Telsey Advisory Group Reiterates Outperform Rating for Warby Parker (NYSE:WRBY)

Warby Parker (NYSE:WRBY)‘s stock had its “outperform” rating restated by equities researchers at Telsey Advisory Group in a research report issued to clients and investors on Friday,Benzinga reports. They currently have a $32.00 price target on the stock. Telsey Advisory Group’s price objective would indicate a potential upside of 34.98% from the company’s previous close.

A number of other research firms also recently weighed in on WRBY. Robert W. Baird set a $35.00 target price on shares of Warby Parker in a research report on Wednesday, December 17th. Stifel Nicolaus upped their price objective on Warby Parker from $19.00 to $25.00 and gave the company a “hold” rating in a research note on Friday, December 12th. Wall Street Zen lowered Warby Parker from a “buy” rating to a “hold” rating in a report on Saturday, November 1st. Citizens Jmp raised Warby Parker from a “market perform” rating to an “outperform” rating and set a $30.00 target price for the company in a research report on Wednesday, December 10th. Finally, UBS Group lowered their target price on Warby Parker from $23.00 to $20.00 and set a “neutral” rating on the stock in a research note on Friday, November 7th. Eleven equities research analysts have rated the stock with a Buy rating and five have given a Hold rating to the company. Based on data from MarketBeat.com, the stock presently has a consensus rating of “Moderate Buy” and an average price target of $27.83.

Warby Parker Stock Performance

Shares of NYSE:WRBY opened at $23.71 on Friday. The company has a market capitalization of $2.51 billion, a P/E ratio of 2,370.70 and a beta of 2.05. The company’s 50-day moving average is $25.39 and its 200 day moving average is $24.05. Warby Parker has a fifty-two week low of $13.63 and a fifty-two week high of $31.00.

Insider Buying and Selling at Warby Parker

In other news, Director Joel E. Cutler sold 19,932 shares of Warby Parker stock in a transaction on Tuesday, December 16th. The stock was sold at an average price of $26.01, for a total value of $518,431.32. Following the completion of the transaction, the director directly owned 20,000 shares in the company, valued at approximately $520,200. The trade was a 49.91% decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, Director Youngme E. Moon sold 38,832 shares of the business’s stock in a transaction on Thursday, December 11th. The shares were sold at an average price of $29.07, for a total value of $1,128,846.24. Following the sale, the director owned 27,057 shares in the company, valued at approximately $786,546.99. The trade was a 58.94% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. Insiders have sold 359,424 shares of company stock valued at $9,813,571 in the last 90 days. 18.24% of the stock is currently owned by company insiders.

Institutional Inflows and Outflows

A number of hedge funds have recently added to or reduced their stakes in WRBY. Man Group plc raised its stake in Warby Parker by 1.6% in the second quarter. Man Group plc now owns 25,095 shares of the company’s stock valued at $550,000 after purchasing an additional 400 shares in the last quarter. Farther Finance Advisors LLC increased its holdings in shares of 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 buying an additional 494 shares during the last quarter. First Horizon Corp raised its position in shares of Warby Parker by 96.7% during the 4th quarter. First Horizon Corp now owns 1,210 shares of the company’s stock valued at $26,000 after buying an additional 595 shares in the last quarter. Choreo LLC lifted its holdings in shares of Warby Parker by 4.6% during the 3rd quarter. Choreo LLC now owns 16,605 shares of the company’s stock worth $458,000 after acquiring an additional 728 shares during the last quarter. Finally, Ameritas Investment Partners Inc. lifted its holdings in shares of Warby Parker by 8.3% during the 2nd quarter. Ameritas Investment Partners Inc. now owns 10,034 shares of the company’s stock worth $220,000 after acquiring an additional 769 shares during the last quarter. Hedge funds and other 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.