Algert Global LLC Lowers Stake in Warby Parker Inc. $WRBY

Key Points

• Algert Global LLC significantly reduced its stake in Warby Parker Inc. by 66%, selling 55,200 shares and retaining 28,404 shares worth approximately $518,000 as of the end of the first quarter.
• Analysts have generally upgraded their outlook on Warby Parker, with BTIG Research setting a new price target of $28.00 and overall consensus showing a "Moderate Buy" with an average price target of $24.06.
• There has been notable insider selling, including a substantial transaction by CEO Neil Harris Blumenthal, who sold 50,000 shares valued at about $1.26 million, indicating a decrease in insider ownership.

Algert Global LLC lessened its holdings in shares of Warby Parker Inc. (NYSE:WRBY - Free Report) by 66.0% during the 1st quarter, according to its most recent 13F filing with the SEC. The institutional investor owned 28,404 shares of the company's stock after selling 55,200 shares during the period. Algert Global LLC's holdings in Warby Parker were worth $518,000 at the end of the most recent reporting period.

Several other hedge funds and other institutional investors have also made changes to their positions in the business. Durable Capital Partners LP raised its position in shares of Warby Parker by 10.3% during the 4th quarter. Durable Capital Partners LP now owns 9,017,825 shares of the company's stock worth $218,322,000 after acquiring an additional 840,797 shares in the last quarter. American Century Companies Inc. raised its position in shares of Warby Parker by 14.6% during the 1st quarter. American Century Companies Inc. now owns 2,456,965 shares of the company's stock worth $44,790,000 after acquiring an additional 312,543 shares in the last quarter. Jennison Associates LLC grew its stake in Warby Parker by 23.7% during the 1st quarter. Jennison Associates LLC now owns 2,174,158 shares of the company's stock worth $39,635,000 after buying an additional 416,797 shares during the last quarter. D. E. Shaw & Co. Inc. grew its stake in Warby Parker by 12.4% during the 4th quarter. D. E. Shaw & Co. Inc. now owns 1,809,294 shares of the company's stock worth $43,803,000 after buying an additional 199,235 shares during the last quarter. Finally, Bank of New York Mellon Corp grew its stake in Warby Parker by 5.4% during the 1st quarter. Bank of New York Mellon Corp now owns 1,721,215 shares of the company's stock worth $31,378,000 after buying an additional 88,874 shares during the last quarter. Institutional investors and hedge funds own 93.24% of the company's stock.

Analyst Upgrades and Downgrades

A number of research analysts recently issued reports on WRBY shares. Robert W. Baird set a $30.00 price target on Warby Parker and gave the stock an "outperform" rating in a research note on Wednesday, July 30th. Telsey Advisory Group restated an "outperform" rating and set a $28.00 price target on shares of Warby Parker in a research note on Thursday, August 7th. Roth Capital set a $24.00 price target on Warby Parker and gave the stock a "neutral" rating in a research note on Tuesday, August 5th. Citigroup reiterated a "neutral" rating and issued a $22.00 target price (up from $17.00) on shares of Warby Parker in a research note on Wednesday, May 21st. Finally, BTIG Research reiterated a "buy" rating and issued a $28.00 target price (up from $24.00) on shares of Warby Parker in a research note on Thursday, August 7th. Eleven investment analysts have rated the stock with a Buy rating and eight have issued a Hold rating to the company's stock. According to data from MarketBeat, the stock presently has a consensus rating of "Moderate Buy" and a consensus target price of $24.06.

Warby Parker Trading Up 0.0%

Shares of NYSE WRBY traded up $0.01 during trading on Friday, reaching $26.25. The company had a trading volume of 389,602 shares, compared to its average volume of 2,196,254. Warby Parker Inc. has a twelve month low of $12.69 and a twelve month high of $29.73. The stock has a market capitalization of $2.76 billion, a PE ratio of -374.90 and a beta of 2.09. The stock has a 50-day moving average price of $23.92 and a two-hundred day moving average price of $21.04.

Insiders Place Their Bets

In other news, Director Teresa Briggs sold 6,000 shares of Warby Parker stock in a transaction on Monday, August 11th. The stock was sold at an average price of $23.56, for a total value of $141,360.00. Following the completion of the sale, the director owned 44,879 shares of the company's stock, valued at $1,057,349.24. The trade was a 11.79% decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. Also, CEO Neil Harris Blumenthal sold 50,000 shares of Warby Parker stock in a transaction on Wednesday, August 13th. The shares were 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 directly owned 28,347 shares of the company's stock, valued at approximately $711,793.17. This represents a 63.82% decrease in their position. The disclosure for this sale can be found here. In the last ninety days, insiders sold 106,000 shares of company stock valued at $2,607,280. Company insiders own 18.24% of the company's stock.

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.