Portolan Capital Management LLC Has $17.82 Million Holdings in Warby Parker Inc. $WRBY

Portolan Capital Management LLC cut its stake in Warby Parker Inc. (NYSE:WRBY) by 31.9% in the third quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The firm owned 646,088 shares of the company’s stock after selling 303,189 shares during the period. Portolan Capital Management LLC owned approximately 0.61% of Warby Parker worth $17,819,000 as of its most recent SEC filing.

Several other hedge funds and other institutional investors also recently bought and sold shares of WRBY. AQR Capital Management LLC increased its holdings in shares of Warby Parker by 101.0% during the 1st quarter. AQR Capital Management LLC now owns 171,271 shares of the company’s stock worth $3,122,000 after purchasing an additional 86,053 shares during the period. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. lifted its stake in shares of Warby Parker by 4.6% in the first quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 52,690 shares of the company’s stock valued at $961,000 after buying an additional 2,297 shares during the period. Goldman Sachs Group Inc. grew its position in Warby Parker by 96.8% during the first quarter. Goldman Sachs Group Inc. now owns 1,888,817 shares of the company’s stock worth $34,433,000 after buying an additional 929,073 shares in the last quarter. Caxton Associates LLP acquired a new stake in Warby Parker during the first quarter worth about $252,000. Finally, UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC increased its stake in Warby Parker by 17.6% during the first quarter. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC now owns 257,020 shares of the company’s stock valued at $4,685,000 after acquiring an additional 38,395 shares during the period. 93.24% of the stock is currently owned by institutional investors and hedge funds.

Warby Parker Stock Up 2.4%

Shares of WRBY opened at $24.08 on Friday. The company has a 50-day moving average price of $25.38 and a two-hundred day moving average price of $23.98. The stock has a market cap of $2.57 billion, a price-to-earnings ratio of 1,204.80 and a beta of 2.05. Warby Parker Inc. has a 12 month low of $13.63 and a 12 month high of $31.00.

Insider Buying and Selling

In related news, Director Joel E. Cutler sold 19,932 shares of the firm’s stock in a transaction that occurred on Tuesday, December 16th. The stock was sold at an average price of $26.01, for a total transaction of $518,431.32. Following the completion of the transaction, the director owned 20,000 shares in the company, valued at $520,200. This trade represents a 49.91% decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through the SEC website. Also, CEO Neil Harris Blumenthal sold 150,000 shares of the company’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 sale, the chief executive officer owned 37,119 shares in the company, valued at $931,315.71. This trade represents a 80.16% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. Insiders sold 236,385 shares of company stock worth $6,090,506 in the last 90 days. 18.24% of the stock is owned by company insiders.

Analysts Set New Price Targets

WRBY has been the subject of several recent research reports. Telsey Advisory Group reaffirmed an “outperform” rating and issued a $32.00 price target on shares of Warby Parker in a report on Friday, February 20th. Citizens Jmp raised Warby Parker from a “market perform” rating to an “outperform” rating and set a $30.00 price objective on the stock in a report on Wednesday, December 10th. UBS Group restated a “neutral” rating and set a $20.00 price objective on shares of Warby Parker in a research report on Wednesday, February 25th. Citigroup upgraded Warby Parker from a “hold” rating to an “outperform” rating in a research note on Wednesday, December 10th. Finally, Robert W. Baird set a $35.00 target price on Warby Parker in a research report on Wednesday, December 17th. Eleven analysts have rated the stock with a Buy rating, four have assigned a Hold rating and one has assigned a Sell rating to the company. According to MarketBeat.com, the company presently has a consensus rating of “Moderate Buy” and an average target price of $27.83.

Warby Parker 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.