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

Shares of Warby Parker Inc. (NYSE:WRBY - Get Free Report) saw an uptick in trading volume on Wednesday after Stifel Nicolaus raised their price target on the stock from $18.00 to $21.00. Stifel Nicolaus currently has a hold rating on the stock. 2,112,260 shares traded hands during mid-day 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.

Other equities analysts have also issued research reports about the company. TD Securities lifted their price target on Warby Parker from $20.00 to $24.00 and gave the stock a "buy" rating in a research report on Wednesday, May 21st. JMP Securities decreased their target price on shares of Warby Parker from $30.00 to $22.00 and set a "market outperform" rating for the company in a report on Monday, April 14th. Telsey Advisory Group dropped their target price on shares of Warby Parker from $30.00 to $22.00 and set an "outperform" rating on the stock in a research note on Friday, May 9th. Roth Capital raised shares of Warby Parker to a "strong-buy" rating in a research report on Monday, February 24th. Finally, Roth Mkm started 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. Seven analysts have rated the stock with a hold rating and eleven have assigned a buy rating to the stock. According to data from MarketBeat.com, the stock has an average rating of "Moderate Buy" and an average price target of $22.56.

Insider Buying and Selling at Warby Parker

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

Institutional Inflows and Outflows

Several institutional investors have recently added to or reduced their stakes in WRBY. Global Retirement Partners LLC bought a new stake in shares of Warby Parker during the 4th quarter valued at $25,000. New York State Teachers Retirement System bought a new stake in Warby Parker during the first quarter valued at about $27,000. NewEdge Advisors LLC increased its position in Warby Parker by 700.0% in the fourth quarter. NewEdge Advisors LLC now owns 1,200 shares of the company's stock worth $29,000 after buying an additional 1,050 shares in the last quarter. Jones Financial Companies Lllp increased its position in Warby Parker by 205.6% in the fourth quarter. Jones Financial Companies Lllp now owns 1,528 shares of the company's stock worth $37,000 after buying an additional 1,028 shares in the last quarter. Finally, Comerica Bank raised its stake in shares of Warby Parker by 153.1% in the fourth quarter. Comerica Bank now owns 2,291 shares of the company's stock worth $55,000 after buying an additional 1,386 shares during the period. 93.24% of the stock is currently owned by institutional investors.

Warby Parker Stock Performance

The stock has a 50-day moving average price of $16.93 and a two-hundred day moving average price of $21.63. The stock has a market capitalization of $2.07 billion, a PE ratio of -73.48 and a beta of 2.01.

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.