Kornitzer Capital Management Inc. KS Purchases Shares of 130,990 Warby Parker Inc. $WRBY

Key Points

• Kornitzer Capital Management Inc. has acquired a new stake in Warby Parker, purchasing 130,990 shares valued at approximately $2.87 million, representing about 0.13% of the company.
• Several other hedge funds have also increased their holdings in Warby Parker, indicating a heightened interest among institutional investors, who now own 93.24% of the company's stock.
• Recent insider sales by company directors and executives included the sale of 35,000 shares by Director Joel E. Cutler and 8,416 shares by CEO Neil Harris Blumenthal, highlighting significant changes in insider ownership.

Kornitzer Capital Management Inc. KS acquired a new stake in shares of Warby Parker Inc. (NYSE:WRBY - Free Report) during the 2nd quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The institutional investor acquired 130,990 shares of the company's stock, valued at approximately $2,873,000. Kornitzer Capital Management Inc. KS owned approximately 0.13% of Warby Parker as of its most recent SEC filing.

Several other hedge funds have also recently modified their holdings of the stock. KLP Kapitalforvaltning AS increased its holdings in shares of Warby Parker by 5.2% during the second quarter. KLP Kapitalforvaltning AS now owns 18,300 shares of the company's stock valued at $401,000 after acquiring an additional 900 shares in the last quarter. Anderson Financial Strategies LLC increased its holdings in shares of Warby Parker by 39.0% during the first quarter. Anderson Financial Strategies LLC now owns 3,954 shares of the company's stock valued at $72,000 after acquiring an additional 1,109 shares in the last quarter. New York State Teachers Retirement System acquired a new position in shares of Warby Parker during the first quarter valued at about $27,000. LVW Advisors LLC increased its holdings in shares of Warby Parker by 13.2% during the second quarter. LVW Advisors LLC now owns 17,362 shares of the company's stock valued at $381,000 after acquiring an additional 2,026 shares in the last quarter. Finally, Charles Schwab Investment Management Inc. increased its holdings in shares of Warby Parker by 0.3% during the first quarter. Charles Schwab Investment Management Inc. now owns 744,589 shares of the company's stock valued at $13,574,000 after acquiring an additional 2,039 shares in the last quarter. Institutional investors and hedge funds own 93.24% of the company's stock.

Insiders Place Their Bets

In other Warby Parker news, Director Joel E. Cutler sold 35,000 shares of the company's stock in a transaction that occurred on Monday, September 8th. The stock was sold at an average price of $26.75, for a total value of $936,250.00. Following the sale, the director owned 19,932 shares in the company, valued at approximately $533,181. This represents a 63.72% decrease in their position. The transaction was disclosed in a document filed with the SEC, which is accessible through this link. Also, CEO Neil Harris Blumenthal sold 8,416 shares of the company's stock in a transaction that occurred on Thursday, September 18th. The stock was sold at an average price of $27.52, for a total value of $231,608.32. Following the completion of the sale, the chief executive officer owned 32,733 shares in the company, valued at approximately $900,812.16. This represents a 20.45% decrease in their position. The disclosure for this sale can be found here. In the last 90 days, insiders have sold 141,000 shares of company stock worth $3,709,521. Corporate insiders own 18.24% of the company's stock.

Wall Street Analysts Forecast Growth

Several brokerages recently weighed in on WRBY. Roth Capital set a $24.00 price target on shares of Warby Parker and gave the stock a "neutral" rating in a report on Tuesday, August 5th. Wall Street Zen upgraded shares of Warby Parker from a "hold" rating to a "buy" rating in a report on Monday, September 15th. Stifel Nicolaus increased their price target on shares of Warby Parker from $21.00 to $22.00 and gave the stock a "hold" rating in a report on Friday, August 8th. Telsey Advisory Group reiterated an "outperform" rating and issued a $28.00 price target on shares of Warby Parker in a report on Thursday, August 7th. Finally, Robert W. Baird set a $30.00 price target on shares of Warby Parker and gave the stock an "outperform" rating in a report on Wednesday, July 30th. Ten investment analysts have rated the stock with a Buy rating, nine have assigned a Hold rating and one has issued a Sell rating to the company's stock. According to data from MarketBeat, Warby Parker presently has a consensus rating of "Hold" and a consensus price target of $25.20.

Warby Parker Trading Down 4.1%

Warby Parker stock opened at $21.26 on Friday. Warby Parker Inc. has a 12 month low of $13.63 and a 12 month high of $29.73. The stock's 50 day simple moving average is $25.61 and its two-hundred day simple moving average is $22.26. The firm has a market cap of $2.24 billion, a PE ratio of -303.60 and a beta of 2.10.

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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