Warby Parker Inc. (NYSE:WRBY) Receives $27.83 Average PT from Analysts

Shares of Warby Parker Inc. (NYSE:WRBY) have been given an average rating of “Moderate Buy” by the sixteen brokerages that are covering the company, Marketbeat.com reports. One analyst has rated the stock with a sell rating, five have issued a hold rating and ten have assigned a buy rating to the company. The average 1-year price target among brokers that have issued ratings on the stock in the last year is $28.00.

Several research firms recently commented on WRBY. Citizens Jmp upgraded Warby Parker from a “market perform” rating to an “outperform” rating and set a $30.00 target price for the company in a research note on Wednesday, December 10th. UBS Group reissued a “neutral” rating and issued a $20.00 price target on shares of Warby Parker in a research note on Wednesday, February 25th. Piper Sandler lifted their price target on Warby Parker from $22.00 to $32.00 and gave the company an “overweight” rating in a report on Tuesday, December 16th. Telsey Advisory Group reiterated an “outperform” rating and set a $32.00 price objective on shares of Warby Parker in a report on Friday, February 20th. Finally, BTIG Research raised their target price 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.

Insider Buying and Selling

In other news, CEO Neil Harris Blumenthal sold 150,000 shares of the company’s stock in a transaction on Tuesday, January 6th. The stock was sold at an average price of $25.09, for a total transaction of $3,763,500.00. Following the completion of the sale, the chief executive officer directly owned 37,119 shares in the company, valued at $931,315.71. This represents a 80.16% decrease in their position. The transaction was disclosed in a filing with the SEC, which is available at this link. Also, Director Bradley E. Singer sold 15,793 shares of the stock in a transaction on Wednesday, March 4th. The stock was sold at an average price of $27.53, for a total value of $434,781.29. Following the completion of the transaction, the director directly owned 16,026 shares in the company, valued at $441,195.78. This trade represents a 49.63% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. In the last ninety days, insiders have sold 216,453 shares of company stock worth $5,572,075. 18.24% of the stock is currently owned by insiders.

Institutional Investors Weigh In On Warby Parker

A number of institutional investors have recently added to or reduced their stakes in WRBY. First Horizon Corp increased its stake 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. Farther Finance Advisors LLC lifted its stake in shares of Warby Parker by 259.3% in the 3rd quarter. Farther Finance Advisors LLC now owns 1,193 shares of the company’s stock valued at $33,000 after purchasing an additional 861 shares in the last quarter. PNC Financial Services Group Inc. lifted its stake in shares of Warby Parker by 400.3% in the 2nd quarter. PNC Financial Services Group Inc. now owns 1,601 shares of the company’s stock valued at $35,000 after purchasing an additional 1,281 shares in the last quarter. Eagle Bay Advisors LLC purchased a new stake in shares of Warby Parker during the 4th quarter worth about $35,000. Finally, Covestor Ltd grew its holdings in shares of Warby Parker by 5,795.3% during the 4th quarter. Covestor Ltd now owns 2,535 shares of the company’s stock worth $55,000 after purchasing an additional 2,492 shares during the period. Hedge funds and other institutional investors own 93.24% of the company’s stock.

Warby Parker Stock Performance

Shares of WRBY opened at $23.58 on Friday. Warby Parker has a fifty-two week low of $13.63 and a fifty-two week high of $31.00. The company has a market capitalization of $2.52 billion, a PE ratio of 1,179.59 and a beta of 2.05. The stock has a fifty day moving average of $25.32 and a two-hundred day moving average of $23.90.

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.