Brokerages Set Warby Parker Inc. (NYSE:WRBY) Target Price at $17.00

Warby Parker Inc. (NYSE:WRBY - Get Free Report) has been given an average rating of "Moderate Buy" by the nine ratings firms that are presently covering the company, MarketBeat Ratings reports. Four equities research analysts have rated the stock with a hold recommendation and five have given a buy recommendation to the company. The average 12 month target price among analysts that have issued ratings on the stock in the last year is $17.00.

Several research firms recently commented on WRBY. Telsey Advisory Group reaffirmed an "outperform" rating and set a $19.00 target price on shares of Warby Parker in a research note on Thursday, August 8th. The Goldman Sachs Group raised Warby Parker from a "neutral" rating to a "buy" rating and raised their target price for the stock from $15.00 to $18.00 in a research note on Monday, October 21st. Piper Sandler began coverage on Warby Parker in a research note on Friday, August 23rd. They set an "overweight" rating and a $18.00 target price for the company. Stifel Nicolaus raised their target price on Warby Parker from $14.00 to $15.00 and gave the stock a "hold" rating in a research note on Friday, August 9th. Finally, JMP Securities raised Warby Parker from a "market perform" rating to an "outperform" rating and set a $20.00 price objective for the company in a research note on Friday, August 23rd.

Insider Activity

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

Hedge Funds Weigh In On Warby Parker

Hedge funds and other institutional investors have recently added to or reduced their stakes in the business. Vaughan Nelson Investment Management L.P. lifted its stake in Warby Parker by 113.3% during the second quarter. Vaughan Nelson Investment Management L.P. now owns 2,477,410 shares of the company's stock worth $39,787,000 after purchasing an additional 1,315,672 shares during the last quarter. Marshall Wace LLP lifted its stake 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 purchasing an additional 1,295,136 shares during the last quarter. TimesSquare Capital Management LLC lifted its stake in Warby Parker by 149.4% during the first quarter. TimesSquare Capital Management LLC now owns 1,687,750 shares of the company's stock worth $22,970,000 after purchasing an additional 1,011,030 shares during the last quarter. Vanguard Group Inc. lifted its stake in Warby Parker by 7.7% during the fourth quarter. Vanguard Group Inc. now owns 8,457,986 shares of the company's stock worth $119,258,000 after purchasing an additional 607,352 shares during the last quarter. Finally, Renaissance Technologies LLC lifted its stake in Warby Parker by 44.3% during the second quarter. Renaissance Technologies LLC now owns 1,568,600 shares of the company's stock worth $25,192,000 after purchasing an additional 481,900 shares during the last quarter. 93.24% of the stock is currently owned by hedge funds and other institutional investors.

Warby Parker Stock Performance

Shares of WRBY stock traded down $0.30 on Tuesday, hitting $16.91. The company had a trading volume of 742,582 shares, compared to its average volume of 1,395,801. The firm has a market cap of $1.70 billion, a P/E ratio of -43.36 and a beta of 1.82. The stock's 50-day moving average is $15.40 and its two-hundred day moving average is $15.27. Warby Parker has a twelve month low of $9.83 and a twelve month high of $18.37.

Warby Parker (NYSE:WRBY - Get Free Report) last issued its quarterly earnings results on Thursday, August 8th. The company reported ($0.03) earnings per share for the quarter, beating the consensus estimate 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 company had revenue of $188.22 million during the quarter, compared to analysts' expectations of $186.89 million. Equities research analysts predict that Warby Parker will post -0.04 EPS for the current year.

About Warby Parker

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.