Warby Parker’s (WRBY) “Sell” Rating Reaffirmed at Citigroup

Citigroup reissued their sell rating on shares of Warby Parker (NYSE:WRBY) in a report published on Wednesday morning, MarketBeat reports. The firm currently has a $23.00 price objective on the stock, up from their prior price objective of $19.00.

Several other brokerages have also issued reports on WRBY. Robert W. Baird boosted their price objective on shares of Warby Parker from $18.00 to $23.00 and gave the company an “outperform” rating in a report on Friday, November 8th. JMP Securities boosted their price target on shares of Warby Parker from $23.00 to $28.00 and gave the company a “market outperform” rating in a research note on Monday, December 16th. BTIG Research increased their price objective on shares of Warby Parker from $18.00 to $20.00 and gave the stock a “buy” rating in a research report on Friday, November 1st. Deutsche Bank Aktiengesellschaft raised Warby Parker from a “neutral” rating to a “buy” rating and boosted their target price for the company from $15.00 to $18.00 in a research report on Monday, October 21st. Finally, Stifel Nicolaus raised their price target on Warby Parker from $17.00 to $20.00 and gave the stock a “hold” rating in a research 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 assigned a buy rating to the company’s stock. According to MarketBeat.com, the company presently has an average rating of “Moderate Buy” and a consensus target price of $21.77.

Warby Parker Price Performance

NYSE WRBY opened at $26.88 on Wednesday. The stock’s fifty day moving average is $25.06 and its two-hundred day moving average is $19.50. Warby Parker has a fifty-two week low of $11.35 and a fifty-two week high of $28.68.

Insider Activity

In related news, CEO Neil Harris Blumenthal sold 36,163 shares of the business’s stock in a transaction on Tuesday, December 3rd. The shares were 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 owns 12,177 shares in the company, valued at approximately $275,321.97. The trade was a 74.81 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is accessible through the SEC website. Also, CFO Steven Clive Miller sold 7,016 shares of the stock in a transaction on Wednesday, December 11th. The shares were sold at an average price of $23.85, for a total value of $167,331.60. Following the completion of the transaction, the chief financial officer now directly owns 182,130 shares in the company, valued at $4,343,800.50. This trade represents a 3.71 % decrease in their position. The disclosure for this sale can be found here. In the last quarter, insiders sold 608,032 shares of company stock worth $15,188,364. 26.55% of the stock is currently owned by company insiders.

Hedge Funds Weigh In On Warby Parker

Institutional investors and hedge funds have recently added to or reduced their stakes in the business. Global Retirement Partners LLC purchased a new stake in shares of Warby Parker during the 4th quarter worth approximately $25,000. KBC Group NV lifted its position in Warby Parker by 39.3% in the fourth quarter. KBC Group NV now owns 4,743 shares of the company’s stock valued at $115,000 after acquiring an additional 1,339 shares during the last quarter. AQR Capital Management LLC acquired a new position in Warby Parker in the second quarter valued at $186,000. Thrivent Financial for Lutherans purchased a new position in shares of Warby Parker during the third quarter worth about $213,000. Finally, LVW Advisors LLC grew its holdings in shares of Warby Parker by 27.9% during the third quarter. LVW Advisors LLC now owns 16,027 shares of the company’s stock worth $262,000 after purchasing an additional 3,500 shares during the last quarter. 93.24% of the stock is owned by institutional investors and hedge funds.

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.