Warby Parker (NYSE:WRBY) Sets New 1-Year High on Analyst Upgrade

Warby Parker Inc. (NYSE:WRBY) shares hit a new 52-week high during trading on Monday after Piper Sandler raised their price target on the stock from $18.00 to $22.00. Piper Sandler currently has an overweight rating on the stock. Warby Parker traded as high as $20.29 and last traded at $20.29, with a volume of 1891 shares trading hands. The stock had previously closed at $19.51.

Several other equities analysts have also recently commented on the stock. JMP Securities upgraded shares of Warby Parker from a “market perform” rating to an “outperform” rating and set a $20.00 price target on the stock in a report on Friday, August 23rd. Stifel Nicolaus boosted their target price on Warby Parker from $14.00 to $15.00 and gave the company a “hold” rating in a research note on Friday, August 9th. The Goldman Sachs Group 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 lifted their price target on Warby Parker from $18.00 to $20.00 and gave the company a “buy” rating in a report on Friday, November 1st. Finally, William Blair upgraded Warby Parker from a “market perform” rating to an “outperform” rating in a report on Thursday. Four investment analysts have rated the stock with a hold rating and eight have assigned a buy rating to the stock. According to data from MarketBeat.com, the company presently has an average rating of “Moderate Buy” and a consensus price target of $18.18.

Insiders Place Their Bets

In other news, Director Bradley E. Singer purchased 50,000 shares of the company’s stock in a transaction dated Tuesday, August 13th. The shares were bought at an average price of $13.00 per share, with a total value of $650,000.00. Following the completion of the transaction, the director now directly owns 100,000 shares in the company, valued at $1,300,000. This trade represents a 100.00 % increase in their position. The purchase was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. In other news, Director Bradley E. Singer purchased 50,000 shares of the firm’s stock in a transaction on Tuesday, August 13th. The stock was bought at an average cost of $13.00 per share, for a total transaction of $650,000.00. Following the completion of the acquisition, the director now directly owns 100,000 shares of the company’s stock, valued at approximately $1,300,000. The trade was a 100.00 % increase in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, CFO Steven Clive Miller sold 6,763 shares of Warby Parker 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 transaction, the chief financial officer now owns 177,488 shares in the company, valued at $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. Insiders sold 99,178 shares of company stock valued at $1,339,901 over the last 90 days. 26.55% of the stock is currently owned by company insiders.

Institutional Inflows and Outflows

A number of large investors have recently modified their holdings of the business. Vaughan Nelson Investment Management L.P. increased its stake in Warby Parker by 113.3% during the second quarter. Vaughan Nelson Investment Management L.P. now owns 2,477,410 shares of the company’s stock valued at $39,787,000 after acquiring an additional 1,315,672 shares during the period. Marshall Wace LLP increased its holdings in Warby Parker by 1,013.4% in the 2nd quarter. Marshall Wace LLP now owns 1,422,940 shares of the company’s stock valued at $22,852,000 after buying an additional 1,295,136 shares during the period. Renaissance Technologies LLC raised its position in Warby Parker by 44.3% in the second quarter. Renaissance Technologies LLC now owns 1,568,600 shares of the company’s stock worth $25,192,000 after purchasing an additional 481,900 shares in the last quarter. Zweig DiMenna Associates LLC bought a new position in Warby Parker during the second quarter worth about $5,183,000. Finally, Dimensional Fund Advisors LP boosted its holdings in Warby Parker by 29.1% during the second quarter. Dimensional Fund Advisors LP now owns 1,369,424 shares of the company’s stock valued at $21,994,000 after purchasing an additional 308,472 shares in the last quarter. 93.24% of the stock is currently owned by institutional investors and hedge funds.

Warby Parker Trading Up 4.0 %

The stock has a fifty day moving average price of $15.92 and a 200-day moving average price of $15.58. The firm has a market capitalization of $2.04 billion, a price-to-earnings ratio of -72.26 and a beta of 1.80.

Warby Parker (NYSE:WRBY) last issued its quarterly earnings data on Thursday, August 8th. The company reported ($0.03) earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of ($0.04) by $0.01. The company had revenue of $188.22 million during the quarter, compared to analysts’ expectations of $186.89 million. Warby Parker had a negative return on equity of 8.40% and a negative net margin of 4.39%. On average, equities analysts expect that Warby Parker Inc. will post -0.04 EPS for the current year.

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.