Warby Parker (NYSE:WRBY) Sees Unusually-High Trading Volume Following Analyst Upgrade

Warby Parker Inc. (NYSE:WRBY) saw strong trading volume on Wednesday after Citigroup raised their price target on the stock from $17.00 to $22.00. Citigroup currently has a neutral rating on the stock. 2,112,260 shares changed hands during mid-day trading, an increase of 14% from the previous session’s volume of 1,857,998 shares.The stock last traded at $20.52 and had previously closed at $20.34.

Other analysts have also recently issued research reports about the company. The Goldman Sachs Group boosted their target price on Warby Parker from $18.00 to $20.00 and gave the stock a “buy” rating in a report on Friday, May 9th. Morgan Stanley boosted their target price on Warby Parker from $17.00 to $23.00 and gave the stock an “equal weight” rating in a report on Tuesday, January 21st. Piper Sandler decreased their target price on Warby Parker from $30.00 to $20.00 and set an “overweight” rating for the company in a report on Friday, April 11th. Robert W. Baird boosted their target price on Warby Parker from $30.00 to $32.00 and gave the stock an “outperform” rating in a report on Friday, February 28th. Finally, Roth Mkm assumed coverage on Warby Parker in a report on Tuesday, February 25th. They set a “neutral” rating and a $26.00 target price for the company. Six investment analysts have rated the stock with a hold rating, ten have assigned a buy rating and one has issued a strong buy rating to the company’s stock. According to data from MarketBeat.com, the company presently has an average rating of “Moderate Buy” and a consensus target price of $22.67.

Insiders Place Their Bets

In other news, CFO Steven Clive Miller sold 11,684 shares of the stock in a transaction on Tuesday, March 4th. The stock was sold at an average price of $23.52, for a total value of $274,807.68. Following the completion of the transaction, the chief financial officer now owns 204,727 shares of the company’s stock, valued at approximately $4,815,179.04. This represents a 5.40% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which can be accessed through this link. Also, CEO Neil Harris Blumenthal sold 27,967 shares of the stock in a transaction on Tuesday, March 4th. The stock was sold at an average price of $23.52, for a total value of $657,783.84. Following the completion of the transaction, the chief executive officer now directly owns 23,961 shares of the company’s stock, valued at approximately $563,562.72. The trade was a 53.86% decrease in their position. The disclosure for this sale can be found here. 26.55% of the stock is owned by corporate insiders.

Institutional Inflows and Outflows

Institutional investors and hedge funds have recently modified their holdings of the business. Durable Capital Partners LP boosted its stake in Warby Parker by 13.2% during the first quarter. Durable Capital Partners LP now owns 10,212,383 shares of the company’s stock valued at $186,172,000 after buying an additional 1,194,558 shares in the last quarter. Vaughan Nelson Investment Management L.P. boosted its stake in Warby Parker by 3.5% during the fourth quarter. Vaughan Nelson Investment Management L.P. now owns 2,645,540 shares of the company’s stock valued at $64,047,000 after buying an additional 89,835 shares in the last quarter. American Century Companies Inc. boosted its stake in Warby Parker by 14.6% during 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. Jennison Associates LLC boosted its stake in Warby Parker by 23.7% during the first quarter. Jennison Associates LLC now owns 2,174,158 shares of the company’s stock valued at $39,635,000 after buying an additional 416,797 shares in the last quarter. Finally, Renaissance Technologies LLC boosted its stake in Warby Parker by 18.5% during the fourth quarter. Renaissance Technologies LLC now owns 2,002,400 shares of the company’s stock valued at $48,478,000 after buying an additional 313,100 shares in the last quarter. Institutional investors own 93.24% of the company’s stock.

Warby Parker Stock Down 1.3%

The company has a 50 day moving average of $16.90 and a two-hundred day moving average of $21.57. The firm has a market cap of $2.10 billion, a P/E ratio of -74.38 and a beta of 2.01.

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.