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

Warby Parker (NYSE:WRBY) was downgraded by research analysts at Wall Street Zen from a “buy” rating to a “hold” rating in a note issued to investors on Saturday.

Other equities research analysts have also recently issued reports about the company. Zacks Research raised Warby Parker from a “strong sell” rating to a “hold” rating in a report on Thursday, September 4th. Cowen reissued a “buy” rating on shares of Warby Parker in a research note on Friday, August 8th. Robert W. Baird set a $30.00 target price on Warby Parker and gave the company an “outperform” rating in a research note on Wednesday, July 30th. Stifel Nicolaus lifted their target price on Warby Parker from $21.00 to $22.00 and gave the company a “hold” rating in a research note on Friday, August 8th. Finally, Citizens Jmp cut Warby Parker from an “outperform” rating to a “market perform” rating in a research note on Thursday, July 10th. Ten research analysts have rated the stock with a Buy rating, nine have issued a Hold rating and one has assigned a Sell rating to the stock. Based on data from MarketBeat, the stock currently has a consensus rating of “Hold” and a consensus price target of $25.20.

Warby Parker Price Performance

WRBY stock opened at $19.58 on Friday. The business has a fifty day moving average price of $24.97 and a 200 day moving average price of $22.42. Warby Parker has a fifty-two week low of $13.63 and a fifty-two week high of $29.73. The stock has a market capitalization of $2.06 billion, a price-to-earnings ratio of -279.73 and a beta of 2.10.

Insider Transactions at Warby Parker

In other news, Director Joel E. Cutler sold 35,000 shares of the firm’s stock in a transaction on Monday, September 8th. The stock was sold at an average price of $26.75, for a total value of $936,250.00. Following the transaction, the director directly owned 19,932 shares in the company, valued at $533,181. This trade represents a 63.72% decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. Also, CEO Neil Harris Blumenthal sold 50,000 shares of the firm’s stock in a transaction 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 owned 28,347 shares in the company, valued at $711,793.17. This represents a 63.82% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. Insiders have sold 141,000 shares of company stock worth $3,709,521 in the last three months. Insiders own 18.24% of the company’s stock.

Institutional Inflows and Outflows

Several hedge funds and other institutional investors have recently made changes to their positions in WRBY. JPMorgan Chase & Co. boosted its position in shares of Warby Parker by 987.8% in the 2nd quarter. JPMorgan Chase & Co. now owns 5,182,573 shares of the company’s stock worth $113,654,000 after purchasing an additional 4,706,148 shares during the last quarter. Nuveen LLC bought a new position in shares of Warby Parker in the 1st quarter worth $30,549,000. Artisan Partners Limited Partnership bought a new position in shares of Warby Parker in the 2nd quarter worth $27,589,000. Durable Capital Partners LP boosted its position in shares of Warby Parker by 13.2% in the 1st quarter. Durable Capital Partners LP now owns 10,212,383 shares of the company’s stock worth $186,172,000 after purchasing an additional 1,194,558 shares during the last quarter. Finally, 12 West Capital Management LP bought a new position in Warby Parker during the first quarter worth about $21,420,000. 93.24% of the stock is currently owned by institutional investors.

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.