350,000 Shares in Warby Parker Inc. $WRBY Bought by Kingdon Capital Management L.L.C.

Kingdon Capital Management L.L.C. purchased a new position in shares of Warby Parker Inc. (NYSE:WRBY) in the third quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The fund purchased 350,000 shares of the company’s stock, valued at approximately $9,653,000.

Other large investors have also added to or reduced their stakes in the company. Vanguard Group Inc. increased its holdings in shares of Warby Parker by 3.2% in the third quarter. Vanguard Group Inc. now owns 10,665,529 shares of the company’s stock valued at $294,155,000 after purchasing an additional 327,830 shares during the period. JPMorgan Chase & Co. boosted its position in Warby Parker by 40.9% in the third quarter. JPMorgan Chase & Co. now owns 7,303,341 shares of the company’s stock valued at $201,426,000 after buying an additional 2,120,768 shares during the last quarter. Vaughan Nelson Investment Management L.P. boosted its position in Warby Parker by 9.3% in the third 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 increased its holdings in Warby Parker by 7.3% in the 2nd quarter. Geode Capital Management LLC now owns 2,201,817 shares of the company’s stock worth $48,292,000 after buying an additional 148,847 shares during the period. Finally, Marshall Wace LLP raised its position in Warby Parker by 10.1% during the 3rd quarter. Marshall Wace LLP now owns 2,060,103 shares of the company’s stock worth $56,818,000 after buying an additional 189,758 shares during the last quarter. Hedge funds and other institutional investors own 93.24% of the company’s stock.

Wall Street Analysts Forecast Growth

Several analysts have commented on WRBY shares. UBS Group restated a “neutral” rating and set a $20.00 price objective on shares of Warby Parker in a research note on Wednesday, February 25th. Citizens Jmp upgraded shares of Warby Parker from a “market perform” rating to an “outperform” rating and set a $30.00 price objective on the stock in a research note on Wednesday, December 10th. Piper Sandler boosted their target price on shares of Warby Parker from $22.00 to $32.00 and gave the company an “overweight” rating in a research report on Tuesday, December 16th. Stifel Nicolaus upped their price target on shares of Warby Parker from $19.00 to $25.00 and gave the company a “hold” rating in a report on Friday, December 12th. Finally, BTIG Research increased their price target on Warby Parker from $25.00 to $32.00 and gave the stock a “buy” rating in a research report on Thursday, December 11th. Eleven analysts have rated the stock with a Buy rating, four have given a Hold rating and one has assigned a Sell rating to the company’s stock. Based on data from MarketBeat.com, the company presently has an average rating of “Moderate Buy” and an average price target of $27.83.

Warby Parker Price Performance

Shares of NYSE WRBY opened at $24.08 on Monday. The stock has a market capitalization of $2.57 billion, a price-to-earnings ratio of 1,204.80 and a beta of 2.05. The firm’s 50 day simple moving average is $25.38 and its 200-day simple moving average is $23.95. Warby Parker Inc. has a 12 month low of $13.63 and a 12 month high of $31.00.

Insider Activity at Warby Parker

In related news, Director Bradley E. Singer sold 15,793 shares of the stock in a transaction on Wednesday, March 4th. The stock was sold at an average price of $27.53, for a total value of $434,781.29. Following the completion of the transaction, the director directly owned 16,026 shares of the company’s stock, valued at approximately $441,195.78. This represents a 49.63% decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, CEO Neil Harris Blumenthal sold 150,000 shares of the firm’s stock in a transaction on Tuesday, January 6th. The shares were sold at an average price of $25.09, for a total value of $3,763,500.00. Following the completion of the transaction, the chief executive officer owned 37,119 shares in the company, valued at $931,315.71. The trade was a 80.16% decrease in their position. The disclosure for this sale is available in the SEC filing. In the last ninety days, insiders sold 236,385 shares of company stock valued at $6,090,506. 18.24% of the stock is owned by insiders.

Warby Parker Company Profile

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.