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

Wall Street Zen cut shares of Warby Parker (NYSE:WRBY) from a buy rating to a hold rating in a research note released on Saturday morning.

Other equities analysts have also recently issued research reports about the company. Citizens Jmp cut Warby Parker from an “outperform” rating to a “market perform” rating in a research report on Thursday, July 10th. Stifel Nicolaus boosted their price target on Warby Parker from $21.00 to $22.00 and gave the company a “hold” rating in a research note on Friday, August 8th. BTIG Research reissued a “buy” rating and issued a $28.00 target price on shares of Warby Parker in a report on Tuesday, October 28th. UBS Group reissued a “neutral” rating and issued a $23.00 target price (up from $20.00) on shares of Warby Parker in a report on Friday, August 8th. Finally, Cowen restated a “buy” rating on shares of Warby Parker in a research report on Friday, August 8th. Ten equities research analysts have rated the stock with a Buy rating, nine have issued a Hold rating and one has given a Sell rating to the stock. According to MarketBeat.com, the stock has a consensus rating of “Hold” and a consensus price target of $25.20.

Warby Parker Price Performance

Shares of NYSE:WRBY opened at $19.58 on Friday. Warby Parker has a fifty-two week low of $13.63 and a fifty-two week high of $29.73. The business has a 50-day moving average of $24.97 and a two-hundred day moving average of $22.47. The stock has a market capitalization of $2.06 billion, a P/E ratio of -279.73 and a beta of 2.10.

Insider Buying and Selling

In other news, Director Joel E. Cutler sold 35,000 shares of the firm’s stock in a transaction dated Monday, September 8th. The stock was sold at an average price of $26.75, for a total value of $936,250.00. Following the completion of the transaction, the director owned 19,932 shares in the company, valued at $533,181. This trade represents a 63.72% decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. Also, CEO Neil Harris Blumenthal sold 8,416 shares of the firm’s stock in a transaction dated Thursday, September 18th. The shares were sold at an average price of $27.52, for a total value of $231,608.32. Following the completion of the transaction, the chief executive officer owned 32,733 shares of the company’s stock, valued at $900,812.16. The trade was a 20.45% decrease in their position. The disclosure for this sale is available in the SEC filing. In the last quarter, insiders have sold 141,000 shares of company stock valued at $3,709,521. 18.24% of the stock is owned by company insiders.

Hedge Funds Weigh In On Warby Parker

Several hedge funds have recently modified their holdings of the stock. Durable Capital Partners LP lifted its stake in Warby Parker by 13.2% in the 1st quarter. Durable Capital Partners LP now owns 10,212,383 shares of the company’s stock valued at $186,172,000 after purchasing an additional 1,194,558 shares during the last quarter. JPMorgan Chase & Co. raised its position in shares of Warby Parker by 987.8% in the second quarter. JPMorgan Chase & Co. now owns 5,182,573 shares of the company’s stock valued at $113,654,000 after buying an additional 4,706,148 shares in the last quarter. Bank of New York Mellon Corp raised its position in shares of Warby Parker by 51.4% in the second quarter. Bank of New York Mellon Corp now owns 2,605,250 shares of the company’s stock valued at $57,133,000 after buying an additional 884,035 shares in the last quarter. American Century Companies Inc. raised its position in shares of Warby Parker by 14.6% in the first quarter. American Century Companies Inc. now owns 2,456,965 shares of the company’s stock valued at $44,790,000 after buying an additional 312,543 shares in the last quarter. Finally, Vaughan Nelson Investment Management L.P. raised its position in shares of Warby Parker by 9.3% in the third quarter. Vaughan Nelson Investment Management L.P. now owns 2,421,950 shares of the company’s stock valued at $66,797,000 after buying an additional 205,630 shares in the last quarter. 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.