Neo Ivy Capital Management Boosts Position in Warby Parker Inc. (NYSE:WRBY)

Key Points

• Neo Ivy Capital Management significantly increased its stake in Warby Parker by 12,850.4%, owning 115,388 shares valued at approximately $2.1 million as of the latest reporting period.
• Other institutional investors, including Durable Capital Partners and Jennison Associates, have also increased their holdings, contributing to institutional investors owning 93.24% of Warby Parker's stock.
• After insider selling activity, including the CEO's 63.63% reduction in ownership, the total shares sold by insiders in the last 90 days amounts to 83,073 shares, valued at around $1.87 million.

Neo Ivy Capital Management grew its holdings in Warby Parker Inc. (NYSE:WRBY - Free Report) by 12,850.4% in the 1st quarter, according to the company in its most recent Form 13F filing with the SEC. The institutional investor owned 115,388 shares of the company's stock after acquiring an additional 114,497 shares during the quarter. Neo Ivy Capital Management owned 0.11% of Warby Parker worth $2,104,000 at the end of the most recent reporting period.

Other institutional investors and hedge funds have also recently modified their holdings of the company. Durable Capital Partners LP lifted its holdings in Warby Parker by 10.3% in the fourth quarter. Durable Capital Partners LP now owns 9,017,825 shares of the company's stock valued at $218,322,000 after acquiring an additional 840,797 shares during the period. Jennison Associates LLC boosted its stake in shares of Warby Parker by 23.7% in 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 last quarter. American Century Companies Inc. boosted its stake in Warby Parker by 64.7% during the fourth quarter. American Century Companies Inc. now owns 2,144,422 shares of the company's stock worth $51,916,000 after buying an additional 842,558 shares during the last quarter. Renaissance Technologies LLC boosted its stake in Warby Parker by 18.5% during the fourth quarter. Renaissance Technologies LLC now owns 2,002,400 shares of the company's stock worth $48,478,000 after buying an additional 313,100 shares during the last quarter. Finally, Geode Capital Management LLC boosted its stake in Warby Parker by 1.4% during the fourth quarter. Geode Capital Management LLC now owns 1,997,624 shares of the company's stock worth $48,375,000 after buying an additional 27,004 shares during the last quarter. Institutional investors and hedge funds own 93.24% of the company's stock.

Warby Parker Trading Up 0.1%

Shares of NYSE WRBY traded up $0.04 during trading hours on Friday, reaching $24.39. The stock had a trading volume of 1,015,482 shares, compared to its average volume of 1,631,134. Warby Parker Inc. has a fifty-two week low of $12.46 and a fifty-two week high of $28.68. The firm has a 50-day moving average of $21.74 and a 200-day moving average of $21.21. The firm has a market cap of $2.55 billion, a price-to-earnings ratio of -203.21 and a beta of 2.09.

Insider Buying and Selling

In other Warby Parker news, CEO Neil Harris Blumenthal sold 49,600 shares of the stock in a transaction that occurred on Monday, July 21st. The stock was sold at an average price of $24.21, for a total transaction of $1,200,816.00. Following the completion of the sale, the chief executive officer directly owned 28,347 shares of the company's stock, valued at approximately $686,280.87. This trade represents a 63.63% decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, Director Youngme E. Moon sold 33,073 shares of the stock in a transaction that occurred on Thursday, May 22nd. The stock was sold at an average price of $19.90, for a total value of $658,152.70. Following the sale, the director directly owned 53,869 shares of the company's stock, valued at $1,071,993.10. The trade was a 38.04% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold a total of 83,073 shares of company stock valued at $1,868,573 over the last ninety days. 18.24% of the stock is owned by insiders.

Analysts Set New Price Targets

A number of research firms have weighed in on WRBY. JMP Securities reissued a "market perform" rating on shares of Warby Parker in a research note on Thursday, July 10th. Loop Capital reiterated a "buy" rating on shares of Warby Parker in a report on Wednesday, May 21st. Roth Capital reiterated a "neutral" rating and issued a $21.00 price objective (up previously from $18.00) on shares of Warby Parker in a report on Thursday, May 22nd. The Goldman Sachs Group boosted their price objective on Warby Parker from $18.00 to $20.00 and gave the company a "buy" rating in a report on Friday, May 9th. Finally, Citigroup reiterated a "neutral" rating and issued a $22.00 price objective (up previously from $17.00) on shares of Warby Parker in a report on Wednesday, May 21st. Nine analysts have rated the stock with a hold rating and ten have assigned a buy rating to the company. According to data from MarketBeat.com, the stock currently has an average rating of "Moderate Buy" and a consensus price target of $22.88.

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.