Warby Parker (NYSE:WRBY) Raised to "Buy" at Wall Street Zen

Key Points

• Warby Parker's stock has been upgraded from a "hold" rating to a "buy" rating by Wall Street Zen, indicating positive sentiment among analysts.
• The company's average target price has increased to $24.06, with 11 analysts rating it a "buy" and 8 analysts issuing a "hold" rating.
• Recent insider trading activity includes significant sales by the CEO and a director, suggesting changes in insider confidence or market strategy.

Warby Parker (NYSE:WRBY - Get Free Report) was upgraded by stock analysts at Wall Street Zen from a "hold" rating to a "buy" rating in a research report issued to clients and investors on Friday.

A number of other equities research analysts have also issued reports on WRBY. Piper Sandler reaffirmed an "overweight" rating and set a $25.00 price objective (up from $20.00) on shares of Warby Parker in a report on Thursday, May 29th. JMP Securities reissued a "market perform" rating on shares of Warby Parker in a report on Thursday, July 10th. BTIG Research reaffirmed a "buy" rating and issued a $28.00 target price (up from $24.00) on shares of Warby Parker in a report on Thursday, August 7th. Evercore ISI reiterated a "positive" rating on shares of Warby Parker in a research report on Thursday, August 7th. Finally, Cowen restated a "buy" rating on shares of Warby Parker in a report on Friday, August 8th. Eleven equities research analysts have rated the stock with a Buy rating and eight have issued a Hold rating to the company. According to data from MarketBeat, the company has an average rating of "Moderate Buy" and an average target price of $24.06.

Warby Parker Price Performance

WRBY opened at $27.0180 on Friday. The company has a 50 day simple moving average of $23.53 and a two-hundred day simple moving average of $21.05. The firm has a market cap of $2.84 billion, a P/E ratio of -385.92 and a beta of 2.09. Warby Parker has a 1-year low of $12.69 and a 1-year high of $29.73.

Insider Activity

In related news, Director Teresa Briggs sold 6,000 shares of the firm's stock in a transaction that occurred on Monday, August 11th. The stock was sold at an average price of $23.56, for a total transaction of $141,360.00. Following the completion of the sale, the director directly owned 44,879 shares of the company's stock, valued at approximately $1,057,349.24. This trade represents a 11.79% decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, CEO Neil Harris Blumenthal sold 50,000 shares of the business's stock in a transaction dated Wednesday, August 13th. The shares were sold at an average price of $25.11, for a total transaction of $1,255,500.00. Following the completion of the sale, the chief executive officer directly owned 28,347 shares of the company's stock, valued at approximately $711,793.17. This trade represents a 63.82% decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last three months, insiders sold 106,000 shares of company stock valued at $2,607,280. 18.24% of the stock is owned by insiders.

Hedge Funds Weigh In On Warby Parker

Institutional investors have recently made changes to their positions in the company. JPMorgan Chase & Co. lifted its stake in 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 acquiring an additional 4,706,148 shares during the period. Nuveen LLC bought a new stake in shares of Warby Parker in the 1st quarter valued at about $30,549,000. Artisan Partners Limited Partnership purchased a new stake in shares of Warby Parker in the 2nd quarter worth approximately $27,589,000. Durable Capital Partners LP lifted 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 purchasing an additional 1,194,558 shares during the period. Finally, 12 West Capital Management LP bought a new position in shares of Warby Parker during the first quarter valued at approximately $21,420,000. Hedge funds and other institutional investors own 93.24% of the company's stock.

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.

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