Durable Capital Partners LP Boosts Position in Warby Parker Inc. $WRBY

Key Points

• Durable Capital Partners LP increased its stake in Warby Parker Inc. by 13.2%, now holding over 10 million shares, representing 1.7% of its portfolio.
• Institutional investors own 93.24% of Warby Parker's stock, with several firms recently raising their positions, indicating growing institutional confidence.
• Warby Parker's stock has fluctuated between a one-year low of $12.69 and a high of $29.73, currently trading at around $26.16.

Durable Capital Partners LP grew its stake in Warby Parker Inc. (NYSE:WRBY - Free Report) by 13.2% in the first quarter, according to its most recent 13F filing with the Securities & Exchange Commission. The fund owned 10,212,383 shares of the company's stock after acquiring an additional 1,194,558 shares during the quarter. Warby Parker comprises approximately 1.7% of Durable Capital Partners LP's investment portfolio, making the stock its 26th biggest position. Durable Capital Partners LP owned about 9.77% of Warby Parker worth $186,172,000 at the end of the most recent reporting period.

A number of other hedge funds and other institutional investors have also modified their holdings of the stock. American Century Companies Inc. increased its position in shares of Warby Parker by 14.6% during the 1st quarter. American Century Companies Inc. now owns 2,456,965 shares of the company's stock worth $44,790,000 after purchasing an additional 312,543 shares during the last quarter. Jennison Associates LLC increased 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 worth $39,635,000 after purchasing an additional 416,797 shares during the last quarter. D. E. Shaw & Co. Inc. increased its position in shares of Warby Parker by 12.4% during the 4th quarter. D. E. Shaw & Co. Inc. now owns 1,809,294 shares of the company's stock worth $43,803,000 after purchasing an additional 199,235 shares during the last quarter. Bank of New York Mellon Corp increased its position in shares of Warby Parker by 5.4% during the 1st quarter. Bank of New York Mellon Corp now owns 1,721,215 shares of the company's stock worth $31,378,000 after purchasing an additional 88,874 shares during the last quarter. Finally, Nuveen LLC acquired a new stake in shares of Warby Parker during the 1st quarter worth about $30,549,000. 93.24% of the stock is owned by institutional investors and hedge funds.

Analyst Upgrades and Downgrades

A number of analysts recently issued reports on the company. JMP Securities reissued a "market perform" rating on shares of Warby Parker in a research report on Thursday, July 10th. Citizens Jmp downgraded Warby Parker from an "outperform" rating to a "market perform" rating in a research report on Thursday, July 10th. Telsey Advisory Group reissued an "outperform" rating and set a $28.00 price objective on shares of Warby Parker in a research report on Thursday, August 7th. Wall Street Zen raised Warby Parker from a "hold" rating to a "buy" rating in a research report on Saturday, August 30th. Finally, Robert W. Baird set a $30.00 target price on Warby Parker and gave the company an "outperform" rating in a research report on Wednesday, July 30th. Eleven research analysts have rated the stock with a Buy rating and eight have issued a Hold rating to the stock. According to data from MarketBeat.com, the company presently has an average rating of "Moderate Buy" and a consensus price target of $24.06.

Insider Activity

In other news, Director Teresa Briggs sold 6,000 shares of Warby Parker stock in a transaction dated Monday, August 11th. The stock was sold at an average price of $23.56, for a total value of $141,360.00. Following the completion of the transaction, the director owned 44,879 shares in the company, valued at approximately $1,057,349.24. This trade represents a 11.79% decrease in their position. The sale was disclosed in a filing with the SEC, which can be accessed through the SEC website. Also, CEO Neil Harris Blumenthal sold 50,000 shares of Warby Parker stock in a transaction dated Wednesday, August 13th. The shares were sold at an average price of $25.11, for a total value of $1,255,500.00. Following the completion of the transaction, the chief executive officer owned 28,347 shares of the company's stock, valued at $711,793.17. The trade was 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 quarter. Company insiders own 18.24% of the company's stock.

Warby Parker Stock Performance

Shares of WRBY traded up $0.15 during midday trading on Thursday, hitting $25.41. The company had a trading volume of 1,447,714 shares, compared to its average volume of 2,183,005. The company's 50-day simple moving average is $24.24 and its 200-day simple moving average is $21.04. The firm has a market capitalization of $2.67 billion, a P/E ratio of -362.88 and a beta of 2.10. Warby Parker Inc. has a 1 year low of $12.69 and a 1 year 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.