Panagora Asset Management Inc. Boosts Stake in 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. grew its stake in Warby Parker Inc. (NYSE:WRBY - Free Report) by 9.2% during the 1st quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. 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 as of its most recent SEC filing.

Other hedge funds have also recently modified their holdings of the company. New York State Teachers Retirement System acquired a new stake in Warby Parker in the 1st quarter worth about $27,000. NewEdge Advisors LLC boosted its stake in shares of Warby Parker by 700.0% in the fourth quarter. NewEdge Advisors LLC now owns 1,200 shares of the company's stock worth $29,000 after acquiring an additional 1,050 shares during the last quarter. Comerica Bank increased its position in shares of Warby Parker by 153.1% during the fourth 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 acquired a new position in Warby Parker in the 1st quarter valued at $58,000. Finally, CWM LLC lifted its holdings in Warby Parker by 231.9% in the 1st quarter. CWM LLC now owns 5,855 shares of the company's stock valued at $107,000 after purchasing an additional 4,091 shares in the last quarter. Institutional investors and hedge funds own 93.24% of the company's stock.

Analysts Set New Price Targets

A number of equities research analysts have recently issued reports on WRBY shares. Cowen reaffirmed a "buy" rating on shares of Warby Parker in a report on Friday, August 8th. BTIG Research reaffirmed a "buy" rating and set a $28.00 price objective (up previously from $24.00) on shares of Warby Parker in a research note on Thursday, August 7th. Citigroup reiterated a "neutral" rating and issued a $22.00 price objective (up previously from $17.00) on shares of Warby Parker in a report on Wednesday, May 21st. Piper Sandler restated an "overweight" rating and set a $25.00 target price (up from $20.00) on shares of Warby Parker in a report on Thursday, May 29th. Finally, JMP Securities reaffirmed 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 eight have assigned a Hold rating to the company. According to MarketBeat.com, Warby Parker has a consensus rating of "Moderate Buy" and an average target price of $24.06.

Insider Activity at Warby Parker

In other 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 transaction of $1,255,500.00. Following the completion of the transaction, the chief executive officer directly owned 28,347 shares of the company's stock, valued at $711,793.17. This trade represents a 63.82% decrease in their position. The sale was disclosed in a document filed with the SEC, which is available at this hyperlink. Also, Director Teresa Briggs sold 6,000 shares of the company's stock in a transaction that occurred on Monday, August 11th. The shares were sold at an average price of $23.56, for a total transaction of $141,360.00. Following the transaction, the director directly owned 44,879 shares in the company, valued at $1,057,349.24. The trade was a 11.79% decrease in their position. The disclosure for this sale can be found here. Insiders sold 106,000 shares of company stock worth $2,607,280 over the last quarter. Company insiders own 18.24% of the company's stock.

Warby Parker Trading Up 2.6%

Shares of Warby Parker stock traded up $0.67 on Friday, reaching $26.02. 1,126,735 shares of the stock were exchanged, compared to its average volume of 2,176,755. Warby Parker Inc. has a 1-year low of $12.69 and a 1-year high of $29.73. The firm has a market capitalization of $2.74 billion, a PE ratio of -371.59 and a beta of 2.10. The business has a fifty day moving average price of $24.32 and a two-hundred day moving average price of $21.04.

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.