Russell Investments Group Ltd. Has $2.10 Million Stock Holdings in Warby Parker Inc. $WRBY

Key Points

• Russell Investments Group Ltd. has reduced its stake in Warby Parker Inc. by 8.2%, now holding approximately $2.1 million in the company's stock.
• Hedge funds are actively buying shares of Warby Parker, with Durable Capital Partners LP significantly increasing its holdings by 10.3% in the fourth quarter.
• Warby Parker's CEO recently sold 50,000 shares, indicating a 63.82% decrease in his ownership, which raises questions about insider confidence in the company's stock.

Russell Investments Group Ltd. cut its position in Warby Parker Inc. (NYSE:WRBY - Free Report) by 8.2% during the 1st quarter, according to the company in its most recent disclosure with the SEC. The firm owned 115,015 shares of the company's stock after selling 10,297 shares during the period. Russell Investments Group Ltd. owned about 0.11% of Warby Parker worth $2,097,000 at the end of the most recent reporting period.

Several other hedge funds also recently bought and sold shares of WRBY. Durable Capital Partners LP raised its holdings in shares of Warby Parker by 10.3% during the fourth quarter. Durable Capital Partners LP now owns 9,017,825 shares of the company's stock worth $218,322,000 after acquiring an additional 840,797 shares during the period. Jennison Associates LLC raised its holdings in shares of 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 acquiring an additional 416,797 shares during the period. D. E. Shaw & Co. Inc. raised its holdings in shares of Warby Parker by 12.4% during the fourth quarter. D. E. Shaw & Co. Inc. now owns 1,809,294 shares of the company's stock worth $43,803,000 after acquiring an additional 199,235 shares during the period. Bank of New York Mellon Corp raised its holdings in shares of Warby Parker by 5.4% during the first quarter. Bank of New York Mellon Corp now owns 1,721,215 shares of the company's stock worth $31,378,000 after acquiring an additional 88,874 shares during the period. Finally, Nuveen LLC acquired a new stake in shares of Warby Parker during the first quarter worth $30,549,000. 93.24% of the stock is currently owned by institutional investors and hedge funds.

Insiders Place Their Bets

In related news, CEO Neil Harris Blumenthal sold 50,000 shares of the firm's stock in a transaction on 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 approximately $711,793.17. This trade represents a 63.82% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, 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 transaction of $141,360.00. Following the completion of the transaction, the director directly owned 44,879 shares of the company's stock, valued at approximately $1,057,349.24. This trade represents a 11.79% decrease in their position. The disclosure for this sale can be found here. In the last ninety days, insiders sold 106,000 shares of company stock valued at $2,607,280. 18.24% of the stock is owned by insiders.

Wall Street Analyst Weigh In

A number of equities research analysts recently commented on the stock. Evercore ISI restated a "positive" rating on shares of Warby Parker in a report on Thursday, August 7th. The Goldman Sachs Group raised their price objective on shares of Warby Parker from $18.00 to $20.00 and gave the stock a "buy" rating in a report on Friday, May 9th. Roth Capital set a $24.00 price objective on shares of Warby Parker and gave the stock a "neutral" rating in a report on Tuesday, August 5th. Robert W. Baird set a $30.00 price objective on shares of Warby Parker and gave the stock an "outperform" rating in a report on Wednesday, July 30th. Finally, BTIG Research restated a "buy" rating and set a $28.00 price objective (up from $24.00) on shares of Warby Parker in a report on Thursday, August 7th. Eleven analysts have rated the stock with a Buy rating and eight have issued a Hold rating to the company. According to MarketBeat, the company has a consensus rating of "Moderate Buy" and a consensus price target of $24.06.

Warby Parker Trading Down 3.1%

Warby Parker stock opened at $26.1750 on Tuesday. The company has a market cap of $2.75 billion, a P/E ratio of -373.88 and a beta of 2.09. Warby Parker Inc. has a 1-year low of $12.69 and a 1-year high of $29.73. The company has a fifty day simple moving average of $23.62 and a 200 day simple moving average of $20.97.

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.

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest and most accurate reporting. This story was reviewed by MarketBeat's editorial team prior to publication. Please send any questions or comments about this story to contact@marketbeat.com.