Brokerages Set Warby Parker Inc. (NYSE:WRBY) Price Target at $29.82

Warby Parker Inc. (NYSE:WRBY) has earned an average recommendation of “Moderate Buy” from the fifteen research firms that are currently covering the stock, Marketbeat reports. Five investment analysts have rated the stock with a hold rating and ten have assigned a buy rating to the company. The average 1 year price objective among brokers that have issued a report on the stock in the last year is $29.8182.

A number of research firms have weighed in on WRBY. Telsey Advisory Group upped their price objective on shares of Warby Parker from $32.00 to $33.00 and gave the stock an “outperform” rating in a research report on Friday, May 8th. Piper Sandler reissued an “overweight” rating on shares of Warby Parker in a research note on Tuesday, May 19th. Bank of America began coverage on shares of Warby Parker in a research report on Monday, June 29th. They set a “buy” rating and a $33.00 price target for the company. UBS Group raised their price target on shares of Warby Parker from $25.00 to $27.00 and gave the company a “neutral” rating in a research note on Friday, May 8th. Finally, BTIG Research lifted their price objective on Warby Parker from $32.00 to $34.00 and gave the stock a “buy” rating in a report on Thursday, May 7th.

Warby Parker Price Performance

Warby Parker stock opened at $26.46 on Thursday. The stock has a market capitalization of $2.83 billion, a PE ratio of 1,323.81, a price-to-earnings-growth ratio of 5.28 and a beta of 1.91. Warby Parker has a 12 month low of $14.96 and a 12 month high of $31.00. The business has a 50 day simple moving average of $26.71 and a 200-day simple moving average of $25.04.

Warby Parker (NYSE:WRBY) last announced its earnings results on Thursday, May 7th. The company reported $0.03 earnings per share for the quarter, missing the consensus estimate of $0.11 by ($0.08). Warby Parker had a return on equity of 2.30% and a net margin of 0.15%.The business had revenue of $242.45 million for the quarter, compared to analyst estimates of $239.44 million. During the same period in the previous year, the company earned $0.03 earnings per share. The company’s quarterly revenue was up 8.4% compared to the same quarter last year. On average, equities research analysts anticipate that Warby Parker will post 0.19 EPS for the current fiscal year.

Insider Transactions at Warby Parker

In related news, Director Youngme E. Moon sold 10,000 shares of the stock in a transaction on Friday, June 12th. The stock was sold at an average price of $26.53, for a total value of $265,300.00. Following the completion of the transaction, the director directly owned 26,061 shares of the company’s stock, valued at approximately $691,398.33. This represents a 27.73% decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, Director Teresa Briggs sold 5,000 shares of the stock in a transaction on Tuesday, June 16th. The shares were sold at an average price of $25.94, for a total value of $129,700.00. Following the completion of the transaction, the director directly owned 48,883 shares of the company’s stock, valued at approximately $1,268,025.02. This represents a 9.28% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. In the last ninety days, insiders have sold 388,649 shares of company stock worth $11,377,807. 16.80% of the stock is owned by insiders.

Institutional Investors Weigh In On Warby Parker

A number of hedge funds have recently modified their holdings of the business. First Horizon Corp boosted its position in Warby Parker by 96.7% during the fourth quarter. First Horizon Corp now owns 1,210 shares of the company’s stock worth $26,000 after acquiring an additional 595 shares during the last quarter. EverSource Wealth Advisors LLC raised its holdings in Warby Parker by 105.7% in the 1st quarter. EverSource Wealth Advisors LLC now owns 1,310 shares of the company’s stock valued at $28,000 after acquiring an additional 673 shares during the last quarter. Eagle Bay Advisors LLC acquired a new stake in Warby Parker in the 4th quarter valued at about $35,000. Farther Finance Advisors LLC lifted its stake in Warby Parker by 41.4% in the 4th quarter. Farther Finance Advisors LLC now owns 1,687 shares of the company’s stock worth $37,000 after purchasing an additional 494 shares in the last quarter. Finally, Parallel Advisors LLC boosted its holdings in shares of Warby Parker by 110.7% during the 1st quarter. Parallel Advisors LLC now owns 1,837 shares of the company’s stock worth $39,000 after purchasing an additional 965 shares during the last quarter. 93.24% of the stock is currently owned by institutional investors and hedge funds.

Warby Parker Company Profile

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.