Short Interest in Warby Parker Inc. (NYSE:WRBY) Declines By 13.6%

Warby Parker Inc. (NYSE:WRBY) was the target of a significant decrease in short interest in February. As of February 27th, there was short interest totaling 9,696,985 shares, a decrease of 13.6% from the February 12th total of 11,228,952 shares. Currently, 11.1% of the company’s stock are short sold. Based on an average daily volume of 4,466,751 shares, the days-to-cover ratio is currently 2.2 days. Based on an average daily volume of 4,466,751 shares, the days-to-cover ratio is currently 2.2 days. Currently, 11.1% of the company’s stock are short sold.

Warby Parker Trading Up 3.0%

WRBY stock traded up $0.70 during trading on Wednesday, hitting $24.29. 633,115 shares of the company’s stock were exchanged, compared to its average volume of 3,424,527. The business has a 50-day moving average price of $25.32 and a two-hundred day moving average price of $23.90. The stock has a market capitalization of $2.59 billion, a price-to-earnings ratio of 1,214.01 and a beta of 2.05. Warby Parker has a 52-week low of $13.63 and a 52-week high of $31.00.

Insider Activity at Warby Parker

In other Warby Parker news, CEO Neil Harris Blumenthal sold 150,000 shares of the stock in a transaction that occurred on 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 sale, the chief executive officer directly owned 37,119 shares in the company, valued at $931,315.71. This represents a 80.16% decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through this link. Also, Director Bradley E. Singer sold 15,793 shares of the firm’s stock in a transaction that occurred on Wednesday, March 4th. The shares were sold at an average price of $27.53, for a total transaction of $434,781.29. Following the completion of the transaction, the director directly owned 16,026 shares of the company’s stock, valued at $441,195.78. This represents a 49.63% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. 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 Inflows and Outflows

Hedge funds have recently modified their holdings of the stock. AQR Capital Management LLC boosted its stake in Warby Parker by 101.0% in the first quarter. AQR Capital Management LLC now owns 171,271 shares of the company’s stock valued at $3,122,000 after acquiring an additional 86,053 shares in the last quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. increased its position in Warby Parker by 4.6% during the first quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 52,690 shares of the company’s stock worth $961,000 after buying an additional 2,297 shares during the period. Goldman Sachs Group Inc. increased its position in Warby Parker by 96.8% during the first quarter. Goldman Sachs Group Inc. now owns 1,888,817 shares of the company’s stock worth $34,433,000 after buying an additional 929,073 shares during the period. Caxton Associates LLP purchased a new stake in Warby Parker in the first quarter valued at approximately $252,000. Finally, UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC boosted its holdings in shares of Warby Parker by 17.6% in the first quarter. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC now owns 257,020 shares of the company’s stock valued at $4,685,000 after acquiring an additional 38,395 shares during the period. 93.24% of the stock is owned by hedge funds and other institutional investors.

Analyst Ratings Changes

A number of research firms have recently weighed in on WRBY. Weiss Ratings lowered Warby Parker from a “hold (c-)” rating to a “sell (d)” rating in a research report on Monday, March 2nd. BTIG Research boosted their target price on Warby Parker from $25.00 to $32.00 and gave the stock a “buy” rating in a research note on Thursday, December 11th. Piper Sandler upped 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. Stifel Nicolaus boosted their price target on shares of Warby Parker from $19.00 to $25.00 and gave the stock a “hold” rating in a report on Friday, December 12th. Finally, Robert W. Baird set a $35.00 price objective on shares of Warby Parker in a research report on Wednesday, December 17th. Ten analysts have rated the stock with a Buy rating, five have issued a Hold rating and one has assigned a Sell rating to the company. According to MarketBeat, the stock has an average rating of “Moderate Buy” and an average price target 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.