Warby Parker Inc. (NYSE:WRBY) Short Interest Down 13.6% in February

Warby Parker Inc. (NYSE:WRBY) was the recipient of a significant drop in short interest during the month of February. As of February 27th, there was short interest totaling 9,696,985 shares, a drop of 13.6% from the February 12th total of 11,228,952 shares. Approximately 11.1% of the shares of the company are short sold. Based on an average trading volume of 4,466,751 shares, the days-to-cover ratio is presently 2.2 days. Based on an average trading volume of 4,466,751 shares, the days-to-cover ratio is presently 2.2 days. Approximately 11.1% of the shares of the company are short sold.

Insider Transactions at Warby Parker

In related news, Director Bradley E. Singer sold 15,793 shares of the stock in a transaction on Wednesday, March 4th. The stock was sold at an average price of $27.53, for a total value of $434,781.29. Following the sale, the director owned 16,026 shares in the company, valued at approximately $441,195.78. This represents a 49.63% decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, CEO Neil Harris Blumenthal sold 150,000 shares of the stock in a transaction dated Tuesday, January 6th. The shares were sold at an average price of $25.09, for a total transaction of $3,763,500.00. Following the completion of the transaction, the chief executive officer directly owned 37,119 shares in the company, valued at $931,315.71. The trade was a 80.16% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. In the last three months, insiders sold 216,453 shares of company stock valued at $5,572,075. Insiders own 18.24% of the company’s stock.

Institutional Trading of Warby Parker

Large investors have recently made changes to their positions in the company. JPMorgan Chase & Co. raised its stake in Warby Parker by 987.8% during the 2nd quarter. JPMorgan Chase & Co. now owns 5,182,573 shares of the company’s stock worth $113,654,000 after buying an additional 4,706,148 shares during the period. Fuller & Thaler Asset Management Inc. bought a new stake in shares of Warby Parker during the fourth quarter valued at approximately $46,484,000. SRS Investment Management LLC acquired a new position in shares of Warby Parker during the fourth quarter worth approximately $31,277,000. Artisan Partners Limited Partnership bought a new position in shares of Warby Parker in the 2nd quarter worth $27,589,000. Finally, Ranger Investment Management L.P. acquired a new stake in Warby Parker in the 2nd quarter valued at $22,198,000. 93.24% of the stock is currently owned by institutional investors and hedge funds.

Warby Parker Price Performance

Shares of NYSE:WRBY traded up $0.75 during mid-day trading on Tuesday, hitting $23.67. The company had a trading volume of 3,675,653 shares, compared to its average volume of 3,460,983. Warby Parker has a one year low of $13.63 and a one year high of $31.00. The firm has a fifty day moving average price of $25.37 and a 200 day moving average price of $23.92. The company has a market capitalization of $2.53 billion, a PE ratio of 1,184.04 and a beta of 2.05.

Analyst Ratings Changes

A number of brokerages have recently issued reports on WRBY. Weiss Ratings cut Warby Parker from a “hold (c-)” rating to a “sell (d)” rating in a report on Monday, March 2nd. Citigroup increased their target price on Warby Parker from $18.00 to $24.00 and gave the stock a “neutral” rating in a research note on Tuesday. Piper Sandler lifted their price target on Warby Parker from $22.00 to $32.00 and gave the stock an “overweight” rating in a report on Tuesday, December 16th. Citizens Jmp upgraded Warby Parker from a “market perform” rating to an “outperform” rating and set a $30.00 price target for the company in a research note on Wednesday, December 10th. Finally, BTIG Research upped their price objective on Warby Parker from $25.00 to $32.00 and gave the company a “buy” rating in a report on Thursday, December 11th. Ten equities research analysts have rated the stock with a Buy rating, five have assigned a Hold rating and one has issued a Sell rating to the company’s stock. Based on data from MarketBeat, Warby Parker currently has a consensus rating of “Moderate Buy” and a consensus target price of $28.00.

Warby Parker Company Profile

Warby Parker, Inc (NYSE: WRBY) is a U.S.-based eyewear company that designs, manufactures and sells prescription glasses, sunglasses and contact lenses through a direct-to-consumer model. Since its founding, the company has combined online and brick-and-mortar channels to streamline the customer experience, offering features such as virtual try-on technology and a home try-on program that allows consumers to sample frames before purchase.

Established in 2010 by Wharton graduates Neil Blumenthal, Dave Gilboa, Andrew Hunt and Jeffrey Raider, Warby Parker set out to disrupt the traditional optical market by controlling the entire supply chain—from frame design and lens production to warehousing and distribution.