Warby Parker (NYSE:WRBY) Upgraded by The Goldman Sachs Group to “Buy”

Warby Parker (NYSE:WRBY) was upgraded by equities research analysts at The Goldman Sachs Group from a “neutral” rating to a “buy” rating in a research note issued to investors on Monday, Briefing.com reports. The brokerage presently has a $18.00 price target on the stock, up from their previous price target of $15.00. The Goldman Sachs Group’s price target points to a potential upside of 8.76% from the stock’s previous close.

Other analysts also recently issued reports about the company. Deutsche Bank Aktiengesellschaft raised Warby Parker from a “neutral” rating to a “buy” rating and upped their price objective for the company from $15.00 to $18.00 in a research note on Monday. Stifel Nicolaus upped their price target on Warby Parker from $14.00 to $15.00 and gave the stock a “hold” rating in a research note on Friday, August 9th. JMP Securities upgraded shares of Warby Parker from a “market perform” rating to an “outperform” rating and set a $20.00 price objective on the stock in a research report on Friday, August 23rd. Telsey Advisory Group reissued an “outperform” rating and set a $19.00 price target on shares of Warby Parker in a report on Thursday, August 8th. Finally, Piper Sandler started coverage on Warby Parker in a research report on Friday, August 23rd. They issued an “overweight” rating and a $18.00 price objective for the company. Four investment analysts have rated the stock with a hold rating and five have given a buy rating to the company. According to data from MarketBeat, the company currently has a consensus rating of “Moderate Buy” and an average target price of $17.00.

Warby Parker Price Performance

Shares of Warby Parker stock opened at $16.55 on Monday. The firm’s fifty day simple moving average is $14.87 and its 200-day simple moving average is $15.06. Warby Parker has a 12 month low of $9.83 and a 12 month high of $17.95. The stock has a market capitalization of $1.67 billion, a price-to-earnings ratio of -42.44 and a beta of 1.82.

Warby Parker (NYSE:WRBY) last posted its quarterly earnings data on Thursday, August 8th. The company reported ($0.03) EPS for the quarter, beating analysts’ consensus estimates of ($0.04) by $0.01. Warby Parker had a negative net margin of 6.38% and a negative return on equity of 11.09%. The company had revenue of $188.22 million for the quarter, compared to analyst estimates of $186.89 million. Analysts anticipate that Warby Parker will post -0.04 earnings per share for the current year.

Insider Buying and Selling at Warby Parker

In related news, CFO Steven Clive Miller sold 6,763 shares of the company’s stock in a transaction that occurred on Wednesday, September 11th. The stock was sold at an average price of $13.90, for a total value of $94,005.70. Following the sale, the chief financial officer now owns 177,488 shares of the company’s stock, valued at approximately $2,467,083.20. This represents a 0.00 % decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. In related news, CEO Neil Harris Blumenthal sold 27,143 shares of the company’s stock in a transaction on Friday, September 6th. The stock was sold at an average price of $13.00, for a total value of $352,859.00. Following the completion of the transaction, the chief executive officer now directly owns 12,177 shares in the company, valued at approximately $158,301. This represents a 0.00 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which can be accessed through the SEC website. Also, CFO Steven Clive Miller sold 6,763 shares of the firm’s stock in a transaction dated Wednesday, September 11th. The stock was sold at an average price of $13.90, for a total value of $94,005.70. Following the completion of the sale, the chief financial officer now directly owns 177,488 shares in the company, valued at approximately $2,467,083.20. The trade was a 0.00 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last 90 days, insiders have sold 99,178 shares of company stock valued at $1,339,901. Insiders own 26.55% of the company’s stock.

Hedge Funds Weigh In On Warby Parker

Institutional investors and hedge funds have recently bought and sold shares of the stock. Vanguard Group Inc. grew its stake in shares of Warby Parker by 7.7% during the 4th quarter. Vanguard Group Inc. now owns 8,457,986 shares of the company’s stock valued at $119,258,000 after buying an additional 607,352 shares during the period. Quadrature Capital Ltd acquired a new position in Warby Parker in the fourth quarter valued at $487,000. Vaughan Nelson Investment Management L.P. purchased a new stake in Warby Parker during the first quarter valued at about $15,812,000. Principal Financial Group Inc. acquired a new stake in Warby Parker during the first quarter worth about $158,000. Finally, Janney Montgomery Scott LLC increased its stake in Warby Parker by 302.0% during the first quarter. Janney Montgomery Scott LLC now owns 48,245 shares of the company’s stock worth $657,000 after acquiring an additional 36,245 shares during the last quarter. Institutional investors and hedge funds own 93.24% of the company’s stock.

Warby Parker Company Profile

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.