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 report released on Monday.

WRBY has been the topic of a number of other reports. Piper Sandler restated an "overweight" rating and set a $25.00 price target (up from $20.00) on shares of Warby Parker in a research report on Thursday, May 29th. Evercore ISI restated a "positive" rating on shares of Warby Parker in a research report on Thursday, August 7th. Roth Capital set a $24.00 price target on shares of Warby Parker and gave the stock a "neutral" rating in a research report on Tuesday, August 5th. Citizens Jmp downgraded shares of Warby Parker from an "outperform" rating to a "market perform" rating in a research report on Thursday, July 10th. Finally, Citigroup restated a "neutral" rating and set a $22.00 price target (up from $17.00) on shares of Warby Parker in a research report on Wednesday, May 21st. Eleven analysts have rated the stock with a Buy rating and nine have given a Hold rating to the company's stock. Based on data from MarketBeat.com, the stock currently has a consensus rating of "Moderate Buy" and an average target price of $24.06.

Warby Parker Stock Down 2.9%

Shares of NYSE:WRBY opened at $26.76 on Monday. The company has a market cap of $2.81 billion, a PE ratio of -382.16 and a beta of 2.10. The company's 50-day moving average price is $24.90 and its 200 day moving average price is $21.10. Warby Parker has a fifty-two week low of $13.63 and a fifty-two week high of $29.73.

Insider Transactions at Warby Parker

In other news, Director Joel E. Cutler sold 35,000 shares of Warby Parker stock in a transaction that occurred on Monday, September 8th. The shares were sold at an average price of $26.75, for a total value of $936,250.00. Following the transaction, the director directly owned 19,932 shares of the company's stock, valued at $533,181. This trade represents a 63.72% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is available at this link. Also, Director Teresa Briggs sold 6,000 shares of Warby Parker 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 transaction, the director directly owned 44,879 shares in the company, valued at approximately $1,057,349.24. This trade represents a 11.79% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold a total of 141,000 shares of company stock valued at $3,543,530 over the last ninety days. Corporate insiders own 18.24% of the company's stock.

Institutional Investors Weigh In On Warby Parker

Institutional investors have recently modified their holdings of the stock. Universal Beteiligungs und Servicegesellschaft mbH purchased a new position in shares of Warby Parker during the 1st quarter valued at $2,029,000. New York State Teachers Retirement System purchased a new position in shares of Warby Parker during the 1st quarter valued at $27,000. Jennison Associates LLC grew its holdings in shares of 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 acquiring an additional 416,797 shares in the last quarter. SG Americas Securities LLC purchased a new position in shares of Warby Parker during the 1st quarter valued at $602,000. Finally, Ieq Capital LLC grew its holdings in shares of Warby Parker by 113.4% during the 1st quarter. Ieq Capital LLC now owns 29,643 shares of the company's stock valued at $540,000 after acquiring an additional 15,749 shares in the last quarter. Institutional investors and hedge funds 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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