State of Alaska Department of Revenue Increases Stock Position in Warby Parker Inc. $WRBY

State of Alaska Department of Revenue lifted its position in shares of Warby Parker Inc. (NYSE:WRBY) by 484.2% during the fourth quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The institutional investor owned 33,154 shares of the company’s stock after purchasing an additional 27,479 shares during the period. State of Alaska Department of Revenue’s holdings in Warby Parker were worth $722,000 at the end of the most recent quarter.

Other hedge funds and other institutional investors have also added to or reduced their stakes in the company. Compass Wealth Management LLC purchased a new position in shares of Warby Parker in the 3rd quarter worth approximately $2,184,000. Impax Asset Management Group plc grew its holdings in shares of Warby Parker by 28.3% in the third quarter. Impax Asset Management Group plc now owns 385,000 shares of the company’s stock valued at $10,618,000 after acquiring an additional 85,000 shares in the last quarter. JPMorgan Chase & Co. increased its position in shares of Warby Parker by 40.9% during the third quarter. JPMorgan Chase & Co. now owns 7,303,341 shares of the company’s stock valued at $201,426,000 after acquiring an additional 2,120,768 shares during the last quarter. Udine Wealth Management Inc. bought a new stake in Warby Parker during the fourth quarter worth $1,284,000. Finally, Kingdon Capital Management L.L.C. bought a new stake in Warby Parker during the third quarter worth $9,653,000. 93.24% of the stock is currently owned by hedge funds and other institutional investors.

Insiders Place Their Bets

In related news, Director Bradley E. Singer sold 15,793 shares of the stock in a transaction dated Wednesday, March 4th. The stock was sold at an average price of $27.53, for a total transaction of $434,781.29. Following the sale, the director owned 16,026 shares of the company’s stock, valued at approximately $441,195.78. This represents a 49.63% decrease in their position. The sale was disclosed in a document filed with the SEC, which is accessible through this hyperlink. Also, CEO Neil Harris Blumenthal sold 75,213 shares of the firm’s stock in a transaction dated Friday, April 17th. The stock was sold at an average price of $24.56, for a total value of $1,847,231.28. Following the completion of the transaction, the chief executive officer owned 50,165 shares of the company’s stock, valued at approximately $1,232,052.40. This represents a 59.99% decrease in their position. The SEC filing for this sale provides additional information. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Insiders sold 115,793 shares of company stock valued at $2,901,550 over the last ninety days. Corporate insiders own 18.24% of the company’s stock.

Wall Street Analysts Forecast Growth

A number of research analysts have issued reports on WRBY shares. Telsey Advisory Group restated an “outperform” rating and issued a $32.00 price objective on shares of Warby Parker in a research note on Friday, February 20th. Weiss Ratings cut Warby Parker from a “hold (c-)” rating to a “sell (d)” rating in a research note on Monday, March 2nd. Citigroup boosted their price target on shares of Warby Parker from $18.00 to $24.00 and gave the stock a “neutral” rating in a report on Tuesday, March 17th. Finally, UBS Group restated a “neutral” rating and set a $20.00 price target on shares of Warby Parker in a research report on Wednesday, February 25th. Ten equities research analysts have rated the stock with a Buy rating, five have issued a Hold rating and one has issued a Sell rating to the stock. Based on data from MarketBeat, the stock currently has a consensus rating of “Moderate Buy” and a consensus target price of $28.09.

Warby Parker Price Performance

Shares of WRBY stock opened at $22.46 on Friday. The company’s fifty day simple moving average is $23.27 and its two-hundred day simple moving average is $23.09. Warby Parker Inc. has a 1 year low of $14.77 and a 1 year high of $31.00. The stock has a market capitalization of $2.40 billion, a price-to-earnings ratio of 1,123.76 and a beta of 2.07.

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.