Warby Parker's (WRBY) "Sell" Rating Reiterated at Citigroup

Citigroup reissued their sell rating on shares of Warby Parker (NYSE:WRBY - Free Report) in a research note issued to investors on Wednesday morning, Marketbeat.com reports. They currently have a $23.00 target price on the stock, up from their previous target price of $19.00.

A number of other research analysts have also weighed in on WRBY. The Goldman Sachs Group raised their price objective on Warby Parker from $20.00 to $26.00 and gave the company a "buy" rating in a research report on Tuesday, December 10th. Morgan Stanley lifted their target price on shares of Warby Parker from $17.00 to $23.00 and gave the stock an "equal weight" rating in a report on Tuesday, January 21st. JMP Securities increased their price target on shares of Warby Parker from $23.00 to $28.00 and gave the company a "market outperform" rating in a report on Monday, December 16th. Deutsche Bank Aktiengesellschaft upgraded shares of Warby Parker from a "neutral" rating to a "buy" rating and boosted their price objective for the stock from $15.00 to $18.00 in a report on Monday, October 21st. Finally, Stifel Nicolaus lifted their target price on Warby Parker from $17.00 to $20.00 and gave the stock a "hold" rating in a report on Wednesday, December 11th. One equities research analyst has rated the stock with a sell rating, five have issued a hold rating and eight have issued a buy rating to the stock. Based on data from MarketBeat.com, Warby Parker has a consensus rating of "Moderate Buy" and a consensus target price of $21.77.

Warby Parker Price Performance

NYSE:WRBY traded up $0.10 during mid-day trading on Wednesday, hitting $26.37. 1,226,948 shares of the company's stock were exchanged, compared to its average volume of 1,431,889. The company has a market cap of $2.68 billion, a PE ratio of -97.67 and a beta of 1.90. Warby Parker has a one year low of $11.35 and a one year high of $28.68. The business has a fifty day moving average price of $25.21 and a 200 day moving average price of $19.62.

Insider Activity at Warby Parker

In related news, CEO Neil Harris Blumenthal sold 36,163 shares of the business's stock in a transaction that occurred on Tuesday, December 3rd. The stock was sold at an average price of $22.61, for a total transaction of $817,645.43. Following the completion of the transaction, the chief executive officer now directly owns 12,177 shares in the company, valued at approximately $275,321.97. The trade was a 74.81 % decrease in their position. The sale was disclosed in a legal filing with the SEC, which can be accessed through this link. Also, CFO Steven Clive Miller sold 14,853 shares of the stock in a transaction that occurred on Tuesday, December 3rd. The stock was sold at an average price of $22.61, for a total transaction of $335,826.33. Following the completion of the sale, the chief financial officer now directly owns 189,146 shares of the company's stock, valued at $4,276,591.06. This represents a 7.28 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last ninety days, insiders sold 608,032 shares of company stock worth $15,188,364. 26.55% of the stock is owned by company insiders.

Institutional Inflows and Outflows

A number of large investors have recently modified their holdings of WRBY. State Street Corp raised its position in shares of Warby Parker by 3.2% during the third quarter. State Street Corp now owns 2,209,025 shares of the company's stock valued at $36,073,000 after buying an additional 69,108 shares during the last quarter. Blueshift Asset Management LLC bought a new stake in Warby Parker in the 3rd quarter valued at $1,223,000. TimesSquare Capital Management LLC lifted its stake in Warby Parker by 12.8% in the 3rd quarter. TimesSquare Capital Management LLC now owns 1,856,370 shares of the company's stock worth $30,315,000 after purchasing an additional 211,050 shares in the last quarter. Vaughan Nelson Investment Management L.P. boosted its holdings in shares of Warby Parker by 3.2% during the 3rd quarter. Vaughan Nelson Investment Management L.P. now owns 2,555,705 shares of the company's stock valued at $41,735,000 after purchasing an additional 78,295 shares during the last quarter. Finally, Loomis Sayles & Co. L P grew its position in shares of Warby Parker by 20.3% during the third quarter. Loomis Sayles & Co. L P now owns 1,782,629 shares of the company's stock valued at $29,111,000 after purchasing an additional 300,891 shares in the last quarter. Hedge funds and other institutional investors own 93.24% of the company's stock.

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.