Warby Parker (NYSE:WRBY) Sees Strong Trading Volume After Analyst Upgrade

Warby Parker Inc. (NYSE:WRBY - Get Free Report) saw unusually-strong trading volume on Wednesday after TD Securities raised their price target on the stock from $20.00 to $24.00. TD Securities currently has a buy rating on the stock. Approximately 2,112,260 shares changed hands during trading, an increase of 14% from the previous session's volume of 1,857,998 shares.The stock last traded at $20.52 and had previously closed at $20.34.

A number of other brokerages have also weighed in on WRBY. The Goldman Sachs Group upped their price objective on Warby Parker from $18.00 to $20.00 and gave the stock a "buy" rating in a report on Friday, May 9th. UBS Group decreased their price objective on shares of Warby Parker from $23.00 to $20.00 and set a "neutral" rating on the stock in a report on Tuesday, May 13th. Roth Capital upgraded shares of Warby Parker to a "strong-buy" rating in a research report on Monday, February 24th. JMP Securities dropped their price objective on Warby Parker from $30.00 to $22.00 and set a "market outperform" rating for the company in a research note on Monday, April 14th. Finally, Robert W. Baird increased their price objective on shares of Warby Parker from $30.00 to $32.00 and gave the company an "outperform" rating in a research note on Friday, February 28th. Six investment analysts have rated the stock with a hold rating, ten have issued a buy rating and one has given a strong buy rating to the company. Based on data from MarketBeat.com, the company presently has a consensus rating of "Moderate Buy" and a consensus target price of $22.13.

Insider Transactions at Warby Parker

In other Warby Parker news, CFO Steven Clive Miller sold 11,684 shares of the business's stock in a transaction 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 owns 204,727 shares of the company's stock, valued at $4,815,179.04. The trade was a 5.40% decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. Also, CEO Neil Harris Blumenthal sold 27,967 shares of the stock in a transaction that occurred on Tuesday, March 4th. The shares were sold at an average price of $23.52, for a total value of $657,783.84. Following the sale, the chief executive officer now owns 23,961 shares of the company's stock, valued at approximately $563,562.72. The trade was a 53.86% decrease in their position. The disclosure for this sale can be found here. 26.55% of the stock is currently owned by company insiders.

Institutional Investors Weigh In On Warby Parker

Several large investors have recently modified their holdings of the stock. Perpetual Ltd bought a new position in Warby Parker during the 4th quarter valued at about $488,000. Dakota Wealth Management bought a new position in Warby Parker in the fourth quarter valued at about $895,000. KBC Group NV increased its holdings in Warby Parker by 39.3% in the fourth quarter. KBC Group NV now owns 4,743 shares of the company's stock valued at $115,000 after purchasing an additional 1,339 shares during the last quarter. Choreo LLC raised its position in shares of Warby Parker by 60.6% in the 4th quarter. Choreo LLC now owns 17,155 shares of the company's stock valued at $415,000 after acquiring an additional 6,472 shares during the period. Finally, Vaughan Nelson Investment Management L.P. boosted its position in shares of Warby Parker by 3.5% during the fourth quarter. Vaughan Nelson Investment Management L.P. now owns 2,645,540 shares of the company's stock worth $64,047,000 after purchasing an additional 89,835 shares in the last quarter. 93.24% of the stock is currently owned by institutional investors.

Warby Parker Price Performance

The stock has a market capitalization of $2.17 billion, a price-to-earnings ratio of -76.76 and a beta of 2.01. The business has a 50 day simple moving average of $16.90 and a 200-day simple moving average of $21.58.

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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