Picton Mahoney Asset Management Takes Position in Warby Parker Inc. $WRBY

Picton Mahoney Asset Management bought a new position in Warby Parker Inc. (NYSE:WRBY) during the third quarter, Holdings Channel reports. The fund bought 28,110 shares of the company’s stock, valued at approximately $775,000.

A number of other institutional investors and hedge funds also recently modified their holdings of the stock. Quantbot Technologies LP purchased a new stake in shares of Warby Parker during the third quarter valued at $1,708,000. Xponance Inc. purchased a new position in Warby Parker in the 3rd quarter worth about $211,000. Choreo LLC increased its stake in Warby Parker by 4.6% in the 3rd quarter. Choreo LLC now owns 16,605 shares of the company’s stock worth $458,000 after purchasing an additional 728 shares in the last quarter. Hillsdale Investment Management Inc. raised its holdings in Warby Parker by 3.4% during the 3rd quarter. Hillsdale Investment Management Inc. now owns 205,300 shares of the company’s stock worth $5,662,000 after buying an additional 6,700 shares during the period. Finally, Compass Wealth Management LLC purchased a new stake in Warby Parker during the third quarter valued at about $2,184,000. 93.24% of the stock is owned by institutional investors and hedge funds.

Wall Street Analyst Weigh In

Several research analysts have commented on WRBY shares. Weiss Ratings cut shares of Warby Parker from a “hold (c-)” rating to a “sell (d)” rating in a report on Monday, March 2nd. BTIG Research upped their price target on shares of Warby Parker from $25.00 to $32.00 and gave the company a “buy” rating in a research report on Thursday, December 11th. Citigroup raised shares of Warby Parker from a “hold” rating to an “outperform” rating in a research note on Wednesday, December 10th. 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 report on Wednesday, December 10th. Finally, Robert W. Baird set a $35.00 target price on shares of Warby Parker in a research note on Wednesday, December 17th. Eleven equities research analysts have rated the stock with a Buy rating, four have assigned a Hold rating and one has issued a Sell rating to the stock. According to MarketBeat.com, the stock currently has an average rating of “Moderate Buy” and an average target price of $27.83.

Insider Activity at Warby Parker

In other Warby Parker news, Director Joel E. Cutler sold 19,932 shares of the company’s stock in a transaction that occurred on Tuesday, December 16th. The shares were sold at an average price of $26.01, for a total value of $518,431.32. Following the transaction, the director owned 20,000 shares in the company, valued at approximately $520,200. This represents a 49.91% decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through the SEC website. Also, CEO Neil Harris Blumenthal sold 150,000 shares of the stock in a transaction that occurred on Tuesday, January 6th. The stock was sold at an average price of $25.09, for a total transaction of $3,763,500.00. Following the completion of the sale, the chief executive officer owned 37,119 shares of the company’s stock, valued at approximately $931,315.71. The trade was a 80.16% decrease in their position. The SEC filing for this sale provides additional information. Over the last ninety days, insiders sold 375,217 shares of company stock valued at $10,248,352. Company insiders own 18.24% of the company’s stock.

Warby Parker Price Performance

Shares of WRBY opened at $24.90 on Friday. The business’s 50-day moving average is $25.13 and its 200-day moving average is $24.03. The company has a market capitalization of $2.66 billion, a price-to-earnings ratio of 1,245.62 and a beta of 2.05. Warby Parker Inc. has a fifty-two week low of $13.63 and a fifty-two week high of $31.00.

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.