Warby Parker (NYSE:WRBY) Rating Lowered to Sell at Zacks Investment Research

Zacks Investment Research lowered shares of Warby Parker (NYSE:WRBYGet Rating) from a hold rating to a sell rating in a research report sent to investors on Tuesday morning, Zacks.com reports.

According to Zacks, “Warby Parker Inc. is a direct-to-consumer eyewear brand. Warby Parker Inc. is based in NEW YORK. “

Several other research firms have also weighed in on WRBY. Evercore ISI assumed coverage on shares of Warby Parker in a research note on Friday, March 18th. They set a hold rating and a $39.00 target price for the company. Morgan Stanley lowered their price target on shares of Warby Parker from $57.00 to $24.00 in a research report on Friday, March 18th. Loop Capital lowered their price target on shares of Warby Parker from $52.00 to $27.00 in a research report on Friday, March 18th. Citigroup decreased their target price on shares of Warby Parker from $54.00 to $41.00 and set a buy rating for the company in a research report on Friday, March 18th. Finally, Telsey Advisory Group decreased their target price on shares of Warby Parker from $69.00 to $60.00 and set an outperform rating for the company in a research report on Friday, March 18th. One analyst has rated the stock with a sell rating, four have issued a hold rating and five have issued a buy rating to the company. Based on data from MarketBeat, the stock currently has a consensus rating of Hold and a consensus price target of $42.00.

WRBY traded up $0.31 during trading on Tuesday, hitting $24.83. The company had a trading volume of 21,069 shares, compared to its average volume of 1,117,952. The stock has a 50-day moving average of $28.59. Warby Parker has a 1-year low of $22.07 and a 1-year high of $60.30.

Warby Parker (NYSE:WRBYGet Rating) last posted its quarterly earnings results on Thursday, March 17th. The company reported ($0.08) earnings per share (EPS) for the quarter, beating the consensus estimate of ($0.10) by $0.02. The company had revenue of $132.89 million during the quarter, compared to analyst estimates of $133.35 million. The company’s revenue was up 17.8% on a year-over-year basis. During the same period in the prior year, the company earned ($0.04) earnings per share. On average, sell-side analysts predict that Warby Parker will post -0.01 earnings per share for the current year.

In related news, CFO Steven Clive Miller sold 5,767 shares of the stock in a transaction that occurred on Thursday, March 10th. The stock was sold at an average price of $25.00, for a total value of $144,175.00. The transaction was disclosed in a filing with the SEC, which is available at this link. Also, major shareholder Durable Capital Partners Lp acquired 404,673 shares of the company’s stock in a transaction that occurred on Wednesday, February 23rd. The stock was purchased at an average price of $27.41 per share, for a total transaction of $11,092,086.93. The disclosure for this purchase can be found here. In the last quarter, insiders bought 1,306,792 shares of company stock worth $39,976,682 and sold 30,446 shares worth $857,968.

Several institutional investors and hedge funds have recently bought and sold shares of WRBY. Wolff Wiese Magana LLC bought a new position in shares of Warby Parker during the fourth quarter valued at $67,000. Delta Asset Management LLC TN acquired a new stake in shares of Warby Parker in the fourth quarter valued at $69,000. Evoke Wealth LLC acquired a new stake in shares of Warby Parker in the fourth quarter valued at $88,000. Advisor Group Holdings Inc. increased its stake in shares of Warby Parker by 542.0% in the fourth quarter. Advisor Group Holdings Inc. now owns 2,478 shares of the company’s stock valued at $115,000 after buying an additional 2,092 shares in the last quarter. Finally, Blue Owl Capital Holdings LP acquired a new stake in shares of Warby Parker in the fourth quarter valued at $165,000. 98.59% of the stock is owned by institutional investors.

Warby Parker Company Profile (Get Rating)

Warby Parker Inc provides eyewear products. It offers eyeglasses, sunglasses, light-responsive lenses, blue-light-filtering lenses, and contact lenses, as well as accessories, including cases, lenses kit with anti-fog spray, pouches, and anti-fog lens spray. The company also offers eye exams and vision tests directly to consumers through its retail stores, website, and mobile apps.

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