Royal Bank of Canada Purchases 37,429 Shares of Warby Parker Inc. $WRBY

Royal Bank of Canada raised its position in Warby Parker Inc. (NYSE:WRBY) by 41.9% in the first quarter, according to its most recent disclosure with the SEC. The firm owned 126,696 shares of the company’s stock after acquiring an additional 37,429 shares during the period. Royal Bank of Canada owned approximately 0.12% of Warby Parker worth $2,669,000 as of its most recent filing with the SEC.

Several other hedge funds and other institutional investors have also recently modified their holdings of WRBY. First Horizon Corp lifted its holdings in shares of Warby Parker by 96.7% in the 4th quarter. First Horizon Corp now owns 1,210 shares of the company’s stock worth $26,000 after purchasing an additional 595 shares in the last quarter. Farther Finance Advisors LLC grew its position in Warby Parker by 41.4% in the 4th quarter. Farther Finance Advisors LLC now owns 1,687 shares of the company’s stock valued at $37,000 after purchasing an additional 494 shares during the period. Parallel Advisors LLC increased its stake in Warby Parker by 110.7% during the 1st quarter. Parallel Advisors LLC now owns 1,837 shares of the company’s stock valued at $39,000 after purchasing an additional 965 shares in the last quarter. Covestor Ltd increased its stake in Warby Parker by 5,795.3% during the 4th quarter. Covestor Ltd now owns 2,535 shares of the company’s stock valued at $55,000 after purchasing an additional 2,492 shares in the last quarter. Finally, NewEdge Advisors LLC raised its holdings in Warby Parker by 56.7% during the third quarter. NewEdge Advisors LLC now owns 2,350 shares of the company’s stock worth $65,000 after buying an additional 850 shares during the last quarter. Institutional investors own 93.24% of the company’s stock.

Wall Street Analysts Forecast Growth

A number of research analysts have recently issued reports on the stock. Citizens Jmp reduced their price objective on shares of Warby Parker from $30.00 to $29.00 and set a “market outperform” rating for the company in a report on Friday, August 7th. Roth Capital restated a “neutral” rating and issued a $28.00 target price on shares of Warby Parker in a report on Wednesday, August 5th. Bank of America initiated coverage on shares of Warby Parker in a report on Monday, June 29th. They issued a “buy” rating and a $33.00 target price on the stock. Telsey Advisory Group lifted their price target on Warby Parker from $32.00 to $33.00 and gave the company an “outperform” rating in a research note on Friday, May 8th. Finally, Weiss Ratings reissued a “hold (c-)” rating on shares of Warby Parker in a report on Friday, August 7th. Seven investment analysts have rated the stock with a Buy rating and five have issued a Hold rating to the company. Based on data from MarketBeat.com, the company currently has an average rating of “Moderate Buy” and an average price target of $30.18.

Insiders Place Their Bets

In other Warby Parker news, CEO Neil Harris Blumenthal sold 9,200 shares of the stock in a transaction dated Monday, July 6th. The shares were sold at an average price of $29.99, for a total value of $275,908.00. Following the completion of the sale, the chief executive officer owned 31,112 shares in the company, valued at approximately $933,048.88. This trade represents a 22.82% decrease in their position. The transaction was disclosed in a filing with the SEC, which is accessible through the SEC website. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, Director Teresa Briggs sold 5,000 shares of Warby Parker stock in a transaction that occurred on Tuesday, June 16th. The stock was sold at an average price of $25.94, for a total transaction of $129,700.00. Following the transaction, the director directly owned 48,883 shares in the company, valued at approximately $1,268,025.02. This represents a 9.28% 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. In the last ninety days, insiders sold 341,207 shares of company stock valued at $10,099,571. Corporate insiders own 16.80% of the company’s stock.

Warby Parker Price Performance

Shares of WRBY stock opened at $25.97 on Monday. The firm has a 50-day moving average of $26.80 and a 200-day moving average of $25.05. The company has a market cap of $2.81 billion, a P/E ratio of 370.99, a P/E/G ratio of 5.50 and a beta of 1.92. Warby Parker Inc. has a one year low of $14.96 and a one year high of $31.00.

About Warby Parker

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.