Citigroup Upgrades Warby Parker (NYSE:WRBY) to "Neutral"

Warby Parker (NYSE:WRBY - Get Free Report) was upgraded by research analysts at Citigroup from a "sell" rating to a "neutral" rating in a research report issued on Wednesday, MarketBeat Ratings reports. The firm presently has a $17.00 price target on the stock, down from their prior price target of $23.00. Citigroup's target price points to a potential upside of 0.59% from the company's current price.

A number of other research analysts have also weighed in on the stock. The Goldman Sachs Group decreased their target price on shares of Warby Parker from $29.00 to $18.00 and set a "buy" rating on the stock in a research note on Tuesday, April 22nd. JMP Securities lowered their price objective on Warby Parker from $30.00 to $22.00 and set a "market outperform" rating on the stock in a research note on Monday, April 14th. Piper Sandler dropped their target price on Warby Parker from $30.00 to $20.00 and set an "overweight" rating for the company in a report on Friday, April 11th. Evercore ISI reiterated an "in-line" rating and set a $23.00 price target on shares of Warby Parker in a report on Friday, January 17th. Finally, Roth Mkm began coverage on shares of Warby Parker in a report on Tuesday, February 25th. They issued a "neutral" rating and a $26.00 price objective for the company. Six research analysts have rated the stock with a hold rating, nine have given a buy rating and one has assigned a strong buy rating to the stock. According to MarketBeat, Warby Parker presently has a consensus rating of "Moderate Buy" and a consensus price target of $22.64.

Warby Parker Price Performance

NYSE WRBY traded up $0.42 on Wednesday, hitting $16.90. The company had a trading volume of 2,875,363 shares, compared to its average volume of 1,777,744. The company's fifty day moving average price is $18.07 and its 200-day moving average price is $21.52. The company has a market capitalization of $1.75 billion, a PE ratio of -62.59 and a beta of 2.00. Warby Parker has a 12-month low of $12.26 and a 12-month high of $28.68.

Insider Activity at Warby Parker

In related news, CEO Neil Harris Blumenthal sold 27,967 shares of the company's stock in a transaction that occurred on Tuesday, March 4th. The shares were sold at an average price of $23.52, for a total transaction of $657,783.84. Following the sale, the chief executive officer now directly owns 23,961 shares of the company's stock, valued at $563,562.72. This represents a 53.86 % decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, CFO Steven Clive Miller sold 11,684 shares of the firm's stock in a transaction that occurred on Tuesday, March 4th. The shares were sold at an average price of $23.52, for a total transaction of $274,807.68. Following the completion of the transaction, the chief financial officer now directly owns 204,727 shares of the company's stock, valued at $4,815,179.04. This represents a 5.40 % decrease in their position. The disclosure for this sale can be found here. Company insiders own 26.55% of the company's stock.

Institutional Inflows and Outflows

Several institutional investors and hedge funds have recently bought and sold shares of WRBY. Arizona State Retirement System grew its position in shares of Warby Parker by 2.6% during the fourth quarter. Arizona State Retirement System now owns 24,881 shares of the company's stock worth $602,000 after buying an additional 619 shares in the last quarter. Mariner LLC lifted its stake in Warby Parker by 6.5% in the fourth quarter. Mariner LLC now owns 10,772 shares of the company's stock worth $261,000 after acquiring an additional 660 shares during the last quarter. Summit Investment Advisors Inc. grew its holdings in Warby Parker by 10.0% during the 4th quarter. Summit Investment Advisors Inc. now owns 9,265 shares of the company's stock worth $224,000 after acquiring an additional 840 shares in the last quarter. Global Retirement Partners LLC purchased a new stake in shares of Warby Parker in the 4th quarter valued at approximately $25,000. Finally, Jones Financial Companies Lllp raised its holdings in shares of Warby Parker by 205.6% in the 4th quarter. Jones Financial Companies Lllp now owns 1,528 shares of the company's stock valued at $37,000 after purchasing an additional 1,028 shares in the last quarter. 93.24% of the stock is owned by institutional investors and hedge funds.

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.