Royal Bank of Canada Increases Holdings in Warby Parker Inc. $WRBY

Royal Bank of Canada lifted its holdings in shares of Warby Parker Inc. (NYSE:WRBY) by 41.9% during the first quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The firm owned 126,696 shares of the company’s stock after purchasing an additional 37,429 shares during the period. Royal Bank of Canada’s holdings in Warby Parker were worth $2,669,000 at the end of the most recent reporting period.

A number of other hedge funds and other institutional investors also recently made changes to their positions in WRBY. First Horizon Corp grew its position in Warby Parker by 96.7% during the fourth quarter. First Horizon Corp now owns 1,210 shares of the company’s stock valued at $26,000 after buying an additional 595 shares during the period. Farther Finance Advisors LLC increased its holdings in Warby Parker by 41.4% during the fourth quarter. Farther Finance Advisors LLC now owns 1,687 shares of the company’s stock worth $37,000 after buying an additional 494 shares during the last quarter. Parallel Advisors LLC raised its position in Warby Parker by 110.7% in the first quarter. Parallel Advisors LLC now owns 1,837 shares of the company’s stock worth $39,000 after acquiring an additional 965 shares during the period. Covestor Ltd raised its position in Warby Parker by 5,795.3% in the fourth quarter. Covestor Ltd now owns 2,535 shares of the company’s stock worth $55,000 after acquiring an additional 2,492 shares during the period. Finally, NewEdge Advisors LLC raised its position in Warby Parker by 56.7% in the third quarter. NewEdge Advisors LLC now owns 2,350 shares of the company’s stock worth $65,000 after acquiring an additional 850 shares during the period. 93.24% of the stock is owned by hedge funds and other institutional investors.

Warby Parker Stock Up 0.2%

NYSE WRBY opened at $25.97 on Monday. The company has a market cap of $2.81 billion, a PE ratio of 370.99, a price-to-earnings-growth ratio of 5.50 and a beta of 1.92. Warby Parker Inc. has a 52 week low of $14.96 and a 52 week high of $31.00. The firm’s 50-day simple moving average is $26.80 and its two-hundred day simple moving average is $25.05.

Insider Transactions at Warby Parker

In related news, Director Teresa Briggs sold 5,000 shares of the company’s stock in a transaction that occurred on Tuesday, June 16th. The shares were sold at an average price of $25.94, for a total transaction of $129,700.00. Following the sale, the director directly owned 48,883 shares in the company, valued at approximately $1,268,025.02. This represents a 9.28% decrease in their position. The sale was disclosed in a filing with the SEC, which can be accessed through this hyperlink. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, Director Youngme E. Moon sold 10,000 shares of the firm’s stock in a transaction that occurred on Friday, June 12th. The stock was sold at an average price of $26.53, for a total transaction of $265,300.00. Following the completion of the transaction, the director directly owned 26,061 shares of the company’s stock, valued at approximately $691,398.33. This trade represents a 27.73% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. Insiders sold 341,207 shares of company stock worth $10,099,571 over the last quarter. Corporate insiders own 16.80% of the company’s stock.

Analyst Upgrades and Downgrades

A number of research analysts have recently weighed in on WRBY shares. BTIG Research reissued a “buy” rating on shares of Warby Parker in a research report on Friday. Bank of America began coverage on shares of Warby Parker in a report on Monday, June 29th. They issued a “buy” rating and a $33.00 price target on the stock. Weiss Ratings reiterated a “hold (c-)” rating on shares of Warby Parker in a research note on Friday, August 7th. Roth Capital reissued a “neutral” rating and set a $28.00 price objective on shares of Warby Parker in a report on Wednesday, August 5th. Finally, Telsey Advisory Group raised their target price on Warby Parker from $32.00 to $33.00 and gave the stock an “outperform” rating in a research report on Friday, May 8th. Seven research analysts have rated the stock with a Buy rating and five have issued a Hold rating to the stock. According to data from MarketBeat, the stock currently has an average rating of “Moderate Buy” and a consensus target price of $30.18.

About Warby Parker

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.