Warby Parker (NYSE:WRBY) Rating Lowered to Hold at Wall Street Zen

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

A number of other analysts have also issued reports on WRBY. JMP Securities reissued a “market perform” rating on shares of Warby Parker in a research note on Thursday, July 10th. BTIG Research restated a “buy” rating and set a $28.00 price target (up from $24.00) on shares of Warby Parker in a research note on Thursday, August 7th. UBS Group reaffirmed a “neutral” rating and issued a $23.00 price objective (up from $20.00) on shares of Warby Parker in a research note on Friday, August 8th. Telsey Advisory Group reiterated an “outperform” rating and set a $28.00 target price on shares of Warby Parker in a report on Thursday, August 7th. Finally, Stifel Nicolaus raised their price target on shares of Warby Parker from $21.00 to $22.00 and gave the company a “hold” rating in a report on Friday, August 8th. Eleven analysts have rated the stock with a Buy rating and nine have assigned a Hold rating to the company. According to MarketBeat, Warby Parker presently has a consensus rating of “Moderate Buy” and an average price target of $24.06.

Warby Parker Stock Up 0.6%

WRBY opened at $26.92 on Friday. The firm has a market cap of $2.83 billion, a P/E ratio of -384.45 and a beta of 2.10. Warby Parker has a 52 week low of $13.48 and a 52 week high of $29.73. The business’s fifty day simple moving average is $24.60 and its 200 day simple moving average is $21.04.

Insiders Place Their Bets

In related news, CEO Neil Harris Blumenthal sold 50,000 shares of the business’s stock in a transaction dated Wednesday, August 13th. The stock was sold at an average price of $25.11, for a total value of $1,255,500.00. Following the transaction, the chief executive officer 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 transaction was disclosed in a legal filing with the SEC, which can be accessed through this link. Also, Director Teresa Briggs sold 6,000 shares of the company’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 completion of the transaction, the director directly owned 44,879 shares in the company, 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. Insiders sold a total of 106,000 shares of company stock worth $2,607,280 in the last quarter. 18.24% of the stock is currently owned by company insiders.

Institutional Investors Weigh In On Warby Parker

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

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.