TimesSquare Capital Management LLC Decreases Position in Warby Parker Inc. $WRBY

TimesSquare Capital Management LLC lessened its position in shares of Warby Parker Inc. (NYSE:WRBY) by 8.4% in the 3rd quarter, according to its most recent filing with the Securities & Exchange Commission. The fund owned 1,008,675 shares of the company’s stock after selling 92,886 shares during the quarter. TimesSquare Capital Management LLC owned approximately 0.96% of Warby Parker worth $27,819,000 at the end of the most recent quarter.

Several other institutional investors and hedge funds have also made changes to their positions in WRBY. JPMorgan Chase & Co. grew its position in shares of Warby Parker by 987.8% in the second quarter. JPMorgan Chase & Co. now owns 5,182,573 shares of the company’s stock valued at $113,654,000 after purchasing an additional 4,706,148 shares during the last quarter. Bank of New York Mellon Corp lifted its stake in Warby Parker by 51.4% in the 2nd quarter. Bank of New York Mellon Corp now owns 2,605,250 shares of the company’s stock valued at $57,133,000 after buying an additional 884,035 shares in the last quarter. Vaughan Nelson Investment Management L.P. grew its holdings in Warby Parker by 9.3% during the 3rd quarter. Vaughan Nelson Investment Management L.P. now owns 2,421,950 shares of the company’s stock valued at $66,797,000 after buying an additional 205,630 shares during the last quarter. Geode Capital Management LLC raised its holdings in shares of Warby Parker by 7.3% in the second quarter. Geode Capital Management LLC now owns 2,201,817 shares of the company’s stock worth $48,292,000 after acquiring an additional 148,847 shares during the last quarter. Finally, Goldman Sachs Group Inc. raised its holdings in shares of Warby Parker by 96.8% in the first quarter. Goldman Sachs Group Inc. now owns 1,888,817 shares of the company’s stock worth $34,433,000 after acquiring an additional 929,073 shares during the last quarter. 93.24% of the stock is currently owned by hedge funds and other institutional investors.

Wall Street Analysts Forecast Growth

WRBY has been the subject of a number of recent research reports. UBS Group lowered their price target on shares of Warby Parker from $23.00 to $20.00 and set a “neutral” rating for the company in a report on Friday, November 7th. BTIG Research raised their price target on Warby Parker from $25.00 to $32.00 and gave the stock a “buy” rating in a research note on Thursday, December 11th. Citigroup upgraded Warby Parker from a “hold” rating to an “outperform” rating in a report on Wednesday, December 10th. Wall Street Zen lowered shares of Warby Parker from a “buy” rating to a “hold” rating in a report on Saturday, November 1st. Finally, Stifel Nicolaus raised their target price on shares of Warby Parker from $19.00 to $25.00 and gave the stock a “hold” rating in a research report on Friday, December 12th. Eleven equities research analysts have rated the stock with a Buy rating and six have issued a Hold rating to the stock. According to data from MarketBeat.com, the stock currently has a consensus rating of “Moderate Buy” and a consensus target price of $27.38.

Warby Parker Stock Performance

WRBY opened at $22.50 on Friday. The company has a market cap of $2.38 billion, a PE ratio of 2,249.50 and a beta of 2.05. Warby Parker Inc. has a 1 year low of $13.63 and a 1 year high of $31.00. The firm has a 50 day moving average price of $25.74 and a 200 day moving average price of $24.09.

Insider Activity at Warby Parker

In related news, Director Youngme E. Moon sold 38,832 shares of the stock in a transaction on Thursday, December 11th. The stock was sold at an average price of $29.07, for a total value of $1,128,846.24. Following the completion of the sale, the director directly owned 27,057 shares in the company, valued at approximately $786,546.99. This represents a 58.94% decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website. Also, Director Joel E. Cutler sold 19,932 shares of the business’s stock in a transaction dated Tuesday, December 16th. The stock was sold at an average price of $26.01, for a total value of $518,431.32. Following the transaction, the director owned 20,000 shares in the company, valued at approximately $520,200. This represents a 49.91% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. In the last 90 days, insiders have sold 359,424 shares of company stock worth $9,813,571. 18.24% of the stock is currently owned by corporate insiders.

About Warby Parker

Warby Parker, Inc (NYSE: WRBY) is a U.S.-based eyewear company that designs, manufactures and sells prescription glasses, sunglasses and contact lenses through a direct-to-consumer model. Since its founding, the company has combined online and brick-and-mortar channels to streamline the customer experience, offering features such as virtual try-on technology and a home try-on program that allows consumers to sample frames before purchase.

Established in 2010 by Wharton graduates Neil Blumenthal, Dave Gilboa, Andrew Hunt and Jeffrey Raider, Warby Parker set out to disrupt the traditional optical market by controlling the entire supply chain—from frame design and lens production to warehousing and distribution.