Warby Parker (NYSE:WRBY) Reaches New 12-Month High - Still a Buy?

Warby Parker Inc. (NYSE:WRBY - Get Free Report)'s share price hit a new 52-week high on Tuesday . The company traded as high as $18.37 and last traded at $18.28, with a volume of 118445 shares traded. The stock had previously closed at $18.20.

Analyst Upgrades and Downgrades

Several research analysts have commented on the stock. The Goldman Sachs Group upgraded shares of Warby Parker from a "neutral" rating to a "buy" rating and boosted their price objective for the company from $15.00 to $18.00 in a research report on Monday. Stifel Nicolaus upped their price objective on Warby Parker from $14.00 to $15.00 and gave the stock a "hold" rating in a research report on Friday, August 9th. JMP Securities raised Warby Parker from a "market perform" rating to an "outperform" rating and set a $20.00 price objective on the stock in a research note on Friday, August 23rd. Loop Capital increased their target price on shares of Warby Parker from $15.00 to $16.00 and gave the stock a "hold" rating in a report on Wednesday, July 10th. Finally, Piper Sandler assumed coverage on shares of Warby Parker in a report on Friday, August 23rd. They set an "overweight" rating and a $18.00 price target on the stock. Four analysts have rated the stock with a hold rating and five have given a buy rating to the stock. Based on data from MarketBeat, the company presently has an average rating of "Moderate Buy" and an average price target of $17.00.

Warby Parker Trading Down 2.2 %

The stock has a market capitalization of $1.76 billion, a price-to-earnings ratio of -38.06 and a beta of 1.82. The company's 50-day simple moving average is $14.97 and its 200-day simple moving average is $15.11.

Warby Parker (NYSE:WRBY - Get Free Report) last released its quarterly earnings results on Thursday, August 8th. The company reported ($0.03) EPS for the quarter, beating analysts' consensus estimates of ($0.04) by $0.01. Warby Parker had a negative return on equity of 11.09% and a negative net margin of 6.38%. The firm had revenue of $188.22 million for the quarter, compared to analyst estimates of $186.89 million. On average, equities research analysts expect that Warby Parker Inc. will post -0.04 earnings per share for the current fiscal year.

Insider Activity

In other news, Director Bradley E. Singer bought 50,000 shares of the company's stock in a transaction that occurred on Tuesday, August 13th. The shares were acquired at an average price of $13.00 per share, for a total transaction of $650,000.00. Following the completion of the acquisition, the director now directly owns 100,000 shares in the company, valued at approximately $1,300,000. This represents a 100.00 % increase in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is available at this link. In other Warby Parker news, Director Bradley E. Singer bought 50,000 shares of the firm's stock in a transaction that occurred on Tuesday, August 13th. The stock was acquired at an average price of $13.00 per share, with a total value of $650,000.00. Following the completion of the purchase, the director now directly owns 100,000 shares of the company's stock, valued at approximately $1,300,000. This trade represents a 100.00 % increase in their position. The purchase was disclosed in a legal filing with the SEC, which is available at this link. Also, CFO Steven Clive Miller sold 6,763 shares of the business's stock in a transaction that occurred on Wednesday, September 11th. The shares were sold at an average price of $13.90, for a total value of $94,005.70. Following the completion of the transaction, the chief financial officer now directly owns 177,488 shares in the company, valued at approximately $2,467,083.20. This trade represents a 0.00 % decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last three months, insiders have sold 99,178 shares of company stock valued at $1,339,901. 26.55% of the stock is currently owned by insiders.

Institutional Trading of Warby Parker

A number of hedge funds and other institutional investors have recently added to or reduced their stakes in WRBY. Vanguard Group Inc. grew its stake in Warby Parker by 2.6% in the first quarter. Vanguard Group Inc. now owns 8,677,106 shares of the company's stock valued at $118,095,000 after acquiring an additional 219,120 shares during the period. Vaughan Nelson Investment Management L.P. grew its position in Warby Parker by 113.3% in the 2nd quarter. Vaughan Nelson Investment Management L.P. now owns 2,477,410 shares of the company's stock valued at $39,787,000 after purchasing an additional 1,315,672 shares during the period. TimesSquare Capital Management LLC grew its position in Warby Parker by 149.4% in the 1st quarter. TimesSquare Capital Management LLC now owns 1,687,750 shares of the company's stock valued at $22,970,000 after purchasing an additional 1,011,030 shares during the period. Renaissance Technologies LLC increased its stake in Warby Parker by 44.3% during the 2nd quarter. Renaissance Technologies LLC now owns 1,568,600 shares of the company's stock valued at $25,192,000 after purchasing an additional 481,900 shares in the last quarter. Finally, Marshall Wace LLP raised its holdings in Warby Parker by 1,013.4% during the second quarter. Marshall Wace LLP now owns 1,422,940 shares of the company's stock worth $22,852,000 after buying an additional 1,295,136 shares during the last quarter. 93.24% of the stock is owned by institutional investors.

Warby Parker Company Profile

Warby Parker Inc provides eyewear products in the United States and Canada. The company offers eyeglasses, sunglasses, light-responsive lenses, blue-light-filtering lenses, non-prescription lenses, and contact lenses. It also provides accessories, such as cases, lenses kit with anti-fog spray, pouches, and anti-fog lens spray through its retail stores, website, and mobile apps.