Kingdon Capital Management L.L.C. Purchases Shares of 350,000 Warby Parker Inc. $WRBY

Kingdon Capital Management L.L.C. bought a new position in shares of Warby Parker Inc. (NYSE:WRBY) in the 3rd quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The firm bought 350,000 shares of the company’s stock, valued at approximately $9,653,000. Kingdon Capital Management L.L.C. owned approximately 0.33% of Warby Parker at the end of the most recent quarter.

A number of other large investors also recently added to or reduced their stakes in the business. JPMorgan Chase & Co. lifted its holdings 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 worth $113,654,000 after buying an additional 4,706,148 shares in the last quarter. Artisan Partners Limited Partnership purchased a new position in shares of Warby Parker during the second quarter valued at about $27,589,000. Ranger Investment Management L.P. bought a new stake in shares of Warby Parker in the second quarter worth about $22,198,000. Goldman Sachs Group Inc. grew its holdings in Warby Parker by 96.8% during the 1st quarter. Goldman Sachs Group Inc. now owns 1,888,817 shares of the company’s stock valued at $34,433,000 after buying an additional 929,073 shares in the last quarter. Finally, Wellington Management Group LLP purchased a new stake in shares of Warby Parker during the 3rd quarter worth approximately $19,993,000. 93.24% of the stock is owned by hedge funds and other institutional investors.

Wall Street Analyst Weigh In

WRBY has been the topic of several research reports. Citizens Jmp upgraded shares of Warby Parker from a “market perform” rating to an “outperform” rating and set a $30.00 price target on the stock in a research report on Wednesday, December 10th. Citigroup raised shares of Warby Parker from a “hold” rating to an “outperform” rating in a report on Wednesday, December 10th. UBS Group reissued a “neutral” rating and set a $20.00 price objective on shares of Warby Parker in a research note on Wednesday, February 25th. 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 report on Thursday, December 11th. Finally, Robert W. Baird set a $35.00 target price on shares of Warby Parker in a research note on Wednesday, December 17th. Eleven equities research analysts have rated the stock with a Buy rating, four have issued a Hold rating and one has given a Sell rating to the company’s stock. According to MarketBeat, the company has a consensus rating of “Moderate Buy” and a consensus price target of $27.83.

Warby Parker Stock Performance

WRBY stock opened at $24.08 on Monday. The firm has a 50-day simple moving average of $25.38 and a two-hundred day simple moving average of $23.95. Warby Parker Inc. has a one year low of $13.63 and a one year high of $31.00. The firm has a market cap of $2.57 billion, a price-to-earnings ratio of 1,204.80 and a beta of 2.05.

Insiders Place Their Bets

In other news, Director Bradley E. Singer sold 15,793 shares of the company’s stock in a transaction on Wednesday, March 4th. The stock was sold at an average price of $27.53, for a total transaction of $434,781.29. Following 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 ownership of the stock. The sale was disclosed in a document filed with the SEC, which is accessible through this hyperlink. Also, Director Joel E. Cutler sold 19,932 shares of the company’s stock in a transaction dated Tuesday, December 16th. The shares were sold at an average price of $26.01, for a total value of $518,431.32. Following the transaction, the director directly owned 20,000 shares in the company, valued at $520,200. This represents a 49.91% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. Over the last three months, insiders have sold 236,385 shares of company stock valued at $6,090,506. 18.24% of the stock is currently 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.