Should You Hold Warby Parker (WRBY)?

Polen Capital, an investment management company, released its “Polen U.S. Small Company Growth Strategy” first-quarter investor letter. A copy of the same can be downloaded here. In the first quarter, the fund delivered 10.81% net of fees compared to a 6.07% return for the Russell 2000 Growth Index. At the beginning of the quarter, the market witnessed growing possibilities but later, the collapse of banks and ensuing concerns affected the market.  In addition, please check the fund’s top five holdings to know its best picks in 2023.

Polen U.S. Small Company Growth Strategy highlighted stocks like Warby Parker Inc. (NYSE:WRBY) in the first quarter 2023 investor letter. Headquartered in New York, New York, Warby Parker Inc. (NYSE:WRBY) is an eyewear products retailer. On April 27, 2023, Warby Parker Inc. (NYSE:WRBY) stock closed at $10.54 per share. One-month return of Warby Parker Inc. (NYSE:WRBY) was -0.47%, and its shares lost 54.74% of their value over the last 52 weeks. Warby Parker Inc. (NYSE:WRBY) has a market capitalization of $1.222 billion.

Polen U.S. Small Company Growth Strategy made the following comment about Warby Parker Inc. (NYSE:WRBY) in its Q1 2023 investor letter:

“The most significant detractors from the Portfolio’s relative performance in the quarter included Azenta, Warby Parker Inc. (NYSE:WRBY), and Bumble. Warby Parker is an omnichannel retailer of eyewear products with a unique vertically integrated direct-to-consumer business model. In recent quarters, the company has been adversely affected by post-pandemic changes in consumer behavior, which we believe are temporary. While the company reported weaker-than-expected results, it definitively outperformed its peers and continues to gain market share while improving profitability.”

Warby Parker Inc. (NYSE:WRBY) is not on our list of 30 Most Popular Stocks Among Hedge Funds. As per our database, 25 hedge fund portfolios held Warby Parker Inc. (NYSE:WRBY) at the end of the fourth quarter which was 23 in the previous quarter.

We discussed Warby Parker Inc. (NYSE:WRBY) in another article and shared the list of most promising medical stocks according to analysts. In addition, please check out our hedge fund investor letters Q1 2023 page for more investor letters from hedge funds and other leading investors.

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Disclosure: None. This article is originally published at Insider Monkey.