Piper Sandler Initiates Coverage on Warby Parker (NYSE:WRBY)

Piper Sandler began coverage on shares of Warby Parker (NYSE:WRBY – Get Rating) in a research note published on Friday, The Fly reports. The firm issued an overweight rating and a $20.00 price target on the stock.

Several other brokerages have also commented on WRBY. Loop Capital reduced their price objective on Warby Parker from $18.00 to $15.00 and set a hold rating on the stock in a research report on Monday, June 27th. Robert W. Baird reduced their price objective on Warby Parker from $40.00 to $30.00 and set a na rating on the stock in a research report on Tuesday, May 17th. Cowen reduced their price target on Warby Parker to $23.00 and set a na rating on the stock in a research report on Tuesday, May 17th. Citigroup cut their price target on shares of Warby Parker from $41.00 to $29.00 and set a na rating on the stock in a report on Tuesday, May 17th. Finally, Stifel Nicolaus reduced their price objective on shares of Warby Parker from $15.00 to $11.00 in a research report on Wednesday, July 20th. Five research analysts have rated the stock with a hold rating and three have given a buy rating to the stock. According to MarketBeat, Warby Parker presently has a consensus rating of Hold and an average price target of $27.18.

Warby Parker Stock Performance

Shares of NYSE WRBY opened at $12.59 on Friday. The stock’s 50-day simple moving average is $14.09 and its two-hundred day simple moving average is $24.07. Warby Parker has a twelve month low of $10.86 and a twelve month high of $60.30.

Warby Parker (NYSE:WRBY – Get Rating) last announced its earnings results on Monday, May 16th. The company reported ($0.30) earnings per share for the quarter, missing analysts’ consensus estimates of ($0.01) by ($0.29). The business had revenue of $153.20 million during the quarter, compared to analyst estimates of $154.08 million. The business’s revenue for the quarter was up 10.2% compared to the same quarter last year. On average, equities analysts anticipate that Warby Parker will post -0.73 EPS for the current fiscal year.

Insider Transactions at Warby Parker

In other news, CFO Steven Clive Miller sold 7,053 shares of Warby Parker stock in a transaction on Monday, June 13th. The shares were sold at an average price of $13.42, for a total transaction of $94,651.26. Following the completion of the sale, the chief financial officer now directly owns 158,369 shares in the company, valued at $2,125,311.98. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this link. In related news, CFO Steven Clive Miller sold 7,053 shares of the business’s stock in a transaction on Monday, June 13th. The shares were sold at an average price of $13.42, for a total transaction of $94,651.26. Following the completion of the transaction, the chief financial officer now directly owns 158,369 shares in the company, valued at $2,125,311.98. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. Also, CEO David Abraham Gilboa sold 5,224 shares of the business’s stock in a transaction on Friday, June 10th. The shares were sold at an average price of $14.64, for a total transaction of $76,479.36. Following the transaction, the chief executive officer now owns 235 shares of the company’s stock, valued at $3,440.40. The disclosure for this sale can be found here. Over the last ninety days, insiders sold 17,361 shares of company stock worth $245,560. Company insiders own 25.36% of the company’s stock.

Institutional Inflows and Outflows

A number of institutional investors and hedge funds have recently added to or reduced their stakes in the company. Durable Capital Partners LP increased its holdings in Warby Parker by 42.3% in the first quarter. Durable Capital Partners LP now owns 14,808,493 shares of the company’s stock valued at $500,675,000 after buying an additional 4,405,581 shares in the last quarter. D1 Capital Partners L.P. increased its stake in shares of Warby Parker by 64.4% during the fourth quarter. D1 Capital Partners L.P. now owns 13,404,023 shares of the company’s stock worth $624,091,000 after purchasing an additional 5,250,941 shares in the last quarter. Baillie Gifford & Co. increased its stake in shares of Warby Parker by 11.0% during the first quarter. Baillie Gifford & Co. now owns 6,263,170 shares of the company’s stock worth $211,759,000 after purchasing an additional 620,709 shares in the last quarter. Capital Research Global Investors increased its stake in shares of Warby Parker by 17.7% during the first quarter. Capital Research Global Investors now owns 5,372,629 shares of the company’s stock worth $181,649,000 after purchasing an additional 809,360 shares in the last quarter. Finally, Vanguard Group Inc. increased its stake in shares of Warby Parker by 0.3% during the first quarter. Vanguard Group Inc. now owns 4,499,290 shares of the company’s stock worth $152,121,000 after purchasing an additional 14,620 shares in the last quarter. Hedge funds and other institutional investors own 98.59% of the company’s stock.

Warby Parker Company Profile

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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.