Panagora Asset Management Inc. Acquires 15,319 Shares of Warby Parker Inc. $WRBY

Key Points

• Panagora Asset Management Inc. has increased its stake in Warby Parker by 9.2%, acquiring an additional 15,319 shares and owning a total of 182,724 shares worth approximately $3.3 million.
• Insider trading activity includes CEO Neil Harris Blumenthal selling 50,000 shares at an average price of $25.11, which represents a significant 63.82% decrease in his ownership.
• Warby Parker's stock is currently at $26.16, with analysts setting target prices between $20.00 and $30.00, and an average rating of "Moderate Buy".

Panagora Asset Management Inc. increased its position in Warby Parker Inc. (NYSE:WRBY - Free Report) by 9.2% in the 1st quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The firm owned 182,724 shares of the company's stock after purchasing an additional 15,319 shares during the quarter. Panagora Asset Management Inc. owned approximately 0.17% of Warby Parker worth $3,331,000 at the end of the most recent quarter.

Several other institutional investors and hedge funds have also recently bought and sold shares of WRBY. Magnetar Financial LLC acquired a new stake in shares of Warby Parker during the 1st quarter valued at about $439,000. Broad Bay Capital Management LP bought a new position in Warby Parker during the first quarter worth about $14,357,000. State of Wyoming acquired a new stake in Warby Parker during the first quarter valued at approximately $157,000. Trexquant Investment LP grew its stake in shares of Warby Parker by 232.7% in the 1st quarter. Trexquant Investment LP now owns 538,909 shares of the company's stock valued at $9,824,000 after purchasing an additional 376,936 shares during the period. Finally, Landscape Capital Management L.L.C. grew its stake in shares of Warby Parker by 14.9% in the 1st quarter. Landscape Capital Management L.L.C. now owns 94,846 shares of the company's stock valued at $1,729,000 after purchasing an additional 12,290 shares during the period. Institutional investors own 93.24% of the company's stock.

Warby Parker Trading Up 2.6%

Shares of Warby Parker stock traded up $0.67 during trading on Friday, reaching $26.02. The company's stock had a trading volume of 1,126,735 shares, compared to its average volume of 1,411,286. Warby Parker Inc. has a one year low of $12.69 and a one year high of $29.73. The stock has a 50-day moving average price of $24.40 and a two-hundred day moving average price of $20.98. The stock has a market capitalization of $2.74 billion, a P/E ratio of -371.59 and a beta of 2.10.

Insider Activity at Warby Parker

In related news, CEO Neil Harris Blumenthal sold 50,000 shares of the firm's stock in a transaction that occurred 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 owned 28,347 shares of the company's stock, valued at $711,793.17. This trade represents a 63.82% decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is available at the SEC website. Also, Director Teresa Briggs sold 6,000 shares of the business's stock in a transaction that occurred on Monday, August 11th. The stock was sold at an average price of $23.56, for a total transaction of $141,360.00. Following the completion of the transaction, the director owned 44,879 shares of the company's stock, valued at $1,057,349.24. This trade represents a 11.79% decrease in their position. The disclosure for this sale can be found here. Insiders have sold 106,000 shares of company stock worth $2,607,280 over the last three months. 18.24% of the stock is owned by insiders.

Wall Street Analyst Weigh In

Several brokerages recently commented on WRBY. Stifel Nicolaus boosted their price target on Warby Parker from $21.00 to $22.00 and gave the company a "hold" rating in a research note on Friday, August 8th. Cowen reissued a "buy" rating on shares of Warby Parker in a report on Friday, August 8th. Telsey Advisory Group restated an "outperform" rating and issued a $28.00 target price on shares of Warby Parker in a research note on Thursday, August 7th. Evercore ISI reaffirmed a "positive" rating on shares of Warby Parker in a report on Thursday, August 7th. Finally, JMP Securities reissued a "market perform" rating on shares of Warby Parker in a report on Thursday, July 10th. Eleven analysts have rated the stock with a Buy rating and nine have assigned a Hold rating to the company. Based on data from MarketBeat, the company presently has an average rating of "Moderate Buy" and an average price target of $24.06.

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.