warby Parker Inc. (NYSE:WRBY - Free Report) during the second quarter, according to the company in its most recent Form 13F filing with the SEC. The firm purchased 13,680 shares of the company's stock, valued at approximately $300,000.

A number of other institutional investors have also recently bought and sold shares of WRBY. Nuveen LLC purchased a new position in Warby Parker in the 1st quarter worth about $30,549,000. Durable Capital Partners LP increased its stake in Warby Parker by 13.2% in the 1st quarter. Durable Capital Partners LP now owns 10,212,383 shares of the company's stock worth $186,172,000 after purchasing an additional 1,194,558 shares in the last quarter. 12 West Capital Management LP purchased a new position in Warby Parker in the 1st quarter worth about $21,420,000. Goldman Sachs Group Inc. increased its stake in Warby Parker by 96.8% in the 1st quarter. Goldman Sachs Group Inc. now owns 1,888,817 shares of the company's stock worth $34,433,000 after purchasing an additional 929,073 shares in the last quarter. Finally, Broad Bay Capital Management LP purchased a new position in Warby Parker in the 1st quarter worth about $14,357,000. Hedge funds and other institutional investors own 93.24% of the company's stock.

Insider Activity

In other news, Director Joel E. Cutler sold 35,000 shares of Warby Parker stock in a transaction dated Monday, September 8th. The stock was sold at an average price of $26.75, for a total transaction of $936,250.00. Following the completion of the sale, the director directly owned 19,932 shares in the company, valued at $533,181. The trade was a 63.72% decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this link. Also, CEO Neil Harris Blumenthal sold 50,000 shares of the business'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 sale, the chief executive officer owned 28,347 shares of the company's stock, valued at approximately $711,793.17. This trade represents a 63.82% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold a total of 141,000 shares of company stock worth $3,543,530 in the last three months. 18.24% of the stock is owned by insiders.

Warby Parker Price Performance

Shares of Warby Parker stock opened at $26.76 on Friday. The firm has a market cap of $2.81 billion, a price-to-earnings ratio of -382.16 and a beta of 2.10. Warby Parker Inc. has a 52-week low of $13.63 and a 52-week high of $29.73. The stock has a 50-day simple moving average of $24.90 and a 200-day simple moving average of $21.12.

Analyst Upgrades and Downgrades

A number of equities research analysts have commented on WRBY shares. Loop Capital restated a "buy" rating on shares of Warby Parker in a research report on Wednesday, May 21st. Piper Sandler restated an "overweight" rating and set a $25.00 price objective (up from $20.00) on shares of Warby Parker in a research report on Thursday, May 29th. Cowen restated a "buy" rating on shares of Warby Parker in a research report on Friday, August 8th. JMP Securities restated a "market perform" rating on shares of Warby Parker in a research report on Thursday, July 10th. Finally, TD Securities raised their price objective on Warby Parker from $20.00 to $24.00 and gave the stock a "buy" rating in a research report on Wednesday, May 21st. Eleven equities research analysts have rated the stock with a Buy rating and nine have assigned a Hold rating to the company. According to data from MarketBeat, the company has an average rating of "Moderate Buy" and a consensus price target of $24.06.

Warby Parker Company Profile

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.

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