Warby Parker Inc. (NYSE:WRBY) Receives $29.82 Consensus Target Price from Brokerages

Warby Parker Inc. (NYSE:WRBY) has been given a consensus recommendation of “Moderate Buy” by the fifteen research firms that are covering the stock, Marketbeat Ratings reports. Five investment analysts have rated the stock with a hold recommendation and ten have given a buy recommendation to the company. The average 1 year target price among analysts that have covered the stock in the last year is $29.8182.

Several equities research analysts have recently weighed in on the company. Telsey Advisory Group upped their price target on Warby Parker from $32.00 to $33.00 and gave the company an “outperform” rating in a research report on Friday, May 8th. Citigroup reiterated a “market outperform” rating on shares of Warby Parker in a research note on Friday, May 22nd. Bank of America initiated coverage on Warby Parker in a research note on Monday, June 29th. They issued a “buy” rating and a $33.00 target price on the stock. BTIG Research upped their price objective on shares of Warby Parker from $32.00 to $34.00 and gave the stock a “buy” rating in a research report on Thursday, May 7th. Finally, Weiss Ratings raised shares of Warby Parker from a “sell (d)” rating to a “hold (c-)” rating in a research note on Monday, May 11th.

Insider Activity at Warby Parker

In other news, CEO Neil Harris Blumenthal sold 217,667 shares of Warby Parker stock in a transaction on Wednesday, July 1st. The shares were sold at an average price of $29.61, for a total transaction of $6,445,119.87. Following the completion of the sale, the chief executive officer directly owned 31,112 shares of the company’s stock, valued at approximately $921,226.32. The trade was a 87.49% decrease in their position. The transaction was disclosed in a legal filing with the SEC, which is accessible through this link. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, Director Bradley E. Singer sold 20,167 shares of Warby Parker stock in a transaction on Wednesday, May 13th. The stock was sold at an average price of $28.51, for a total transaction of $574,961.17. Following the sale, the director directly owned 104,833 shares of the company’s stock, valued at $2,988,788.83. This represents a 16.13% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. Insiders sold 366,207 shares of company stock worth $10,814,738 in the last 90 days. 16.80% of the stock is currently owned by corporate insiders.

Institutional Investors Weigh In On Warby Parker

A number of large investors have recently added to or reduced their stakes in WRBY. Udine Wealth Management Inc. purchased a new position in Warby Parker in the 4th quarter worth approximately $1,284,000. TimesSquare Capital Management LLC boosted its stake in shares of Warby Parker by 34.2% during the fourth quarter. TimesSquare Capital Management LLC now owns 1,353,554 shares of the company’s stock valued at $29,494,000 after purchasing an additional 344,879 shares during the period. Primoris Wealth Advisors LLC bought a new position in shares of Warby Parker in the fourth quarter worth approximately $1,781,000. Fortis Group Advisors LLC bought a new position in shares of Warby Parker in the fourth quarter worth approximately $1,028,000. Finally, Wellington Shields Capital Management LLC bought a new position in shares of Warby Parker in the fourth quarter worth approximately $935,000. Hedge funds and other institutional investors own 93.24% of the company’s stock.

Warby Parker Stock Performance

Shares of NYSE WRBY opened at $24.73 on Thursday. The stock has a market cap of $2.65 billion, a PE ratio of 1,237.07, a price-to-earnings-growth ratio of 5.28 and a beta of 1.91. Warby Parker has a fifty-two week low of $14.96 and a fifty-two week high of $31.00. The stock has a fifty day moving average of $26.63 and a 200-day moving average of $25.08.

Warby Parker (NYSE:WRBY) last issued its quarterly earnings data on Thursday, May 7th. The company reported $0.03 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $0.11 by ($0.08). Warby Parker had a return on equity of 2.30% and a net margin of 0.15%.The company had revenue of $242.45 million for the quarter, compared to analysts’ expectations of $239.44 million. During the same period last year, the company posted $0.03 EPS. The business’s revenue for the quarter was up 8.4% on a year-over-year basis. On average, sell-side analysts predict that Warby Parker will post 0.19 EPS for the current year.

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.