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

Key Points

• Warby Parker has been upgraded from a "hold" to a "buy" rating by analysts at Wall Street Zen, with a consensus price target of $24.06.
• Despite negative market performance, with shares down 2.9%, Warby Parker is considered a potential candidate for a short-squeeze due to strong analyst interest.
• Corporate insiders have sold a total of 141,000 shares of Warby Parker stock over the last 90 days, indicating a shift in ownership dynamics.

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 Monday.

Several other equities research analysts also recently commented on WRBY. Zacks Research upgraded shares of Warby Parker from a "strong sell" rating to a "hold" rating in a research note on Thursday, September 4th. UBS Group reiterated a "neutral" rating and set a $23.00 price objective (up from $20.00) on shares of Warby Parker in a research note on Friday, August 8th. BTIG Research reiterated a "buy" rating and set a $28.00 price objective (up from $24.00) on shares of Warby Parker in a research note on Thursday, August 7th. 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 note on Thursday, May 29th. Finally, Evercore ISI reiterated a "positive" rating on shares of Warby Parker in a research note on Thursday, August 7th. Eleven analysts have rated the stock with a Buy rating and nine have issued a Hold rating to the stock. According to MarketBeat, the company currently has an average rating of "Moderate Buy" and a consensus target price of $24.06.

Warby Parker Trading Up 0.5%

Shares of NYSE:WRBY traded up $0.14 on Monday, hitting $28.48. 2,116,469 shares of the company were exchanged, compared to its average volume of 1,365,600. Warby Parker has a 1-year low of $13.63 and a 1-year high of $29.73. The stock's 50 day moving average price is $25.43 and its 200 day moving average price is $21.26. The firm has a market capitalization of $3.00 billion, a P/E ratio of -406.80 and a beta of 2.10.

Insider Transactions at Warby Parker

In other news, CEO Neil Harris Blumenthal sold 8,416 shares of the stock in a transaction on Thursday, September 18th. The shares were sold at an average price of $27.52, for a total value of $231,608.32. Following the sale, the chief executive officer owned 32,733 shares in the company, valued at $900,812.16. This represents a 20.45% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. Also, Director Teresa Briggs sold 6,000 shares of the stock in a transaction 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 owned 44,879 shares in the company, valued at $1,057,349.24. The trade was a 11.79% decrease in their position. The disclosure for this sale can be found here. Insiders have sold 191,000 shares of company stock worth $4,919,941 over the last 90 days. 18.24% of the stock is currently owned by company insiders.

Institutional Trading of Warby Parker

Several hedge funds and other institutional investors have recently added to or reduced their stakes in WRBY. JPMorgan Chase & Co. grew its position in Warby Parker by 987.8% during the second quarter. JPMorgan Chase & Co. now owns 5,182,573 shares of the company's stock valued at $113,654,000 after buying an additional 4,706,148 shares during the period. Nuveen LLC acquired a new stake in shares of Warby Parker in the first quarter valued at about $30,549,000. Artisan Partners Limited Partnership acquired a new stake in shares of Warby Parker in the second quarter valued at about $27,589,000. Durable Capital Partners LP grew its position in shares of Warby Parker by 13.2% in the first quarter. Durable Capital Partners LP now owns 10,212,383 shares of the company's stock valued at $186,172,000 after purchasing an additional 1,194,558 shares during the period. Finally, 12 West Capital Management LP acquired a new stake in shares of Warby Parker in the first quarter valued at about $21,420,000. Institutional investors and hedge funds 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.