Formula Growth Ltd. Buys New Stake in Warby Parker Inc. (NYSE:WRBY)

Formula Growth Ltd. bought a new stake in shares of Warby Parker Inc. (NYSE:WRBY - Free Report) in the 4th quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The institutional investor bought 73,000 shares of the company's stock, valued at approximately $1,767,000. Formula Growth Ltd. owned about 0.07% of Warby Parker at the end of the most recent quarter.

A number of other institutional investors and hedge funds have also made changes to their positions in WRBY. NewEdge Advisors LLC lifted its position in Warby Parker by 700.0% in the 4th quarter. NewEdge Advisors LLC now owns 1,200 shares of the company's stock valued at $29,000 after purchasing an additional 1,050 shares during the last quarter. Jump Financial LLC bought a new position in Warby Parker in the 4th quarter worth approximately $4,755,000. Portolan Capital Management LLC increased its position in Warby Parker by 89.3% in the 4th quarter. Portolan Capital Management LLC now owns 441,784 shares of the company's stock valued at $10,696,000 after acquiring an additional 208,383 shares during the period. Mariner LLC raised its stake in Warby Parker by 6.5% during the 4th quarter. Mariner LLC now owns 10,772 shares of the company's stock valued at $261,000 after acquiring an additional 660 shares in the last quarter. Finally, Summit Investment Advisors Inc. boosted its position in Warby Parker by 10.0% during the 4th quarter. Summit Investment Advisors Inc. now owns 9,265 shares of the company's stock worth $224,000 after acquiring an additional 840 shares during the period. 93.24% of the stock is currently owned by institutional investors and hedge funds.

Warby Parker Trading Up 4.4 %

WRBY stock traded up $0.66 during midday trading on Thursday, reaching $15.58. The company had a trading volume of 854,298 shares, compared to its average volume of 2,165,042. The company has a 50 day moving average of $19.26 and a two-hundred day moving average of $21.50. Warby Parker Inc. has a 1 year low of $11.66 and a 1 year high of $28.68. The company has a market capitalization of $1.61 billion, a P/E ratio of -57.74 and a beta of 2.00.

Insider Activity at Warby Parker

In other news, CEO Neil Harris Blumenthal sold 50,000 shares of the stock in a transaction on Thursday, January 30th. The shares were sold at an average price of $27.61, for a total transaction of $1,380,500.00. Following the transaction, the chief executive officer now owns 12,177 shares in the company, valued at $336,206.97. This represents a 80.42 % decrease in their position. The sale was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. Also, CFO Steven Clive Miller sold 11,684 shares of Warby Parker stock in a transaction on Tuesday, March 4th. The shares were sold at an average price of $23.52, for a total transaction of $274,807.68. Following the completion of the sale, the chief financial officer now directly owns 204,727 shares of the company's stock, valued at approximately $4,815,179.04. The trade was a 5.40 % decrease in their position. The disclosure for this sale can be found here. Over the last 90 days, insiders sold 89,651 shares of company stock valued at $2,313,092. Insiders own 26.55% of the company's stock.

Analyst Upgrades and Downgrades

WRBY has been the subject of several recent analyst reports. The Goldman Sachs Group decreased their price objective on shares of Warby Parker from $29.00 to $18.00 and set a "buy" rating for the company in a report on Tuesday. Roth Capital raised Warby Parker to a "strong-buy" rating in a research note on Monday, February 24th. Roth Mkm began coverage on Warby Parker in a research note on Tuesday, February 25th. They set a "neutral" rating and a $26.00 target price for the company. Loop Capital upgraded shares of Warby Parker from a "hold" rating to a "buy" rating and set a $27.00 price target on the stock in a research report on Thursday, April 17th. Finally, Stifel Nicolaus reduced their price objective on shares of Warby Parker from $25.00 to $18.00 and set a "hold" rating for the company in a research report on Thursday, April 10th. Five analysts have rated the stock with a hold rating, ten have issued a buy rating and one has issued a strong buy rating to the company. Based on data from MarketBeat, Warby Parker has an average rating of "Moderate Buy" and a consensus target price of $22.93.

About Warby Parker

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.