Citigroup Issues Positive Forecast for Warby Parker (NYSE:WRBY) Stock Price

Warby Parker (NYSE:WRBY) had its price objective lifted by Citigroup from $18.00 to $24.00 in a research report released on Tuesday morning,Benzinga reports. They currently have a neutral rating on the stock.

A number of other brokerages also recently commented on WRBY. Robert W. Baird set a $35.00 price objective on shares of Warby Parker in a research report on Wednesday, December 17th. BTIG Research lifted their price objective on shares of Warby Parker from $25.00 to $32.00 and gave the stock a “buy” rating in a research report on Thursday, December 11th. Telsey Advisory Group reiterated an “outperform” rating and set a $32.00 target price on shares of Warby Parker in a research note on Friday, February 20th. Stifel Nicolaus increased their target price on Warby Parker from $19.00 to $25.00 and gave the company a “hold” rating in a report on Friday, December 12th. Finally, Citizens Jmp upgraded Warby Parker from a “market perform” rating to an “outperform” rating and set a $30.00 price target on the stock in a research note on Wednesday, December 10th. Ten investment analysts have rated the stock with a Buy rating, five have issued a Hold rating and one has given a Sell rating to the company’s stock. According to MarketBeat.com, Warby Parker presently has an average rating of “Moderate Buy” and a consensus price target of $28.00.

Warby Parker Stock Up 2.9%

Shares of NYSE:WRBY opened at $23.58 on Tuesday. Warby Parker has a fifty-two week low of $13.63 and a fifty-two week high of $31.00. The firm’s 50 day moving average price is $25.32 and its 200 day moving average price is $23.90. The stock has a market cap of $2.52 billion, a price-to-earnings ratio of 1,179.59 and a beta of 2.05.

Insider Activity

In other news, Director Bradley E. Singer sold 15,793 shares of the business’s stock in a transaction that occurred on Wednesday, March 4th. The stock was 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 in the company, valued at approximately $441,195.78. The trade was a 49.63% decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is accessible through the SEC website. Also, CEO Neil Harris Blumenthal sold 150,000 shares of the stock in a transaction that occurred on Tuesday, January 6th. The stock was sold at an average price of $25.09, for a total value of $3,763,500.00. Following the completion of the transaction, the chief executive officer directly owned 37,119 shares of the company’s stock, valued at $931,315.71. This trade represents a 80.16% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. In the last 90 days, insiders sold 216,453 shares of company stock valued at $5,572,075. 18.24% of the stock is owned by insiders.

Institutional Trading of Warby Parker

Several hedge funds have recently added to or reduced their stakes in WRBY. JPMorgan Chase & Co. lifted its holdings in shares of Warby Parker by 987.8% in the second quarter. JPMorgan Chase & Co. now owns 5,182,573 shares of the company’s stock valued at $113,654,000 after buying an additional 4,706,148 shares during the period. Fuller & Thaler Asset Management Inc. acquired a new position in Warby Parker during the fourth quarter worth about $46,484,000. SRS Investment Management LLC bought a new stake in Warby Parker in the fourth quarter worth about $31,277,000. Artisan Partners Limited Partnership bought a new stake in Warby Parker in the second quarter worth about $27,589,000. Finally, Ranger Investment Management L.P. acquired a new stake in Warby Parker in the 2nd quarter valued at about $22,198,000. Institutional investors own 93.24% of the company’s stock.

About Warby Parker

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.