Warby Parker (NYSE:WRBY) Price Target Cut to $29.00

Warby Parker (NYSE:WRBYGet Rating) had its target price reduced by equities researchers at Citigroup from $41.00 to $29.00 in a research note issued on Tuesday, The Fly reports. Citigroup’s price target would suggest a potential upside of 75.65% from the stock’s current price.

WRBY has been the subject of a number of other reports. Stifel Nicolaus started coverage on shares of Warby Parker in a research report on Wednesday, March 30th. They issued a “hold” rating and a $36.00 price objective for the company. Morgan Stanley reduced their price objective on shares of Warby Parker from $57.00 to $24.00 in a research report on Friday, March 18th. Telsey Advisory Group dropped their target price on shares of Warby Parker from $69.00 to $60.00 and set an “outperform” rating on the stock in a research note on Friday, March 18th. Robert W. Baird dropped their target price on shares of Warby Parker from $68.00 to $40.00 and set an “outperform” rating on the stock in a research note on Friday, March 18th. Finally, Zacks Investment Research cut shares of Warby Parker from a “hold” rating to a “sell” rating in a research note on Thursday, May 12th. One equities research analyst has rated the stock with a sell rating, four have assigned a hold rating and five have issued a buy rating to the company. According to MarketBeat.com, Warby Parker presently has a consensus rating of “Hold” and an average price target of $39.80.

Shares of WRBY stock opened at $16.51 on Tuesday. Warby Parker has a 52-week low of $15.02 and a 52-week high of $60.30. The company has a 50-day simple moving average of $27.15 and a two-hundred day simple moving average of $36.82.

Warby Parker (NYSE:WRBYGet Rating) last issued its quarterly earnings data on Monday, May 16th. The company reported ($0.30) earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of ($0.01) by ($0.29). The business had revenue of $153.20 million for the quarter, compared to analyst estimates of $154.08 million. The firm’s quarterly revenue was up 10.2% compared to the same quarter last year. On average, equities analysts expect that Warby Parker will post -0.01 EPS for the current year.

In related news, CEO David Abraham Gilboa sold 5,354 shares of the company’s stock in a transaction that occurred on Thursday, March 10th. The shares were sold at an average price of $25.00, for a total transaction of $133,850.00. The sale was disclosed in a legal filing with the SEC, which can be accessed through this hyperlink. Also, Director Teresa Briggs sold 19,325 shares of the company’s stock in a transaction that occurred on Monday, March 21st. The shares were sold at an average price of $30.01, for a total transaction of $579,943.25. The disclosure for this sale can be found here. Insiders have sold a total of 30,446 shares of company stock worth $857,968 over the last 90 days.

Institutional investors have recently bought and sold shares of the stock. AlpInvest Partners B.V. bought a new stake in Warby Parker during the 3rd quarter worth approximately $4,072,000. Victory Capital Management Inc. bought a new position in shares of Warby Parker in the 4th quarter worth $37,778,000. Georgetown University bought a new position in shares of Warby Parker in the 4th quarter worth $399,000. Utah Retirement Systems bought a new position in shares of Warby Parker in the 3rd quarter worth $3,036,000. Finally, Neuberger Berman Group LLC bought a new position in shares of Warby Parker in the 3rd quarter worth $2,688,000. 98.59% of the stock is currently owned by institutional investors and hedge funds.

About Warby Parker (Get Rating)

Warby Parker Inc provides eyewear products. It offers eyeglasses, sunglasses, light-responsive lenses, blue-light-filtering lenses, and contact lenses, as well as accessories, including cases, lenses kit with anti-fog spray, pouches, and anti-fog lens spray. The company also offers eye exams and vision tests directly to consumers through its retail stores, website, and mobile apps.

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