Maverick Capital Ltd. Acquires Shares of 276,274 Warby Parker Inc. $WRBY

Key Points

• Maverick Capital Ltd. has invested approximately $5.04 million by purchasing 276,274 shares of Warby Parker Inc., representing around 0.26% ownership of the company.
• Several institutional investors, including NewEdge Advisors LLC and Comerica Bank, have significantly increased their stakes in Warby Parker in recent months, reflecting growing interest in the company's stock.
• Warby Parker's stock has been rated as a "Moderate Buy" by analysts, with a consensus target price of $24.06 and multiple firms setting price targets between $24.00 and $30.00.

Maverick Capital Ltd. acquired a new stake in Warby Parker Inc. (NYSE:WRBY - Free Report) during the 1st quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The fund acquired 276,274 shares of the company's stock, valued at approximately $5,036,000. Maverick Capital Ltd. owned approximately 0.26% of Warby Parker as of its most recent SEC filing.

Other hedge funds have also bought and sold shares of the company. Mariner LLC raised its position in shares of Warby Parker by 6.5% during the 4th quarter. Mariner LLC now owns 10,772 shares of the company's stock valued at $261,000 after buying an additional 660 shares in the last quarter. NewEdge Advisors LLC raised its position in Warby Parker by 700.0% in the 4th quarter. NewEdge Advisors LLC now owns 1,200 shares of the company's stock worth $29,000 after purchasing an additional 1,050 shares during the period. Comerica Bank raised its position in Warby Parker by 153.1% in the 4th quarter. Comerica Bank now owns 2,291 shares of the company's stock worth $55,000 after purchasing an additional 1,386 shares during the period. New York State Teachers Retirement System bought a new position in Warby Parker in the first quarter worth approximately $27,000. Finally, Charles Schwab Investment Management Inc. grew its stake in Warby Parker by 0.3% in the first quarter. Charles Schwab Investment Management Inc. now owns 744,589 shares of the company's stock worth $13,574,000 after purchasing an additional 2,039 shares in the last quarter. Hedge funds and other institutional investors own 93.24% of the company's stock.

Warby Parker Stock Up 2.6%

Warby Parker stock traded up $0.67 during mid-day trading on Friday, reaching $26.02. 1,126,735 shares of the company's stock were exchanged, compared to its average volume of 2,176,753. The company has a market cap of $2.74 billion, a P/E ratio of -371.59 and a beta of 2.10. Warby Parker Inc. has a twelve month low of $12.69 and a twelve month high of $29.73. The company has a fifty day moving average of $24.32 and a 200-day moving average of $21.04.

Insiders Place Their Bets

In other news, Director Teresa Briggs sold 6,000 shares of the firm's stock in a transaction 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 sale, 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 position. The sale 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 on Wednesday, August 13th. The shares were sold at an average price of $25.11, for a total transaction 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. 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 worth $2,607,280 over the last 90 days. Company insiders own 18.24% of the company's stock.

Analysts Set New Price Targets

WRBY has been the topic of a number of recent research reports. Citizens Jmp downgraded shares of Warby Parker from an "outperform" rating to a "market perform" rating in a research note on Thursday, July 10th. Evercore ISI reiterated a "positive" rating on shares of Warby Parker in a research note on Thursday, August 7th. Loop Capital reiterated a "buy" rating on shares of Warby Parker in a research note on Wednesday, May 21st. The Goldman Sachs Group upped their price objective on Warby Parker from $18.00 to $20.00 and gave the stock a "buy" rating in a research report on Friday, May 9th. Finally, Wall Street Zen raised shares of Warby Parker from a "hold" rating to a "buy" rating in a report on Saturday, August 30th. Eleven investment analysts have rated the stock with a Buy rating and eight have issued a Hold rating to the company. According to data from MarketBeat.com, Warby Parker presently has an average rating of "Moderate Buy" and an average price target of $24.06.

About Warby Parker

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.