Warby Parker (NYSE:WRBY) Raised to Hold at Zacks Research

Key Points

• Zacks Research upgraded Warby Parker’s rating from "strong sell" to "hold" in a recent note to investors.
• Warby Parker's current average target price is $24.06 with ratings reflecting a consensus of eleven Buy and nine Hold ratings from analysts.
• Insider transactions include significant stock sales, with CEO Neil Harris Blumenthal reducing his holdings by 63.82% in a recent transaction.

Warby Parker (NYSE:WRBY - Get Free Report) was upgraded by equities researchers at Zacks Research from a "strong sell" rating to a "hold" rating in a report issued on Thursday,Zacks.com reports.

Other equities analysts have also recently issued research reports about the stock. The Goldman Sachs Group boosted their price objective on shares of Warby Parker from $18.00 to $20.00 and gave the company a "buy" rating in a research note on Friday, May 9th. Loop Capital reaffirmed a "buy" rating on shares of Warby Parker in a research note on Wednesday, May 21st. Robert W. Baird set a $30.00 price objective on shares of Warby Parker and gave the company an "outperform" rating in a research note on Wednesday, July 30th. TD Securities boosted their price objective on shares of Warby Parker from $20.00 to $24.00 and gave the company a "buy" rating in a research note on Wednesday, May 21st. Finally, Telsey Advisory Group reaffirmed an "outperform" rating and set a $28.00 price objective on shares of Warby Parker in a research note on Thursday, August 7th. Eleven equities research analysts have rated the stock with a Buy rating and nine have issued a Hold rating to the company. According to MarketBeat, the stock has a consensus rating of "Moderate Buy" and a consensus target price of $24.06.

Warby Parker Price Performance

Shares of WRBY traded up $0.72 during trading hours on Thursday, hitting $26.74. The company's stock had a trading volume of 2,487,782 shares, compared to its average volume of 1,411,286. The company has a market cap of $2.81 billion, a price-to-earnings ratio of -382.00 and a beta of 2.10. The business has a 50 day simple moving average of $24.50 and a two-hundred day simple moving average of $21.00. Warby Parker has a 52-week low of $13.22 and a 52-week high of $29.73.

Insider Activity at Warby Parker

In other Warby Parker news, CEO Neil Harris Blumenthal sold 50,000 shares of Warby Parker stock in a transaction that occurred on Wednesday, August 13th. The shares were sold at an average price of $25.11, for a total transaction of $1,255,500.00. Following the completion of the sale, the chief executive officer directly owned 28,347 shares in the company, valued at $711,793.17. The trade was a 63.82% decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is available through this hyperlink. Also, Director Teresa Briggs sold 6,000 shares of Warby Parker stock in a transaction that occurred 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 sale, the director 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 disclosure for this sale can be found here. Over the last quarter, insiders have sold 106,000 shares of company stock valued at $2,607,280. 18.24% of the stock is currently owned by company insiders.

Institutional Investors Weigh In On Warby Parker

Several hedge funds have recently bought and sold shares of the stock. JPMorgan Chase & Co. lifted its holdings in shares of Warby Parker by 987.8% in the 2nd quarter. JPMorgan Chase & Co. now owns 5,182,573 shares of the company's stock worth $113,654,000 after acquiring an additional 4,706,148 shares during the last quarter. Nuveen LLC bought a new stake in shares of Warby Parker in the 1st quarter worth approximately $30,549,000. Artisan Partners Limited Partnership bought a new stake in shares of Warby Parker in the 2nd quarter worth approximately $27,589,000. Durable Capital Partners LP lifted its holdings in shares of Warby Parker by 13.2% in the 1st quarter. Durable Capital Partners LP now owns 10,212,383 shares of the company's stock worth $186,172,000 after acquiring an additional 1,194,558 shares during the last quarter. Finally, 12 West Capital Management LP bought a new stake in shares of Warby Parker in the 1st quarter worth approximately $21,420,000. 93.24% of the stock is currently owned by institutional investors.

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.