King Luther Capital Management Corp Grows Stock Holdings in Warby Parker Inc. $WRBY

King Luther Capital Management Corp lifted its position in Warby Parker Inc. (NYSE:WRBY) by 20.6% in the third quarter, Holdings Channel.com reports. The firm owned 285,263 shares of the company’s stock after purchasing an additional 48,640 shares during the quarter. King Luther Capital Management Corp’s holdings in Warby Parker were worth $7,868,000 at the end of the most recent reporting period.

Other institutional investors have also recently modified their holdings of the company. Vanguard Group Inc. lifted its position in Warby Parker by 3.2% in the 3rd quarter. Vanguard Group Inc. now owns 10,665,529 shares of the company’s stock worth $294,155,000 after buying an additional 327,830 shares during the last quarter. JPMorgan Chase & Co. lifted its holdings in shares of Warby Parker by 40.9% in the 3rd quarter. JPMorgan Chase & Co. now owns 7,303,341 shares of the company’s stock worth $201,426,000 after acquiring an additional 2,120,768 shares during the last quarter. Bank of New York Mellon Corp boosted its stake in shares of Warby Parker by 51.4% in the 2nd quarter. Bank of New York Mellon Corp now owns 2,605,250 shares of the company’s stock valued at $57,133,000 after purchasing an additional 884,035 shares in the last quarter. Vaughan Nelson Investment Management L.P. grew its holdings in shares of Warby Parker by 9.3% during the 3rd quarter. Vaughan Nelson Investment Management L.P. now owns 2,421,950 shares of the company’s stock valued at $66,797,000 after purchasing an additional 205,630 shares during the last quarter. Finally, Geode Capital Management LLC grew its holdings in shares of Warby Parker by 7.3% during the 2nd quarter. Geode Capital Management LLC now owns 2,201,817 shares of the company’s stock valued at $48,292,000 after purchasing an additional 148,847 shares during the last quarter. 93.24% of the stock is currently owned by institutional investors.

Analysts Set New Price Targets

Several analysts have issued reports on the stock. Robert W. Baird set a $35.00 price target on shares of Warby Parker in a research report on Wednesday, December 17th. Wall Street Zen lowered Warby Parker from a “buy” rating to a “hold” rating in a research report on Saturday, November 1st. Piper Sandler lifted their price target on Warby Parker from $22.00 to $32.00 and gave the stock an “overweight” rating in a research note on Tuesday, December 16th. Telsey Advisory Group reissued an “outperform” rating and set a $32.00 price objective on shares of Warby Parker in a research note on Tuesday, February 10th. Finally, UBS Group decreased their target price on shares of Warby Parker from $23.00 to $20.00 and set a “neutral” rating on the stock in a research note on Friday, November 7th. Eleven equities research analysts have rated the stock with a Buy rating and five have assigned a Hold rating to the company. According to MarketBeat, the company currently has an average rating of “Moderate Buy” and a consensus target price of $27.83.

Warby Parker Stock Up 2.5%

Shares of Warby Parker stock opened at $23.30 on Friday. The business has a 50 day moving average of $25.46 and a 200 day moving average of $24.06. Warby Parker Inc. has a 52 week low of $13.63 and a 52 week high of $31.00. The company has a market cap of $2.46 billion, a PE ratio of 2,330.00 and a beta of 2.05.

Insider Activity

In related news, Director Joel E. Cutler sold 19,932 shares of Warby Parker stock in a transaction that occurred on Tuesday, December 16th. The stock was sold at an average price of $26.01, for a total transaction of $518,431.32. Following the sale, the director directly owned 20,000 shares in the company, valued at $520,200. The trade was a 49.91% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is available through this hyperlink. Also, Director Youngme E. Moon sold 38,832 shares of the stock in a transaction on Thursday, December 11th. The stock was sold at an average price of $29.07, for a total value of $1,128,846.24. Following the completion of the transaction, the director owned 27,057 shares of the company’s stock, valued at approximately $786,546.99. This trade represents a 58.94% decrease in their position. The SEC filing for this sale provides additional information. In the last 90 days, insiders have sold 359,424 shares of company stock valued at $9,813,571. Corporate insiders own 18.24% of the company’s stock.

Warby Parker 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.