Driehaus Capital Management LLC Sells 374,915 Shares of Warby Parker Inc. $WRBY

Key Points

• Driehaus Capital Management LLC reduced its stake in Warby Parker by 38.9%, ending the first quarter with 589,526 shares valued at approximately $10.7 million.
• Hedge funds and institutional investors now own 93.24% of Warby Parker's stock, with several major firms increasing their holdings recently.
• Warby Parker shares opened at $26.16 and have seen a fifty-two week range between $12.69 and $29.73, reflecting ongoing investor interest.

Driehaus Capital Management LLC lessened its stake in Warby Parker Inc. (NYSE:WRBY - Free Report) by 38.9% in the 1st quarter, according to the company in its most recent Form 13F filing with the SEC. The firm owned 589,526 shares of the company's stock after selling 374,915 shares during the period. Driehaus Capital Management LLC owned about 0.56% of Warby Parker worth $10,747,000 at the end of the most recent reporting period.

Other institutional investors and hedge funds have also recently added to or reduced their stakes in the company. Universal Beteiligungs und Servicegesellschaft mbH bought a new stake in shares of Warby Parker in the 1st quarter worth approximately $2,029,000. New York State Teachers Retirement System bought a new position in Warby Parker in the first quarter worth $27,000. Jennison Associates LLC boosted its position in shares of Warby Parker by 23.7% during the 1st quarter. Jennison Associates LLC now owns 2,174,158 shares of the company's stock valued at $39,635,000 after acquiring an additional 416,797 shares in the last quarter. Northern Trust Corp raised its position in Warby Parker by 7.5% in the fourth quarter. Northern Trust Corp now owns 811,038 shares of the company's stock worth $19,635,000 after purchasing an additional 56,674 shares in the last quarter. Finally, SG Americas Securities LLC acquired a new position in shares of Warby Parker in the 1st quarter worth approximately $602,000. 93.24% of the stock is currently owned by institutional investors.

Insider Buying and Selling at Warby Parker

In related news, Director Teresa Briggs sold 6,000 shares of the stock in a transaction dated Monday, August 11th. The stock was sold at an average price of $23.56, for a total transaction of $141,360.00. Following the completion of the transaction, the director directly owned 44,879 shares in the company, valued at approximately $1,057,349.24. This trade represents a 11.79% decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, CEO Neil Harris Blumenthal sold 50,000 shares of the business's stock in a transaction on 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 completion of the sale, the chief executive officer directly owned 28,347 shares in the company, valued at approximately $711,793.17. This represents a 63.82% decrease in their position. The disclosure for this sale can be found here. Insiders sold a total of 106,000 shares of company stock valued at $2,607,280 in the last three months. 18.24% of the stock is owned by company insiders.

Analyst Ratings Changes

Several equities research analysts have recently weighed in on the stock. Roth Capital set a $24.00 target price on shares of Warby Parker and gave the stock a "neutral" rating in a report on Tuesday, August 5th. TD Securities upped their price objective on shares of Warby Parker from $20.00 to $24.00 and gave the stock a "buy" rating in a research note on Wednesday, May 21st. Citigroup reaffirmed a "neutral" rating and set a $22.00 price objective (up previously from $17.00) on shares of Warby Parker in a report on Wednesday, May 21st. UBS Group restated a "neutral" rating and set a $23.00 price target (up from $20.00) on shares of Warby Parker in a research report on Friday, August 8th. Finally, Loop Capital reiterated a "buy" rating on shares of Warby Parker in a research report on Wednesday, May 21st. Eleven investment analysts have rated the stock with a Buy rating and eight have given a Hold rating to the company's stock. According to data from MarketBeat, the stock has an average rating of "Moderate Buy" and a consensus target price of $24.06.

Warby Parker Trading Down 0.1%

Shares of WRBY traded down $0.03 on Thursday, reaching $25.23. 583,185 shares of the company's stock were exchanged, compared to its average volume of 2,177,572. The business has a 50 day moving average price of $24.24 and a two-hundred day moving average price of $21.04. Warby Parker Inc. has a 12 month low of $12.69 and a 12 month high of $29.73. The stock has a market capitalization of $2.65 billion, a P/E ratio of -360.03 and a beta of 2.10.

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.