Northern Trust Corp Decreases Stock Position in Warby Parker Inc. $WRBY

Key Points

• Northern Trust Corp decreased its stake in Warby Parker Inc. by 2.7% during the 1st quarter, retaining 789,080 shares valued at approximately $14.39 million.
• Research firms have varying ratings for Warby Parker, with a consensus rating of Moderate Buy and an average price target of $24.06.
• Insider sales were reported, including CEO Neil Harris Blumenthal selling 50,000 shares, reflecting a significant decrease of 63.82% in his ownership.

Northern Trust Corp lowered its stake in Warby Parker Inc. (NYSE:WRBY - Free Report) by 2.7% during the 1st quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The institutional investor owned 789,080 shares of the company's stock after selling 21,958 shares during the quarter. Northern Trust Corp owned about 0.76% of Warby Parker worth $14,385,000 as of its most recent SEC filing.

Other hedge funds have also bought and sold shares of the company. New York State Teachers Retirement System purchased a new stake in Warby Parker in the 1st quarter worth $27,000. Comerica Bank lifted its stake in Warby Parker by 153.1% in the 4th quarter. Comerica Bank now owns 2,291 shares of the company's stock worth $55,000 after purchasing an additional 1,386 shares in the last quarter. Caitong International Asset Management Co. Ltd purchased a new stake in Warby Parker in the 1st quarter worth $58,000. CWM LLC lifted its stake in Warby Parker by 231.9% in the 1st quarter. CWM LLC now owns 5,855 shares of the company's stock worth $107,000 after purchasing an additional 4,091 shares in the last quarter. Finally, GAMMA Investing LLC lifted its stake in Warby Parker by 4,937.0% in the 1st quarter. GAMMA Investing LLC now owns 6,800 shares of the company's stock worth $124,000 after purchasing an additional 6,665 shares in the last quarter. Hedge funds and other institutional investors own 93.24% of the company's stock.

Warby Parker Trading Down 1.1%

Shares of NYSE:WRBY opened at $25.26 on Thursday. The company has a market capitalization of $2.66 billion, a price-to-earnings ratio of -360.86 and a beta of 2.10. Warby Parker Inc. has a 12 month low of $12.69 and a 12 month high of $29.73. The firm's 50-day moving average is $24.24 and its 200 day moving average is $21.04.

Analyst Ratings Changes

A number of research firms have recently weighed in on WRBY. Roth Capital set a $24.00 target price 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 Saturday, August 30th. JMP Securities restated a "market perform" rating on shares of Warby Parker in a report on Thursday, July 10th. Piper Sandler restated an "overweight" rating and issued a $25.00 target price (up from $20.00) on shares of Warby Parker in a report on Thursday, May 29th. Finally, Stifel Nicolaus boosted their target price 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. Eleven analysts have rated the stock with a Buy rating and eight have given a Hold rating to the stock. According to MarketBeat.com, the company has a consensus rating of "Moderate Buy" and an average price target of $24.06.

Insider Activity

In other Warby Parker news, Director Teresa Briggs sold 6,000 shares of the company'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 directly owned 44,879 shares in the company, valued at $1,057,349.24. This represents a 11.79% decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, CEO Neil Harris Blumenthal sold 50,000 shares of the company's stock in a transaction dated Wednesday, August 13th. The stock was sold at an average price of $25.11, for a total transaction of $1,255,500.00. Following the completion of the transaction, the chief executive officer owned 28,347 shares in the company, valued at $711,793.17. This represents a 63.82% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold a total of 106,000 shares of company stock worth $2,607,280 over the last quarter. 18.24% of the stock is currently owned by insiders.

Warby Parker 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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