Warby Parker Inc. (NYSE:WRBY) Sees Significant Growth in Short Interest

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) was the target of a significant increase in short interest in July. As of July 15th, there was short interest totaling 9,060,000 shares, anincreaseof251,566.7% from the June 30th total of 3,600 shares. Based on an average daily trading volume, of 2,410,000 shares, the days-to-cover ratio is currently 3.8 days. Currently,9.3% of the shares of the stock are sold short. Currently,9.3% of the shares of the stock are sold short. Based on an average daily trading volume, of 2,410,000 shares, the days-to-cover ratio is currently 3.8 days.

Wall Street Analyst Weigh In

Several brokerages have recently commented on WRBY. Loop Capital reiterated a "buy" rating on shares of Warby Parker in a research report on Wednesday, May 21st. Piper Sandler reiterated an "overweight" rating and set a $25.00 price objective (up from $20.00) on shares of Warby Parker in a research report on Thursday, May 29th. JMP Securities reiterated a "market perform" rating on shares of Warby Parker in a research report on Thursday, July 10th. UBS Group reduced their price objective 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. Finally, Cowen reiterated a "buy" rating on shares of Warby Parker in a research report on Wednesday, May 21st. Nine analysts have rated the stock with a hold rating and ten have issued a buy rating to the company's stock. Based on data from MarketBeat.com, the company currently has a consensus rating of "Moderate Buy" and an average target price of $23.13.

Warby Parker Trading Down 2.7%

NYSE WRBY traded down $0.64 on Friday, hitting $23.31. The company's stock had a trading volume of 558,967 shares, compared to its average volume of 2,245,751. Warby Parker has a 52-week low of $12.46 and a 52-week high of $28.68. The company's 50-day simple moving average is $22.21 and its 200 day simple moving average is $21.14. The firm has a market cap of $2.44 billion, a P/E ratio of -194.33 and a beta of 2.09.

Insider Activity

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

Institutional Investors Weigh In On Warby Parker

Institutional investors and hedge funds have recently bought and sold shares of the business. Durable Capital Partners LP raised its position 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 acquiring an additional 1,194,558 shares in the last quarter. American Century Companies Inc. increased its position in Warby Parker by 14.6% during the 1st quarter. American Century Companies Inc. now owns 2,456,965 shares of the company's stock valued at $44,790,000 after buying an additional 312,543 shares in the last quarter. Vaughan Nelson Investment Management L.P. increased its position in Warby Parker by 105.5% during the 2nd quarter. Vaughan Nelson Investment Management L.P. now owns 2,216,320 shares of the company's stock valued at $48,604,000 after buying an additional 1,137,970 shares in the last quarter. Jennison Associates LLC increased its position in Warby Parker by 23.7% during the 1st quarter. Jennison Associates LLC now owns 2,174,158 shares of the company's stock valued at $39,635,000 after buying an additional 416,797 shares in the last quarter. Finally, Renaissance Technologies LLC increased its position in Warby Parker by 18.5% during the 4th quarter. Renaissance Technologies LLC now owns 2,002,400 shares of the company's stock valued at $48,478,000 after buying an additional 313,100 shares in the last quarter. Hedge funds and other institutional investors own 93.24% of the company's stock.

About Warby Parker

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.

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