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

Warby Parker (NYSE:WRBYGet Rating) was downgraded by Zacks Investment Research from a “hold” rating to a “sell” rating in a note issued to investors on Thursday, Zacks.com reports.

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

A number of other brokerages have also recently commented on WRBY. Citigroup reduced their target price on shares of Warby Parker from $54.00 to $41.00 and set a “buy” rating for the company in a report on Friday, March 18th. The Goldman Sachs Group dropped their price target on shares of Warby Parker from $42.00 to $36.00 in a research note on Friday, March 18th. Morgan Stanley dropped their price target on shares of Warby Parker from $57.00 to $24.00 in a research note on Friday, March 18th. Telsey Advisory Group dropped their price target on shares of Warby Parker from $69.00 to $60.00 and set an “outperform” rating on the stock in a research note on Friday, March 18th. Finally, Robert W. Baird dropped their price target on shares of Warby Parker from $68.00 to $40.00 and set an “outperform” rating on the stock in a research note on Friday, March 18th. One research analyst has rated the stock with a sell rating, four have assigned a hold rating and five have issued a buy rating to the company. According to MarketBeat.com, the company has an average rating of “Hold” and a consensus target price of $42.00.

WRBY traded up $0.62 on Thursday, reaching $16.54. The company had a trading volume of 44,496 shares, compared to its average volume of 1,797,302. The stock has a 50-day moving average price of $27.43 and a 200-day moving average price of $37.24. Warby Parker has a 1 year low of $15.68 and a 1 year high of $60.30.

Warby Parker (NYSE:WRBYGet Rating) last announced its earnings results on Thursday, March 17th. The company reported ($0.08) EPS for the quarter, beating analysts’ consensus estimates of ($0.10) by $0.02. The business had revenue of $132.89 million during the quarter, compared to analysts’ expectations of $133.35 million. During the same period in the previous year, the company posted ($0.04) earnings per share. Warby Parker’s quarterly revenue was up 17.8% on a year-over-year basis. As a group, equities analysts expect that Warby Parker will post -0.01 EPS for the current fiscal year.

In related news, Director Teresa Briggs sold 19,325 shares of Warby Parker stock in a transaction dated Monday, March 21st. The stock was sold at an average price of $30.01, for a total value of $579,943.25. The sale was disclosed in a legal filing with the SEC, which is available at this link. Also, CFO Steven Clive Miller sold 5,767 shares of Warby Parker stock in a transaction dated Thursday, March 10th. The shares were sold at an average price of $25.00, for a total value of $144,175.00. The disclosure for this sale can be found here. Over the last 90 days, insiders sold 30,446 shares of company stock worth $857,968.

Hedge funds have recently made changes to their positions in the company. Trustcore Financial Services LLC acquired a new stake in shares of Warby Parker during the first quarter worth about $45,000. Wolff Wiese Magana LLC bought a new position in Warby Parker in the fourth quarter valued at approximately $67,000. Delta Asset Management LLC TN acquired a new stake in shares of Warby Parker in the fourth quarter valued at approximately $69,000. Evoke Wealth LLC acquired a new stake in shares of Warby Parker in the fourth quarter valued at approximately $88,000. Finally, Advisor Group Holdings Inc. lifted its holdings in Warby Parker by 542.0% during the 4th quarter. Advisor Group Holdings Inc. now owns 2,478 shares of the company’s stock worth $115,000 after purchasing an additional 2,092 shares during the last quarter. Institutional investors own 98.59% of the company’s stock.

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.

Further Reading

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