Warby Parker (NYSE:WRBY) Upgraded at Zacks Research

Zacks Research upgraded shares of Warby Parker (NYSE:WRBY) from a strong sell rating to a hold rating in a research report sent to investors on Thursday,Zacks.com reports.

A number of other research firms also recently weighed in on WRBY. Wall Street Zen raised shares of Warby Parker from a “hold” rating to a “buy” rating in a research note on Saturday, August 30th. BTIG Research reiterated a “buy” rating and set a $28.00 target price (up previously from $24.00) on shares of Warby Parker in a research report on Thursday, August 7th. Roth Capital set a $24.00 price target on Warby Parker and gave the company a “neutral” rating in a research note on Tuesday, August 5th. Stifel Nicolaus lifted their price objective on Warby Parker from $21.00 to $22.00 and gave the stock a “hold” rating in a research note on Friday, August 8th. Finally, Loop Capital reissued a “buy” rating on shares of Warby Parker in a research note on Wednesday, May 21st. Eleven analysts have rated the stock with a Buy rating and nine have assigned a Hold rating to the company. Based on data from MarketBeat, the company has a consensus rating of “Moderate Buy” and a consensus target price of $24.06.

Warby Parker Stock Up 2.6%

Shares of WRBY stock opened at $26.02 on Thursday. The firm has a market cap of $2.74 billion, a price-to-earnings ratio of -371.59 and a beta of 2.10. Warby Parker has a 12 month low of $12.69 and a 12 month high of $29.73. The stock has a 50-day moving average price of $24.40 and a 200 day moving average price of $21.01.

Insider Activity

In related news, CEO Neil Harris Blumenthal sold 50,000 shares of the business’s stock in a transaction that occurred on Wednesday, August 13th. The stock was sold at an average price of $25.11, for a total value of $1,255,500.00. Following the completion of the transaction, the chief executive officer directly owned 28,347 shares in the company, valued at approximately $711,793.17. The trade was a 63.82% decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, Director Teresa Briggs sold 6,000 shares of the firm’s stock in a transaction that occurred on Monday, August 11th. The stock was sold at an average price of $23.56, for a total transaction of $141,360.00. Following the sale, the director owned 44,879 shares in the company, valued at $1,057,349.24. This trade represents a 11.79% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold a total of 106,000 shares of company stock worth $2,607,280 in the last quarter. 18.24% of the stock is currently owned by company insiders.

Institutional Trading of Warby Parker

A number of hedge funds and other institutional investors have recently made changes to their positions in WRBY. Durable Capital Partners LP grew its stake in shares of Warby Parker by 13.2% in 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. JPMorgan Chase & Co. lifted its stake in 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 acquiring an additional 4,706,148 shares during the last quarter. Bank of New York Mellon Corp grew its position in shares of Warby Parker by 51.4% in the 2nd quarter. Bank of New York Mellon Corp now owns 2,605,250 shares of the company’s stock valued at $57,133,000 after acquiring an additional 884,035 shares during the period. American Century Companies Inc. increased its stake in shares of Warby Parker by 14.6% during the 1st quarter. American Century Companies Inc. now owns 2,456,965 shares of the company’s stock worth $44,790,000 after purchasing an additional 312,543 shares during the last quarter. Finally, Vaughan Nelson Investment Management L.P. increased its stake in shares of Warby Parker by 105.5% during the 2nd quarter. Vaughan Nelson Investment Management L.P. now owns 2,216,320 shares of the company’s stock worth $48,604,000 after purchasing an additional 1,137,970 shares during the last quarter. 93.24% of the stock is currently owned by institutional investors and hedge funds.

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.