Insider Selling: Warby Parker (NYSE:WRBY) Director Sells 35,000 Shares of Stock

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 Cutler sold 35,000 shares of the company's stock in a transaction that occurred on Monday, September 8th. The stock was sold at an average price of $26.75, for a total value of $936,250.00. Following the completion of the transaction, the director owned 19,932 shares of the company's stock, valued at $533,181. The trade was a 63.72% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website.

Warby Parker Stock Performance

WRBY stock traded up $0.13 during midday trading on Wednesday, reaching $27.09. The company's stock had a trading volume of 1,726,806 shares, compared to its average volume of 1,439,703. Warby Parker Inc. has a 1 year low of $13.63 and a 1 year high of $29.73. The stock has a fifty day simple moving average of $24.70 and a two-hundred day simple moving average of $21.08. The firm has a market capitalization of $2.85 billion, a price-to-earnings ratio of -386.90 and a beta of 2.10.

Institutional Trading of Warby Parker

Large investors have recently added to or reduced their stakes in the company. JPMorgan Chase & Co. boosted its holdings in Warby Parker by 987.8% in the second quarter. JPMorgan Chase & Co. now owns 5,182,573 shares of the company's stock worth $113,654,000 after purchasing an additional 4,706,148 shares in the last quarter. Nuveen LLC acquired a new stake in shares of Warby Parker in the first quarter valued at approximately $30,549,000. Artisan Partners Limited Partnership acquired a new stake in Warby Parker during the 2nd quarter worth $27,589,000. Durable Capital Partners LP raised its stake in Warby Parker by 13.2% during the 1st quarter. Durable Capital Partners LP now owns 10,212,383 shares of the company's stock worth $186,172,000 after buying an additional 1,194,558 shares during the period. Finally, 12 West Capital Management LP acquired a new position in Warby Parker in the 1st quarter worth $21,420,000. 93.24% of the stock is owned by institutional investors and hedge funds.

Wall Street Analysts Forecast Growth

WRBY has been the subject of several research reports. Robert W. Baird set a $30.00 price target on Warby Parker and gave the stock an "outperform" rating in a research report on Wednesday, July 30th. Roth Capital set a $24.00 price target on Warby Parker and gave the stock a "neutral" rating in a report on Tuesday, August 5th. UBS Group reiterated a "neutral" rating and issued a $23.00 price objective (up previously from $20.00) on shares of Warby Parker in a report on Friday, August 8th. Piper Sandler reissued an "overweight" rating and issued a $25.00 target price (up from $20.00) on shares of Warby Parker in a research report on Thursday, May 29th. Finally, Citizens Jmp downgraded Warby Parker from an "outperform" rating to a "market perform" rating in a research note on Thursday, July 10th. Eleven analysts have rated the stock with a Buy rating and nine have assigned a Hold rating to the company's stock. According to data from MarketBeat, Warby Parker has a consensus rating of "Moderate Buy" and a consensus price target of $24.06.

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.

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