Warby Parker (NYSE:WRBY) Rating Increased to Buy at Wall Street Zen

Wall Street Zen upgraded shares of Warby Parker (NYSE:WRBY) from a hold rating to a buy rating in a research report sent to investors on Saturday.

Several other analysts also recently weighed in on WRBY. Piper Sandler reaffirmed an “overweight” rating and set a $25.00 target price (up previously from $20.00) on shares of Warby Parker in a research note on Thursday, May 29th. Cowen reaffirmed a “buy” rating on shares of Warby Parker in a research note on Friday, August 8th. TD Securities lifted their target price on Warby Parker from $20.00 to $24.00 and gave the company a “buy” rating in a research note on Wednesday, May 21st. Roth Capital set a $24.00 price objective on Warby Parker and gave the stock a “neutral” rating in a research note on Tuesday, August 5th. Finally, Evercore ISI reissued a “positive” rating on shares of Warby Parker in a research note on Thursday, August 7th. Eleven investment analysts have rated the stock with a Buy rating and eight have assigned a Hold rating to the company. Based on data from MarketBeat, the stock has a consensus rating of “Moderate Buy” and a consensus price target of $24.06.

Warby Parker Price Performance

Shares of Warby Parker stock opened at $26.16 on Friday. The business’s fifty day moving average price is $24.09 and its two-hundred day moving average price is $20.98. The company has a market capitalization of $2.75 billion, a P/E ratio of -373.72 and a beta of 2.10. Warby Parker has a 1-year low of $12.69 and a 1-year high of $29.73.

Insiders Place Their Bets

In related news, Director Teresa Briggs sold 6,000 shares of Warby Parker stock in a transaction on Monday, August 11th. The stock was sold at an average price of $23.56, for a total value of $141,360.00. Following the transaction, the director directly owned 44,879 shares in the company, valued at $1,057,349.24. The trade was a 11.79% decrease in their position. The sale was disclosed in a legal filing with the SEC, which is available through this link. Also, CEO Neil Harris Blumenthal sold 50,000 shares of Warby Parker 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. The trade was a 63.82% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold a total of 106,000 shares of company stock worth $2,607,280 over the last 90 days. Insiders own 18.24% of the company’s stock.

Hedge Funds Weigh In On Warby Parker

A number of hedge funds have recently modified their holdings of WRBY. JPMorgan Chase & Co. grew its holdings 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 acquiring an additional 4,706,148 shares during the last quarter. Nuveen LLC purchased a new position in shares of Warby Parker during the first quarter valued at $30,549,000. Artisan Partners Limited Partnership purchased a new position in shares of Warby Parker during the second quarter valued at $27,589,000. Durable Capital Partners LP grew its holdings in shares of 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. Finally, 12 West Capital Management LP purchased a new position in shares of Warby Parker during the first quarter valued at $21,420,000. 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.