Warby Parker (NYSE:WRBY) Rating Increased 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 investment analysts at Zacks Research from a "strong sell" rating to a "hold" rating in a report released on Thursday, September 4th,Zacks.com reports.

A number of other brokerages have also commented on WRBY. Cowen reissued a "buy" rating on shares of Warby Parker in a research note on Friday, August 8th. Telsey Advisory Group reissued an "outperform" rating and set a $28.00 price target on shares of Warby Parker in a research note on Thursday, August 7th. Loop Capital reaffirmed a "buy" rating on shares of Warby Parker in a research note on Wednesday, May 21st. JMP Securities reaffirmed a "market perform" rating on shares of Warby Parker in a research note on Thursday, July 10th. Finally, TD Securities lifted their price objective on Warby Parker from $20.00 to $24.00 and gave the stock a "buy" rating in a research note 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. According to data from MarketBeat, Warby Parker has a consensus rating of "Moderate Buy" and a consensus target price of $24.06.

Warby Parker Stock Up 1.8%

Shares of WRBY stock traded up $0.50 during mid-day trading on Thursday, reaching $27.51. 397,837 shares of the stock traded hands, compared to its average volume of 2,161,267. The stock's fifty day simple moving average is $24.70 and its two-hundred day simple moving average is $21.08. Warby Parker has a 1-year low of $13.63 and a 1-year high of $29.73. The company has a market cap of $2.89 billion, a price-to-earnings ratio of -393.52 and a beta of 2.10.

Insiders Place Their Bets

In other news, CEO Neil Harris Blumenthal sold 50,000 shares of the business's stock in a transaction that occurred 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 completion of the sale, the chief executive officer 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 transaction was disclosed in a legal filing with the SEC, which is available through this hyperlink. Also, Director Teresa Briggs sold 6,000 shares of the business's stock in a transaction that occurred on Monday, August 11th. The shares were sold at an average price of $23.56, for a total value 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. This represents a 11.79% decrease in their position. The disclosure for this sale can be found here. Over the last three months, insiders sold 141,000 shares of company stock worth $3,543,530. 18.24% of the stock is owned by corporate insiders.

Institutional Inflows and Outflows

Several hedge funds have recently modified their holdings of the stock. Osaic Holdings Inc. boosted its position in shares of Warby Parker by 121.9% during the second quarter. Osaic Holdings Inc. now owns 21,271 shares of the company's stock valued at $466,000 after buying an additional 11,684 shares during the last quarter. Ranger Investment Management L.P. bought a new stake in shares of Warby Parker during the 2nd quarter valued at $22,198,000. Headlands Technologies LLC raised its stake in shares of Warby Parker by 981.3% during the 2nd quarter. Headlands Technologies LLC now owns 6,077 shares of the company's stock valued at $133,000 after purchasing an additional 5,515 shares during the period. Tower Research Capital LLC TRC increased its stake in Warby Parker by 36.9% in the 2nd quarter. Tower Research Capital LLC TRC now owns 10,430 shares of the company's stock worth $229,000 after acquiring an additional 2,810 shares during the last quarter. Finally, Corient Private Wealth LLC increased its position in shares of Warby Parker by 100.0% during the 2nd quarter. Corient Private Wealth LLC now owns 242,444 shares of the company's stock valued at $5,317,000 after purchasing an additional 121,213 shares during the last quarter. Hedge funds and other institutional investors own 93.24% of the company's stock.

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.