Zweig DiMenna Associates LLC Sells 47,700 Shares of Warby Parker Inc. (NYSE:WRBY)

Key Points

• Zweig DiMenna Associates LLC reduced its stake in Warby Parker by 12.1%, now holding 348,150 shares valued at approximately $6.35 million.
• Several hedge funds have increased their holdings in Warby Parker, with Bank of America Corp DE raising its stake by 122.8% in the last quarter.
• CEO Neil Harris Blumenthal sold 49,600 shares, representing a significant reduction of 63.63% in his ownership of the company.

Zweig DiMenna Associates LLC decreased its holdings in Warby Parker Inc. (NYSE:WRBY - Free Report) by 12.1% during the 1st quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The fund owned 348,150 shares of the company's stock after selling 47,700 shares during the quarter. Zweig DiMenna Associates LLC owned approximately 0.33% of Warby Parker worth $6,347,000 at the end of the most recent reporting period.

Several other institutional investors also recently modified their holdings of WRBY. New York State Teachers Retirement System acquired a new position in Warby Parker in the first quarter valued at $27,000. NewEdge Advisors LLC grew its position in 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 in the last quarter. Comerica Bank grew its position 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. Anderson Financial Strategies LLC bought a new stake in Warby Parker in the 4th quarter worth about $69,000. Finally, CWM LLC grew its position in shares of Warby Parker by 231.9% during the 1st quarter. CWM LLC now owns 5,855 shares of the company's stock valued at $107,000 after acquiring an additional 4,091 shares during the period. Institutional investors own 93.24% of the company's stock.

Warby Parker Price Performance

NYSE:WRBY traded down $0.40 during mid-day trading on Tuesday, reaching $23.68. 618,900 shares of the company's stock traded hands, compared to its average volume of 2,263,813. Warby Parker Inc. has a 12-month low of $12.46 and a 12-month high of $28.68. The firm has a market capitalization of $2.47 billion, a price-to-earnings ratio of -197.42 and a beta of 2.09. The company has a 50 day moving average price of $22.00 and a 200-day moving average price of $21.11.

Analysts Set New Price Targets

A number of research firms have recently weighed in on WRBY. Citigroup reissued a "neutral" rating and set a $22.00 target price (up from $17.00) on shares of Warby Parker in a research report on Wednesday, May 21st. The Goldman Sachs Group increased their target price on shares of Warby Parker from $18.00 to $20.00 and gave the company a "buy" rating in a research report on Friday, May 9th. JMP Securities reaffirmed a "market perform" rating on shares of Warby Parker in a report on Thursday, July 10th. TD Securities raised their price target on Warby Parker from $20.00 to $24.00 and gave the stock a "buy" rating in a report on Wednesday, May 21st. Finally, Citizens Jmp lowered Warby Parker from an "outperform" rating to a "market perform" rating in a report on Thursday, July 10th. Nine investment analysts have rated the stock with a hold rating and ten have assigned a buy rating to the stock. Based on data from MarketBeat.com, Warby Parker presently has an average rating of "Moderate Buy" and a consensus target price of $22.88.

Insider Activity at Warby Parker

In other Warby Parker news, Director Youngme E. Moon sold 33,073 shares of Warby Parker stock in a transaction that occurred on Thursday, May 22nd. The stock was sold at an average price of $19.90, for a total transaction of $658,152.70. Following the sale, 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 can be accessed through this link. Also, CEO Neil Harris Blumenthal sold 49,600 shares of Warby Parker stock in a transaction that occurred on Monday, July 21st. The shares were sold at an average price of $24.21, for a total value of $1,200,816.00. Following the sale, the chief executive officer directly owned 28,347 shares in the company, valued at approximately $686,280.87. The trade was a 63.63% decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last ninety days, insiders have sold 83,073 shares of company stock worth $1,868,573. Insiders own 18.24% of the company's stock.

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.