AIA Group Ltd Cuts Stake in Warby Parker Inc. (NYSE:WRBY)

AIA Group Ltd lessened its stake in Warby Parker Inc. (NYSE:WRBY) by 5.7% during the 4th quarter, according to its most recent disclosure with the SEC. The institutional investor owned 172,166 shares of the company’s stock after selling 10,407 shares during the quarter. AIA Group Ltd owned approximately 0.17% of Warby Parker worth $4,168,000 at the end of the most recent reporting period.

Other hedge funds and other institutional investors have also recently modified their holdings of the company. American Century Companies Inc. raised its stake in Warby Parker by 64.7% during the fourth quarter. American Century Companies Inc. now owns 2,144,422 shares of the company’s stock valued at $51,916,000 after purchasing an additional 842,558 shares in the last quarter. Great Lakes Advisors LLC purchased a new stake in shares of Warby Parker during the 4th quarter valued at about $14,596,000. Verition Fund Management LLC bought a new position in shares of Warby Parker in the 3rd quarter valued at about $7,462,000. Raymond James Financial Inc. purchased a new position in Warby Parker in the fourth quarter worth about $8,272,000. Finally, First Eagle Investment Management LLC increased its stake in Warby Parker by 792.7% during the fourth quarter. First Eagle Investment Management LLC now owns 312,258 shares of the company’s stock worth $7,560,000 after acquiring an additional 277,278 shares during the last quarter. Institutional investors own 93.24% of the company’s stock.

Wall Street Analysts Forecast Growth

Several research firms have recently weighed in on WRBY. Roth Mkm initiated coverage on Warby Parker in a research report on Tuesday, February 25th. They set a “neutral” rating and a $26.00 target price on the stock. Stifel Nicolaus raised their target price on shares of Warby Parker from $17.00 to $20.00 and gave the stock a “hold” rating in a report on Wednesday, December 11th. The Goldman Sachs Group upped their price target on shares of Warby Parker from $20.00 to $26.00 and gave the company a “buy” rating in a report on Tuesday, December 10th. Evercore ISI restated an “in-line” rating and set a $23.00 target price on shares of Warby Parker in a research report on Friday, January 17th. Finally, Citigroup reiterated an “outperform” rating on shares of Warby Parker in a report on Friday, February 28th. Six equities research analysts have rated the stock with a hold rating, nine have assigned a buy rating and one has assigned a strong buy rating to the company. Based on data from MarketBeat, the stock presently has a consensus rating of “Moderate Buy” and an average price target of $23.43.

Warby Parker Stock Performance

NYSE WRBY opened at $18.64 on Monday. The company has a market cap of $1.93 billion, a PE ratio of -69.03 and a beta of 1.91. Warby Parker Inc. has a 52-week low of $11.66 and a 52-week high of $28.68. The firm’s 50 day moving average price is $23.60 and its 200-day moving average price is $21.59.

Insider Buying and Selling at Warby Parker

In other news, CFO Steven Clive Miller sold 11,684 shares of the firm’s stock in a transaction on Tuesday, March 4th. The stock was sold at an average price of $23.52, for a total value of $274,807.68. Following the completion of the sale, the chief financial officer now owns 204,727 shares of the company’s stock, valued at $4,815,179.04. This trade represents a 5.40 % decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through this hyperlink. Also, CEO Neil Harris Blumenthal sold 300,000 shares of the stock in a transaction dated Thursday, January 2nd. The shares were sold at an average price of $25.14, for a total value of $7,542,000.00. Following the completion of the sale, the chief executive officer now owns 12,177 shares of the company’s stock, valued at approximately $306,129.78. This trade represents a 96.10 % decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last 90 days, insiders have sold 389,651 shares of company stock valued at $9,855,092. 26.55% of the stock is currently owned by corporate insiders.

Warby Parker Profile

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.