Equitable Trust Co. Trims Stock Holdings in Warby Parker Inc. (NYSE:WRBY)

Key Points

• Equitable Trust Co. has reduced its stake in Warby Parker Inc. by 49.6%, selling 13,250 shares, leaving it with a total of 13,487 shares valued at approximately $246,000.
• Multiple institutional investors increased their holdings in Warby Parker, with Neo Ivy Capital Management growing its position significantly by 12,850.4%, now owning 115,388 shares worth about $2.1 million.
• Wall Street analysts have maintained varied outlooks on Warby Parker, with a consensus rating of "Moderate Buy" and an average price target of $22.88.

Equitable Trust Co. lowered its holdings in shares of Warby Parker Inc. (NYSE:WRBY - Free Report) by 49.6% in the 1st quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The firm owned 13,487 shares of the company's stock after selling 13,250 shares during the period. Equitable Trust Co.'s holdings in Warby Parker were worth $246,000 at the end of the most recent quarter.

A number of other hedge funds have also added to or reduced their stakes in the business. NewEdge Advisors LLC boosted its position in shares of Warby Parker by 700.0% during the 4th quarter. NewEdge Advisors LLC now owns 1,200 shares of the company's stock worth $29,000 after purchasing an additional 1,050 shares in the last quarter. New York State Teachers Retirement System bought a new position in Warby Parker in the first quarter worth approximately $27,000. Comerica Bank boosted its holdings in Warby Parker by 153.1% in the fourth quarter. Comerica Bank now owns 2,291 shares of the company's stock worth $55,000 after acquiring an additional 1,386 shares in the last quarter. Anderson Financial Strategies LLC acquired a new stake in Warby Parker in the fourth quarter valued at approximately $69,000. Finally, CWM LLC increased its holdings in shares of Warby Parker by 231.9% during the first quarter. CWM LLC now owns 5,855 shares of the company's stock valued at $107,000 after acquiring an additional 4,091 shares in the last quarter. 93.24% of the stock is currently owned by institutional investors.

Warby Parker Price Performance

Shares of NYSE WRBY traded up $0.09 during mid-day trading on Wednesday, reaching $23.84. 256,666 shares of the company's stock were exchanged, compared to its average volume of 2,255,936. The firm has a 50-day moving average price of $22.00 and a two-hundred day moving average price of $21.11. The firm has a market capitalization of $2.49 billion, a price-to-earnings ratio of -198.74 and a beta of 2.09. Warby Parker Inc. has a 52 week low of $12.46 and a 52 week high of $28.68.

Wall Street Analysts Forecast Growth

A number of brokerages recently issued reports on WRBY. Stifel Nicolaus increased their target price on Warby Parker from $18.00 to $21.00 and gave the stock a "hold" rating in a report on Wednesday, May 21st. Telsey Advisory Group dropped their price objective on shares of Warby Parker from $30.00 to $22.00 and set an "outperform" rating on the stock in a research note on Friday, May 9th. Piper Sandler reiterated 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. Robert W. Baird lifted their price target on Warby Parker from $24.00 to $30.00 and gave the company an "outperform" rating in a research note on Wednesday. Finally, Cowen reissued a "buy" rating on shares of Warby Parker in a report on Wednesday, May 21st. Nine equities research analysts have rated the stock with a hold rating and ten have assigned a buy rating to the stock. According to MarketBeat.com, the company currently has a consensus rating of "Moderate Buy" and a consensus price target of $22.75.

Insider Activity

In other Warby Parker news, Director Youngme E. Moon sold 33,073 shares of the business's stock in a transaction dated Thursday, May 22nd. The shares were sold at an average price of $19.90, for a total value of $658,152.70. Following the transaction, the director directly owned 53,869 shares in the company, valued at $1,071,993.10. The trade was a 38.04% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. Also, CEO Neil Harris Blumenthal sold 49,600 shares of the stock in a transaction that occurred on Monday, July 21st. The shares were sold at an average price of $24.21, for a total transaction of $1,200,816.00. Following the transaction, the chief executive officer directly owned 28,347 shares of the company's stock, valued at $686,280.87. This represents a 63.63% decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last ninety days, insiders sold 83,073 shares of company stock worth $1,868,573. Insiders own 18.24% of the company's stock.

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.