Warby Parker Inc. $WRBY Stock Holdings Lessened by Citigroup Inc.

Key Points

• Citigroup cut its stake in Warby Parker by 28.3% in Q3, selling 47,224 shares and retaining 119,835 shares worth about $3.31 million.
• Institutional investors now own 93.24% of WRBY, with JPMorgan boosting its position to 7,303,341 shares (approximately $201.4 million) while other funds also added or initiated stakes.
• Analysts' consensus is a Moderate Buy with an average price target of $27.83, even as insiders have sold roughly 359,424 shares (about $9.8 million) in the past three months.

Citigroup Inc. cut its holdings in Warby Parker Inc. (NYSE:WRBY - Free Report) by 28.3% in the 3rd quarter, according to its most recent 13F filing with the SEC. The firm owned 119,835 shares of the company's stock after selling 47,224 shares during the period. Citigroup Inc. owned about 0.11% of Warby Parker worth $3,305,000 as of its most recent filing with the SEC.

Several other institutional investors and hedge funds have also recently bought and sold shares of the business. Compass Wealth Management LLC acquired a new stake in shares of Warby Parker during the 3rd quarter worth approximately $2,184,000. Impax Asset Management Group plc increased its position in Warby Parker by 28.3% in the third quarter. Impax Asset Management Group plc now owns 385,000 shares of the company's stock worth $10,618,000 after buying an additional 85,000 shares during the period. Ranger Investment Management L.P. bought a new stake in Warby Parker in the second quarter valued at $22,198,000. JPMorgan Chase & Co. boosted its holdings in shares of Warby Parker by 40.9% during the third quarter. JPMorgan Chase & Co. now owns 7,303,341 shares of the company's stock valued at $201,426,000 after acquiring an additional 2,120,768 shares during the period. Finally, New York State Common Retirement Fund grew its position in shares of Warby Parker by 1,112.3% during the second quarter. New York State Common Retirement Fund now owns 353,091 shares of the company's stock worth $7,743,000 after acquiring an additional 323,965 shares during the last quarter. Institutional investors and hedge funds own 93.24% of the company's stock.

Wall Street Analyst Weigh In

Several analysts recently weighed in on WRBY shares. UBS Group reiterated a "neutral" rating and issued a $20.00 price objective on shares of Warby Parker in a research report on Wednesday, February 25th. Telsey Advisory Group reiterated an "outperform" rating and set a $32.00 price objective on shares of Warby Parker in a research report on Friday, February 20th. Robert W. Baird set a $35.00 price objective on Warby Parker in a report on Wednesday, December 17th. Stifel Nicolaus lifted their target price on Warby Parker from $19.00 to $25.00 and gave the company a "hold" rating in a research note on Friday, December 12th. Finally, Citizens Jmp raised Warby Parker from a "market perform" rating to an "outperform" rating and set a $30.00 price target for the company in a research note on Wednesday, December 10th. Eleven analysts have rated the stock with a Buy rating, four have given a Hold rating and one has given a Sell rating to the company. According to MarketBeat, the stock presently has an average rating of "Moderate Buy" and an average price target of $27.83.

Warby Parker Stock Performance

WRBY opened at $26.90 on Friday. The company has a market capitalization of $2.87 billion, a PE ratio of 1,345.67 and a beta of 2.05. The stock's fifty day moving average is $25.11 and its 200-day moving average is $24.06. Warby Parker Inc. has a one year low of $13.63 and a one year high of $31.00.

Insiders Place Their Bets

In related news, Director Youngme E. Moon sold 38,832 shares of the business's stock in a transaction that occurred on Thursday, December 11th. The shares were sold at an average price of $29.07, for a total value of $1,128,846.24. Following the sale, the director directly owned 27,057 shares in the company, valued at $786,546.99. The trade was a 58.94% decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. Also, Director Joel E. Cutler sold 19,932 shares of the firm's stock in a transaction that occurred on Tuesday, December 16th. The stock was sold at an average price of $26.01, for a total transaction of $518,431.32. Following the sale, the director owned 20,000 shares of the company's stock, valued at $520,200. The trade was a 49.91% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. Over the last three months, insiders have sold 359,424 shares of company stock worth $9,813,571. 18.24% of the stock is owned by corporate insiders.

Warby Parker Profile

Warby Parker, Inc NYSE: WRBY is a U.S.-based eyewear company that designs, manufactures and sells prescription glasses, sunglasses and contact lenses through a direct-to-consumer model. Since its founding, the company has combined online and brick-and-mortar channels to streamline the customer experience, offering features such as virtual try-on technology and a home try-on program that allows consumers to sample frames before purchase.

Established in 2010 by Wharton graduates Neil Blumenthal, Dave Gilboa, Andrew Hunt and Jeffrey Raider, Warby Parker set out to disrupt the traditional optical market by controlling the entire supply chain—from frame design and lens production to warehousing and distribution.

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest reporting and unbiased coverage. Please send any questions or comments about this story to contact@marketbeat.com.