Warby Parker (NYSE:WRBY) Stock Rating Lowered by Wall Street Zen

Key Points

• Warby Parker's stock rating has been downgraded from "buy" to "hold" by Wall Street Zen, reflecting a shift in investor sentiment.
• Multiple brokerages have set varying price targets for Warby Parker, with an average target of $24.06, while 11 analysts maintain a "Buy" rating.
• Insider transactions have seen significant sales, with CEO Neil Harris Blumenthal selling 50,000 shares, indicating a 63.82% decrease in his ownership of the stock.

Wall Street Zen cut shares of Warby Parker (NYSE:WRBY - Free Report) from a buy rating to a hold rating in a research note issued to investors on Sunday morning.

Several other research firms have also recently issued reports on WRBY. Loop Capital reissued a "buy" rating on shares of Warby Parker in a research report on Wednesday, May 21st. BTIG Research reissued a "buy" rating and issued a $28.00 target price (up from $24.00) on shares of Warby Parker in a research report on Thursday, August 7th. Cowen reissued a "buy" rating on shares of Warby Parker in a research report on Friday, August 8th. Stifel Nicolaus raised their target price on shares of Warby Parker from $21.00 to $22.00 and gave the stock a "hold" rating in a research report on Friday, August 8th. Finally, TD Securities raised their target price on shares of Warby Parker from $20.00 to $24.00 and gave the stock a "buy" rating in a research report on Wednesday, May 21st. Eleven research analysts have rated the stock with a Buy rating and nine have assigned a Hold rating to the company's stock. Based on data from MarketBeat, the company has a consensus rating of "Moderate Buy" and a consensus price target of $24.06.

Warby Parker Stock Down 2.9%

Shares of WRBY traded down $0.80 during mid-day trading on Friday, hitting $26.76. The company had a trading volume of 1,533,925 shares, compared to its average volume of 1,344,838. The business's 50-day simple moving average is $24.90 and its 200-day simple moving average is $21.14. Warby Parker has a 1-year low of $13.63 and a 1-year high of $29.73. The stock has a market cap of $2.81 billion, a PE ratio of -382.16 and a beta of 2.10.

Insider Transactions at Warby Parker

In other news, Director Teresa Briggs sold 6,000 shares of the business's stock in a transaction on Monday, August 11th. The shares were sold at an average price of $23.56, for a total transaction of $141,360.00. Following the transaction, the director directly owned 44,879 shares of the company's stock, valued at approximately $1,057,349.24. The trade was a 11.79% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is available at this hyperlink. Also, CEO Neil Harris Blumenthal sold 50,000 shares of the business's stock in a transaction on Wednesday, August 13th. The stock was sold at an average price of $25.11, for a total transaction of $1,255,500.00. Following the transaction, the chief executive officer directly owned 28,347 shares in the company, valued at approximately $711,793.17. The trade was a 63.82% decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last three months, insiders have sold 141,000 shares of company stock valued at $3,543,530. Corporate insiders own 18.24% of the company's stock.

Institutional Inflows and Outflows

A number of institutional investors have recently made changes to their positions in WRBY. The Manufacturers Life Insurance Company lifted its position in shares of Warby Parker by 7.9% during the fourth quarter. The Manufacturers Life Insurance Company now owns 48,564 shares of the company's stock worth $1,176,000 after purchasing an additional 3,571 shares in the last quarter. Northern Trust Corp lifted its position in shares of Warby Parker by 7.5% during the fourth quarter. Northern Trust Corp now owns 811,038 shares of the company's stock worth $19,635,000 after purchasing an additional 56,674 shares in the last quarter. Comerica Bank lifted its position in shares of Warby Parker by 153.1% during the fourth quarter. Comerica Bank now owns 2,291 shares of the company's stock worth $55,000 after purchasing an additional 1,386 shares in the last quarter. Ameriprise Financial Inc. acquired a new position in shares of Warby Parker during the fourth quarter worth $295,000. Finally, BNP Paribas Financial Markets acquired a new stake in Warby Parker in the fourth quarter valued at $7,159,000. 93.24% of the stock is owned by institutional investors and hedge funds.

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.