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.

Warby Parker (NYSE:WRBY - Get Free Report) was downgraded by equities researchers at Wall Street Zen from a "buy" rating to a "hold" rating in a research note issued to investors on Sunday.

Several other brokerages also recently weighed in on WRBY. Robert W. Baird set a $30.00 target price on shares of Warby Parker and gave the stock an "outperform" rating in a research note on Wednesday, July 30th. Citigroup reissued a "neutral" rating and set a $22.00 price target (up from $17.00) on shares of Warby Parker in a report on Wednesday, May 21st. UBS Group reissued a "neutral" rating and set a $23.00 price target (up from $20.00) on shares of Warby Parker in a report on Friday, August 8th. Piper Sandler reissued an "overweight" rating and set a $25.00 price target (up from $20.00) on shares of Warby Parker in a report on Thursday, May 29th. Finally, Evercore ISI reissued a "positive" rating on shares of Warby Parker in a report on Thursday, August 7th. Eleven analysts have rated the stock with a Buy rating and nine have issued a Hold rating to the company's stock. Based on data from MarketBeat.com, the company has an average rating of "Moderate Buy" and a consensus price target of $24.06.

Warby Parker Stock Performance

Shares of WRBY opened at $26.02 on Friday. Warby Parker has a fifty-two week low of $12.69 and a fifty-two week high of $29.73. The company has a market capitalization of $2.74 billion, a price-to-earnings ratio of -371.59 and a beta of 2.10. The firm has a 50-day simple moving average of $24.40 and a 200-day simple moving average of $21.01.

Insider Transactions at Warby Parker

In other Warby Parker news, CEO Neil Harris Blumenthal sold 50,000 shares of the stock in a transaction dated Wednesday, August 13th. The shares were sold at an average price of $25.11, for a total value of $1,255,500.00. Following the completion of the transaction, the chief executive officer directly owned 28,347 shares of the company's stock, valued at approximately $711,793.17. This trade represents a 63.82% decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is accessible through the SEC website. Also, Director Teresa Briggs sold 6,000 shares of the stock in a transaction dated Monday, August 11th. The shares were sold at an average price of $23.56, for a total transaction of $141,360.00. Following the completion of the transaction, the director directly owned 44,879 shares of the company's stock, valued at approximately $1,057,349.24. This trade represents a 11.79% decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last ninety days, insiders sold 106,000 shares of company stock valued at $2,607,280. 18.24% of the stock is currently owned by corporate insiders.

Institutional Trading of Warby Parker

Large investors have recently modified their holdings of the business. New York State Teachers Retirement System acquired a new stake in shares of Warby Parker in the first quarter valued at approximately $27,000. PNC Financial Services Group Inc. grew its position in shares of Warby Parker by 400.3% in the second quarter. PNC Financial Services Group Inc. now owns 1,601 shares of the company's stock valued at $35,000 after purchasing an additional 1,281 shares during the last quarter. Huntington National Bank grew its position in shares of Warby Parker by 111.0% in the second quarter. Huntington National Bank now owns 1,675 shares of the company's stock valued at $37,000 after purchasing an additional 881 shares during the last quarter. Comerica Bank grew its position in shares of Warby Parker by 153.1% in the fourth quarter. Comerica Bank now owns 2,291 shares of the company's stock valued at $55,000 after purchasing an additional 1,386 shares during the last quarter. Finally, Caitong International Asset Management Co. Ltd acquired a new stake in shares of Warby Parker in the first quarter valued at approximately $58,000. 93.24% of the stock is currently 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.

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