Warby Parker (NYSE:WRBY) Rating Lowered to "Market Perform" at Citizens Jmp

Citizens Jmp lowered shares of Warby Parker (NYSE:WRBY - Free Report) from an outperform rating to a market perform rating in a research note issued to investors on Thursday, Marketbeat Ratings reports.

Several other equities research analysts have also commented on WRBY. Cowen restated a "buy" rating on shares of Warby Parker in a research report on Wednesday, May 21st. The Goldman Sachs Group upped their target price on Warby Parker from $18.00 to $20.00 and gave the stock a "buy" rating in a research note on Friday, May 9th. Citigroup restated a "neutral" rating and issued a $22.00 price objective (up previously from $17.00) on shares of Warby Parker in a report on Wednesday, May 21st. Telsey Advisory Group cut their target price on Warby Parker from $30.00 to $22.00 and set an "outperform" rating for the company in a research note on Friday, May 9th. Finally, Roth Capital reaffirmed a "neutral" rating and issued a $21.00 target price (up from $18.00) on shares of Warby Parker in a research note on Thursday, May 22nd. Nine research analysts have rated the stock with a hold rating and ten have assigned a buy rating to the company's stock. According to data from MarketBeat.com, Warby Parker presently has an average rating of "Moderate Buy" and a consensus target price of $22.88.

Warby Parker Stock Performance

NYSE WRBY traded down $0.01 during trading hours on Thursday, reaching $22.20. The stock had a trading volume of 1,121,219 shares, compared to its average volume of 1,998,441. The stock has a fifty day moving average of $20.54 and a 200 day moving average of $21.24. The stock has a market cap of $2.32 billion, a P/E ratio of -185.00 and a beta of 2.09. Warby Parker has a 52-week low of $12.46 and a 52-week high of $28.68.

Insider Activity

In related news, Director Youngme E. Moon sold 33,073 shares of the firm's stock in a transaction dated Thursday, May 22nd. The stock was sold at an average price of $19.90, for a total transaction of $658,152.70. Following the completion of the transaction, the director directly owned 53,869 shares in the company, valued at $1,071,993.10. This trade represents a 38.04% decrease in their position. The sale was disclosed in a legal filing with the SEC, which is available through this link. Insiders own 18.24% of the company's stock.

Hedge Funds Weigh In On Warby Parker

A number of hedge funds and other institutional investors have recently bought and sold shares of the company. Wealth Enhancement Advisory Services LLC purchased a new position in Warby Parker during the 2nd quarter valued at about $412,000. Pallas Capital Advisors LLC purchased a new position in Warby Parker during the 2nd quarter valued at about $229,000. Harbor Capital Advisors Inc. purchased a new position in Warby Parker during the 2nd quarter valued at about $1,219,000. Kings Path Partners LLC purchased a new position in Warby Parker during the 2nd quarter valued at about $300,000. Finally, Rhumbline Advisers boosted its holdings in Warby Parker by 5.4% during the 1st quarter. Rhumbline Advisers now owns 130,612 shares of the company's stock valued at $2,381,000 after acquiring an additional 6,697 shares during the period. 93.24% of the stock is currently owned by hedge funds and other institutional investors.

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.