Warby Parker Inc. (NYSE:WRBY) Short Interest Update

Key Points

• Warby Parker Inc. saw a dramatic increase in short interest in July, rising to 9,060,000 shares, a remarkable increase of 251,566.7% from June.
• The company’s stock has recently received mixed ratings, with nine analysts providing a hold rating and ten issuing a buy rating, resulting in a consensus rating of "Moderate Buy" and an average target price of $23.13.
• Notable insider sales occurred recently, including CEO Neil Harris Blumenthal selling 49,600 shares, significantly reducing his ownership by 63.63% following the transaction.

Warby Parker Inc. (NYSE:WRBY - Get Free Report) saw a large growth in short interest in the month of July. As of July 15th, there was short interest totaling 9,060,000 shares, agrowthof251,566.7% from the June 30th total of 3,600 shares. Based on an average trading volume of 2,410,000 shares, the days-to-cover ratio is currently 3.8 days. Currently,9.3% of the company's shares are sold short. Currently,9.3% of the company's shares are sold short. Based on an average trading volume of 2,410,000 shares, the days-to-cover ratio is currently 3.8 days.

Insider Transactions at Warby Parker

In related news, CEO Neil Harris Blumenthal sold 49,600 shares of the firm's stock in a transaction dated Monday, July 21st. The stock was sold at an average price of $24.21, for a total transaction of $1,200,816.00. Following the completion of the transaction, the chief executive officer directly owned 28,347 shares in the company, valued at $686,280.87. This trade represents a 63.63% decrease in their position. The sale was disclosed in a legal filing with the SEC, which is available through this link. Also, Director Youngme E. Moon sold 33,073 shares of the firm's stock in a transaction dated Thursday, May 22nd. The shares were sold at an average price of $19.90, for a total value of $658,152.70. Following the transaction, the director owned 53,869 shares of the company's stock, valued at $1,071,993.10. This trade represents a 38.04% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold a total of 83,073 shares of company stock valued at $1,868,573 over the last 90 days. 18.24% of the stock is currently owned by company insiders.

Institutional Trading of Warby Parker

Several institutional investors and hedge funds have recently made changes to their positions in the stock. Nuveen LLC purchased a new position in shares of Warby Parker in the 1st quarter worth about $30,549,000. Durable Capital Partners LP raised its holdings in shares of Warby Parker by 13.2% in the 1st quarter. Durable Capital Partners LP now owns 10,212,383 shares of the company's stock worth $186,172,000 after purchasing an additional 1,194,558 shares during the period. 12 West Capital Management LP purchased a new position in shares of Warby Parker in the 1st quarter worth about $21,420,000. Vaughan Nelson Investment Management L.P. raised its holdings in shares of Warby Parker by 105.5% in the 2nd quarter. Vaughan Nelson Investment Management L.P. now owns 2,216,320 shares of the company's stock worth $48,604,000 after purchasing an additional 1,137,970 shares during the period. Finally, Goldman Sachs Group Inc. raised its holdings in shares of Warby Parker by 96.8% in the 1st quarter. Goldman Sachs Group Inc. now owns 1,888,817 shares of the company's stock worth $34,433,000 after purchasing an additional 929,073 shares during the period. 93.24% of the stock is currently owned by hedge funds and other institutional investors.

Warby Parker Stock Down 0.2%

Shares of Warby Parker stock traded down $0.05 during trading on Tuesday, reaching $24.44. The company's stock had a trading volume of 553,086 shares, compared to its average volume of 2,233,596. Warby Parker has a 12-month low of $12.46 and a 12-month high of $28.68. The business has a 50 day moving average price of $22.38 and a 200-day moving average price of $21.06. The company has a market capitalization of $2.55 billion, a P/E ratio of -203.69 and a beta of 2.09.

Analyst Upgrades and Downgrades

Several equities research analysts recently weighed in on the company. Robert W. Baird set a $30.00 target price on Warby Parker and gave the stock an "outperform" rating in a research note on Wednesday, July 30th. The Goldman Sachs Group boosted their target price on Warby Parker from $18.00 to $20.00 and gave the stock a "buy" rating in a research note on Friday, May 9th. Cowen restated a "buy" rating on shares of Warby Parker in a research note on Wednesday, May 21st. Citizens Jmp cut Warby Parker from an "outperform" rating to a "market perform" rating in a research note on Thursday, July 10th. Finally, UBS Group cut their price target on Warby Parker from $23.00 to $20.00 and set a "neutral" rating on the stock in a research report on Tuesday, May 13th. Nine research analysts have rated the stock with a hold rating and ten have given a buy rating to the company's stock. According to data from MarketBeat, the stock presently has an average rating of "Moderate Buy" and a consensus price target of $23.13.

Warby Parker Company Profile

Warby Parker Inc provides eyewear products in the United States and Canada. The company offers eyeglasses, sunglasses, light-responsive lenses, blue-light-filtering lenses, non-prescription lenses, and contact lenses. It also provides accessories, such as cases, lenses kit with anti-fog spray, pouches, and anti-fog lens spray through its retail stores, website, and mobile apps.