The shares of eyeglasses retailer Warby Parker Inc (NYSE:WRBY) sport a 6.9% pre-market lead, after a bull note from JMP Securities. The analyst upgraded WRBY to "outperform" from "market perform" and set a $20 price target, citing management's constructive commentary as a catalyst for potential growth in upcoming quarters.
In addition, Piper Sandler assumed coverage with an "overweigh" rating and $18 price objective. There's room for more bull notes to roll in, with eight of 13 covering brokerages still recommending a tepid "hold" on Warby Parker stock.
Short sellers are building their positions, with short interest up 2.7% in the most recent reporting period. The 11.24 million shares sold short make up 12% of the security's available float, and would take almost eight days to cover at WRBY's average daily pace of trading.
Looking to open around $14.80, Warby Parker stock recently bounced off the 320-day moving average. Should these premarket gains hold, the equity is poised to cross back above its year-to-date breakeven mark. Longer term, WRBY is up 12.3% in the last 12 months.
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