Warby Parker (NYSE:WRBY) Receives Sell Rating from Citigroup

Warby Parker (NYSE:WRBY)‘s stock had its “sell” rating reiterated by Citigroup in a report released on Wednesday, Marketbeat.com reports. They presently have a $23.00 price target on the stock, up from their prior price target of $19.00. Citigroup’s target price suggests a potential downside of 12.47% from the company’s current price.

Several other equities research analysts have also commented on WRBY. Piper Sandler upped their price target on Warby Parker from $18.00 to $22.00 and gave the stock an “overweight” rating in a research note on Friday, November 8th. Robert W. Baird upped their price target on Warby Parker from $18.00 to $23.00 and gave the stock an “outperform” rating in a research note on Friday, November 8th. Deutsche Bank Aktiengesellschaft raised Warby Parker from a “neutral” rating to a “buy” rating and upped their target price for the stock from $15.00 to $18.00 in a research report on Monday, October 21st. BTIG Research upped their target price on Warby Parker from $18.00 to $20.00 and gave the stock a “buy” rating in a research report on Friday, November 1st. Finally, The Goldman Sachs Group upped their target price on Warby Parker from $20.00 to $26.00 and gave the stock a “buy” rating in a research report on Tuesday, December 10th. One equities research analyst has rated the stock with a sell rating, five have given a hold rating and eight have assigned a buy rating to the company’s stock. Based on data from MarketBeat.com, Warby Parker currently has a consensus rating of “Moderate Buy” and a consensus price target of $21.77.

Warby Parker Price Performance

Shares of NYSE:WRBY opened at $26.28 on Wednesday. The firm has a market capitalization of $2.67 billion, a PE ratio of -97.33 and a beta of 1.90. The business has a 50-day moving average of $25.13 and a two-hundred day moving average of $19.55. Warby Parker has a 12 month low of $11.35 and a 12 month high of $28.68.

Insider Activity at Warby Parker

In other Warby Parker news, CEO Neil Harris Blumenthal sold 50,000 shares of the stock in a transaction that occurred on Thursday, January 30th. The stock was sold at an average price of $27.61, for a total transaction of $1,380,500.00. Following the transaction, the chief executive officer now owns 12,177 shares of the company’s stock, valued at $336,206.97. This trade represents a 80.42 % decrease in their position. The transaction was disclosed in a filing with the SEC, which is available at the SEC website. 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 value of $335,826.33. Following the transaction, the chief financial officer now directly owns 189,146 shares in the company, valued at approximately $4,276,591.06. This represents a 7.28 % decrease in their position. The disclosure for this sale can be found here. Over the last 90 days, insiders sold 608,032 shares of company stock valued at $15,188,364. Insiders own 26.55% of the company’s stock.

Institutional Inflows and Outflows

A number of large investors have recently bought and sold shares of the company. Global Retirement Partners LLC acquired a new stake in shares of Warby Parker during the 4th quarter worth approximately $25,000. Jones Financial Companies Lllp raised its position in shares of Warby Parker by 205.6% during the 4th quarter. Jones Financial Companies Lllp now owns 1,528 shares of the company’s stock worth $37,000 after purchasing an additional 1,028 shares during the period. KBC Group NV raised its position in shares of Warby Parker by 39.3% during the 4th quarter. KBC Group NV now owns 4,743 shares of the company’s stock worth $115,000 after purchasing an additional 1,339 shares during the period. AQR Capital Management LLC acquired a new stake in shares of Warby Parker during the 2nd quarter worth approximately $186,000. Finally, Thrivent Financial for Lutherans acquired a new stake in shares of Warby Parker during the 3rd quarter worth approximately $213,000. 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.