Warby Parker (NYSE:WRBY) Director Joel E. Cutler Sells 35,000 Shares

Key Points

• Warby Parker's Director, Joel Cutler, sold 35,000 shares of stock on September 8th for a total of $936,250, reducing his ownership by 63.72%.
• Institutional investors hold 93.24% of Warby Parker's stock, with notable increases in holdings by JPMorgan Chase & Co. and other firms.
• Analysts have a consensus rating of "Moderate Buy" for Warby Parker, with a price target averaging around $24.06.

Warby Parker Inc. (NYSE:WRBY - Get Free Report) Director Joel E. Cutler sold 35,000 shares of Warby Parker stock in a transaction dated Monday, September 8th. The stock was sold at an average price of $26.75, for a total value of $936,250.00. Following the sale, the director directly owned 19,932 shares of the company's stock, valued at $533,181. This trade represents a 63.72% decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at this hyperlink.

Warby Parker Price Performance

NYSE:WRBY traded up $0.36 during trading hours on Monday, reaching $27.11. The company had a trading volume of 510,494 shares, compared to its average volume of 2,153,238. Warby Parker Inc. has a 1-year low of $13.63 and a 1-year high of $29.73. The firm has a market cap of $2.85 billion, a PE ratio of -387.44 and a beta of 2.10. The business's 50 day moving average price is $24.90 and its 200-day moving average price is $21.10.

Wall Street Analysts Forecast Growth

A number of brokerages have issued reports on WRBY. Evercore ISI reissued a "positive" rating on shares of Warby Parker in a report on Thursday, August 7th. JMP Securities reissued a "market perform" rating on shares of Warby Parker in a report on Thursday, July 10th. Telsey Advisory Group reissued an "outperform" rating and issued a $28.00 price target on shares of Warby Parker in a report on Thursday, August 7th. Robert W. Baird set a $30.00 price objective on Warby Parker and gave the company an "outperform" rating in a research report on Wednesday, July 30th. Finally, Citizens Jmp cut Warby Parker from an "outperform" rating to a "market perform" rating in a research report on Thursday, July 10th. Eleven investment analysts have rated the stock with a Buy rating and nine have issued a Hold rating to the stock. Based on data from MarketBeat, the stock presently has a consensus rating of "Moderate Buy" and a consensus price target of $24.06.

Institutional Investors Weigh In On Warby Parker

Several large investors have recently bought and sold shares of WRBY. JPMorgan Chase & Co. grew its stake in Warby Parker by 987.8% during the 2nd quarter. JPMorgan Chase & Co. now owns 5,182,573 shares of the company's stock worth $113,654,000 after buying an additional 4,706,148 shares during the last quarter. Nuveen LLC purchased a new stake in shares of Warby Parker in the first quarter valued at $30,549,000. Artisan Partners Limited Partnership acquired a new position in Warby Parker in the second quarter valued at $27,589,000. Durable Capital Partners LP lifted its stake in shares of Warby Parker by 13.2% during the first quarter. Durable Capital Partners LP now owns 10,212,383 shares of the company's stock worth $186,172,000 after purchasing an additional 1,194,558 shares in the last quarter. Finally, 12 West Capital Management LP acquired a new position in shares of Warby Parker during the first quarter worth about $21,420,000. Hedge funds and other institutional investors own 93.24% of the company's stock.

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.