JPMorgan Chase & Co. Increases Stock Position in Warby Parker Inc. $WRBY

JPMorgan Chase & Co. lifted its stake in Warby Parker Inc. (NYSE:WRBY) by 40.9% in the third quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The firm owned 7,303,341 shares of the company’s stock after acquiring an additional 2,120,768 shares during the quarter. JPMorgan Chase & Co. owned 6.91% of Warby Parker worth $201,426,000 as of its most recent filing with the Securities & Exchange Commission.

A number of other hedge funds and other institutional investors also recently added to or reduced their stakes in the stock. Farther Finance Advisors LLC grew its position in Warby Parker by 259.3% in the 3rd quarter. Farther Finance Advisors LLC now owns 1,193 shares of the company’s stock worth $33,000 after purchasing an additional 861 shares during the period. PNC Financial Services Group Inc. lifted its holdings in shares of Warby Parker by 400.3% during the 2nd quarter. PNC Financial Services Group Inc. now owns 1,601 shares of the company’s stock valued at $35,000 after buying an additional 1,281 shares during the period. Huntington National Bank boosted its stake in shares of Warby Parker by 111.0% in the 2nd quarter. Huntington National Bank now owns 1,675 shares of the company’s stock worth $37,000 after buying an additional 881 shares during the last quarter. State of Tennessee Department of Treasury bought a new stake in shares of Warby Parker in the second quarter worth $126,000. Finally, Headlands Technologies LLC grew its holdings in shares of Warby Parker by 981.3% in the second quarter. Headlands Technologies LLC now owns 6,077 shares of the company’s stock worth $133,000 after acquiring an additional 5,515 shares during the period. Institutional investors own 93.24% of the company’s stock.

Wall Street Analyst Weigh In

WRBY has been the topic of a number of recent research reports. Wall Street Zen downgraded Warby Parker from a “buy” rating to a “hold” rating in a report on Saturday, November 1st. Citizens Jmp upgraded shares of Warby Parker from a “market perform” rating to an “outperform” rating and set a $30.00 price objective on the stock in a research note on Wednesday, December 10th. Piper Sandler raised their price objective on shares of Warby Parker from $22.00 to $32.00 and gave the stock an “overweight” rating in a report on Tuesday, December 16th. Citigroup upgraded shares of Warby Parker from a “hold” rating to an “outperform” rating in a research report on Wednesday, December 10th. Finally, UBS Group decreased their price target on shares of Warby Parker from $23.00 to $20.00 and set a “neutral” rating on the stock in a research report on Friday, November 7th. Eleven analysts have rated the stock with a Buy rating and five have assigned a Hold rating to the company’s stock. According to data from MarketBeat.com, the company presently has an average rating of “Moderate Buy” and an average target price of $27.83.

Insider Transactions at Warby Parker

In other news, Director Youngme E. Moon sold 38,832 shares of the firm’s stock in a transaction on Thursday, December 11th. The shares were sold at an average price of $29.07, for a total transaction of $1,128,846.24. Following the sale, the director directly owned 27,057 shares in the company, valued at $786,546.99. This trade represents a 58.94% decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at this hyperlink. Also, Director Joel E. Cutler sold 19,932 shares of Warby Parker stock in a transaction on Tuesday, December 16th. The shares were sold at an average price of $26.01, for a total transaction of $518,431.32. Following the transaction, the director owned 20,000 shares in the company, valued at approximately $520,200. This trade represents a 49.91% decrease in their position. The SEC filing for this sale provides additional information. Insiders sold a total of 359,424 shares of company stock valued at $9,813,571 over the last three months. Corporate insiders own 18.24% of the company’s stock.

Warby Parker Trading Up 1.7%

Warby Parker stock opened at $23.71 on Friday. Warby Parker Inc. has a 12-month low of $13.63 and a 12-month high of $31.00. The firm has a market capitalization of $2.51 billion, a price-to-earnings ratio of 2,370.70 and a beta of 2.05. The firm has a 50 day moving average of $25.39 and a 200 day moving average of $24.05.

Warby Parker Company Profile

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.