Warby Parker (NYSE:WRBY) Raised to Buy at Wall Street Zen

Wall Street Zen upgraded shares of Warby Parker (NYSE:WRBY) from a hold rating to a buy rating in a report issued on Monday.

Other equities research analysts have also recently issued research reports about the stock. UBS Group reaffirmed a “neutral” rating and issued a $23.00 price target (up previously from $20.00) on shares of Warby Parker in a report on Friday, August 8th. Zacks Research raised shares of Warby Parker from a “strong sell” rating to a “hold” rating in a report on Thursday, September 4th. JMP Securities reaffirmed a “market perform” rating on shares of Warby Parker in a report on Thursday, July 10th. Stifel Nicolaus lifted their price objective on shares of Warby Parker from $21.00 to $22.00 and gave the company a “hold” rating in a research note on Friday, August 8th. Finally, Piper Sandler reiterated an “overweight” rating and issued a $25.00 price objective (up from $20.00) on shares of Warby Parker in a research note on Thursday, May 29th. Eleven analysts have rated the stock with a Buy rating and nine have assigned a Hold rating to the company’s stock. According to data from MarketBeat, the company presently has an average rating of “Moderate Buy” and a consensus target price of $24.06.

Warby Parker Trading Down 1.4%

NYSE:WRBY opened at $26.75 on Monday. The stock has a market capitalization of $2.81 billion, a PE ratio of -382.09 and a beta of 2.10. The firm’s 50 day moving average is $25.18 and its 200 day moving average is $21.19. Warby Parker has a 12 month low of $13.63 and a 12 month high of $29.73.

Insider Activity at Warby Parker

In other news, Director Joel E. Cutler sold 35,000 shares of the business’s stock in a transaction on Monday, September 8th. The shares were sold at an average price of $26.75, for a total transaction of $936,250.00. Following the completion of the transaction, the director directly owned 19,932 shares in the company, valued at $533,181. The trade was a 63.72% decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. Also, CEO Neil Harris Blumenthal sold 50,000 shares of the business’s stock in a transaction 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 transaction, the chief executive officer owned 28,347 shares of the company’s stock, valued at $711,793.17. This trade represents a 63.82% decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last ninety days, insiders sold 182,084 shares of company stock worth $4,674,573. Corporate insiders own 18.24% of the company’s stock.

Institutional Inflows and Outflows

A number of hedge funds have recently made changes to their positions in WRBY. Comerica Bank grew its position in shares of Warby Parker by 153.1% during the 4th quarter. Comerica Bank now owns 2,291 shares of the company’s stock valued at $55,000 after purchasing an additional 1,386 shares in the last quarter. Ameriprise Financial Inc. purchased a new position in shares of Warby Parker during the 4th quarter valued at $295,000. Bank of America Corp DE grew its position in shares of Warby Parker by 122.8% during the 4th quarter. Bank of America Corp DE now owns 391,868 shares of the company’s stock valued at $9,487,000 after purchasing an additional 215,959 shares in the last quarter. Gotham Asset Management LLC purchased a new position in shares of Warby Parker during the 4th quarter valued at $331,000. Finally, MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. grew its position in shares of Warby Parker by 5.2% during the 4th quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 50,393 shares of the company’s stock valued at $1,220,000 after purchasing an additional 2,494 shares in the last quarter. 93.24% of the stock is currently owned by hedge funds and other institutional investors.

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.