12 West Capital Management LP Acquires Shares of 1,175,000 Warby Parker Inc. $WRBY

Key Points

• 12 West Capital Management LP made a significant investment of $21.42 million in Warby Parker, acquiring approximately 1,175,000 shares, which represents 3.2% of its investment portfolio.
• Warby Parker's stock has seen a wide price range over the past year, with a low of $12.69 and a high of $29.73, currently trading at around $25.61.
• The stock has received mixed analyst ratings, with eleven analysts rating it a "Buy" and eight giving it a "Hold," averaging a consensus target price of $24.06.

12 West Capital Management LP bought a new position in Warby Parker Inc. (NYSE:WRBY - Free Report) in the 1st quarter, according to the company in its most recent 13F filing with the SEC. The firm bought 1,175,000 shares of the company's stock, valued at approximately $21,420,000. Warby Parker comprises 3.2% of 12 West Capital Management LP's portfolio, making the stock its 11th biggest position. 12 West Capital Management LP owned 1.12% of Warby Parker at the end of the most recent reporting period.

Other institutional investors have also added to or reduced their stakes in the company. Nuveen LLC purchased a new position in Warby Parker during the first quarter valued at $30,549,000. Durable Capital Partners LP raised its stake in Warby Parker by 13.2% in the 1st quarter. Durable Capital Partners LP now owns 10,212,383 shares of the company's stock valued at $186,172,000 after purchasing an additional 1,194,558 shares during the last quarter. Broad Bay Capital Management LP acquired a new stake in Warby Parker during the 1st quarter worth approximately $14,357,000. Victory Capital Management Inc. boosted its stake in shares of Warby Parker by 6,931.8% during the 1st quarter. Victory Capital Management Inc. now owns 770,054 shares of the company's stock valued at $14,038,000 after buying an additional 759,103 shares during the last quarter. Finally, Jennison Associates LLC lifted its stake in Warby Parker by 23.7% during the first quarter. Jennison Associates LLC now owns 2,174,158 shares of the company's stock worth $39,635,000 after purchasing an additional 416,797 shares during the last quarter. Hedge funds and other institutional investors own 93.24% of the company's stock.

Insider Transactions at Warby Parker

In other news, Director Teresa Briggs sold 6,000 shares of the stock in a transaction that occurred on Monday, August 11th. The shares were sold at an average price of $23.56, for a total value of $141,360.00. Following the completion of the sale, the director directly owned 44,879 shares of the company's stock, valued at $1,057,349.24. This represents a 11.79% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. Also, CEO Neil Harris Blumenthal sold 50,000 shares of the company's stock in a transaction dated Wednesday, August 13th. The stock was sold at an average price of $25.11, for a total transaction of $1,255,500.00. Following the transaction, the chief executive officer owned 28,347 shares in the company, valued at approximately $711,793.17. This trade represents a 63.82% decrease in their position. The disclosure for this sale can be found here. Insiders have sold 106,000 shares of company stock valued at $2,607,280 over the last ninety days. Insiders own 18.24% of the company's stock.

Wall Street Analysts Forecast Growth

Several brokerages have recently issued reports on WRBY. Citizens Jmp lowered Warby Parker from an "outperform" rating to a "market perform" rating in a report on Thursday, July 10th. Roth Capital set a $24.00 price objective on Warby Parker and gave the company a "neutral" rating in a report on Tuesday, August 5th. UBS Group reissued a "neutral" rating and issued a $23.00 price objective (up from $20.00) on shares of Warby Parker in a research note on Friday, August 8th. Piper Sandler restated an "overweight" rating and set a $25.00 price target (up previously from $20.00) on shares of Warby Parker in a research report on Thursday, May 29th. Finally, Wall Street Zen cut Warby Parker from a "buy" rating to a "hold" rating in a research report on Sunday. Eleven equities research analysts have rated the stock with a Buy rating and nine have issued a Hold rating to the stock. According to data from MarketBeat.com, the company has a consensus rating of "Moderate Buy" and a consensus price target of $24.06.

Warby Parker Price Performance

WRBY stock traded up $1.05 during midday trading on Monday, reaching $27.07. 747,494 shares of the company's stock traded hands, compared to its average volume of 2,168,176. The company has a market capitalization of $2.85 billion, a P/E ratio of -385.10 and a beta of 2.10. The business has a 50-day moving average price of $24.40 and a two-hundred day moving average price of $20.98. Warby Parker Inc. has a fifty-two week low of $13.22 and a fifty-two week high of $29.73.

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.