Zurcher Kantonalbank Zurich Cantonalbank Reduces Stock Position in Warby Parker Inc. (NYSE:WRBY)

Key Points

• Zurcher Kantonalbank reduced its stake in Warby Parker Inc. by 70.9% in the first quarter, selling 64,236 shares and now holding 26,312 shares valued at approximately $480,000.
• Institutional investors such as Durable Capital Partners and Victory Capital Management significantly increased their holdings in Warby Parker, with 93.24% of the stock now owned by institutional investors and hedge funds.
• Insider transactions included CEO Neil Harris Blumenthal selling 49,600 shares and director Youngme E. Moon selling 33,073 shares, reflecting a decrease in insider ownership and indicating potential concerns among company executives about stock performance.

Zurcher Kantonalbank Zurich Cantonalbank lowered its holdings in shares of Warby Parker Inc. (NYSE:WRBY - Free Report) by 70.9% in the 1st quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The institutional investor owned 26,312 shares of the company's stock after selling 64,236 shares during the quarter. Zurcher Kantonalbank Zurich Cantonalbank's holdings in Warby Parker were worth $480,000 at the end of the most recent reporting period.

Other institutional investors have also recently made changes to their positions in the company. New York State Teachers Retirement System purchased a new position in Warby Parker during the 1st quarter valued at approximately $27,000. NewEdge Advisors LLC boosted its holdings in shares of Warby Parker by 700.0% in the 4th quarter. NewEdge Advisors LLC now owns 1,200 shares of the company's stock worth $29,000 after purchasing an additional 1,050 shares during the period. Comerica Bank boosted its holdings in shares of 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 during the period. Anderson Financial Strategies LLC purchased a new position in shares of Warby Parker in the 4th quarter worth approximately $69,000. Finally, CWM LLC boosted its holdings in shares of 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 during the period. Hedge funds and other institutional investors own 93.24% of the company's stock.

Insider Buying and Selling at Warby Parker

In other news, Director Youngme E. Moon sold 33,073 shares of the business's stock in a transaction on Thursday, May 22nd. The stock was sold at an average price of $19.90, for a total value of $658,152.70. Following the completion of the transaction, the director directly owned 53,869 shares of the company's stock, valued at approximately $1,071,993.10. The trade was a 38.04% decrease in their position. The transaction was disclosed in a legal filing with the SEC, which is accessible through this link. Also, CEO Neil Harris Blumenthal sold 49,600 shares of the business's stock in a transaction on Monday, July 21st. The stock was sold at an average price of $24.21, for a total value of $1,200,816.00. Following the transaction, the chief executive officer owned 28,347 shares in the company, valued at approximately $686,280.87. This trade represents a 63.63% decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last three months, insiders sold 83,073 shares of company stock valued at $1,868,573. Corporate insiders own 18.24% of the company's stock.

Warby Parker Trading Down 0.5%

Shares of WRBY traded down $0.11 during trading hours on Friday, hitting $23.37. The company had a trading volume of 2,626,000 shares, compared to its average volume of 1,752,055. The company has a market capitalization of $2.44 billion, a PE ratio of -333.81 and a beta of 2.09. Warby Parker Inc. has a one year low of $12.46 and a one year high of $29.73. The company's fifty day moving average price is $22.64 and its two-hundred day moving average price is $21.05.

Wall Street Analyst Weigh In

WRBY has been the subject of a number of recent research reports. Cowen reiterated a "buy" rating on shares of Warby Parker in a report on Friday. Stifel Nicolaus lifted their target price on Warby Parker from $21.00 to $22.00 and gave the stock a "hold" rating in a report on Friday. Roth Capital set a $24.00 price target on Warby Parker and gave the stock a "neutral" rating in a research note on Tuesday. Telsey Advisory Group reissued an "outperform" rating and set a $28.00 price target on shares of Warby Parker in a research note on Thursday. Finally, Loop Capital reissued a "buy" rating on shares of Warby Parker in a research note on Wednesday, May 21st. Eight equities research analysts have rated the stock with a hold rating and eleven have given a buy rating to the company's stock. According to data from MarketBeat, the stock presently has a consensus rating of "Moderate Buy" and an average target price 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.