Warby Parker (NYSE:WRBY) Shares Gap Up - Here's Why

Warby Parker Inc. (NYSE:WRBY - Get Free Report)'s stock price gapped up prior to trading on Thursday . The stock had previously closed at $15.04, but opened at $15.39. Warby Parker shares last traded at $15.05, with a volume of 73,433 shares.

Wall Street Analysts Forecast Growth

A number of analysts recently weighed in on the stock. JMP Securities upgraded shares of Warby Parker from a "market perform" rating to an "outperform" rating and set a $20.00 price target on the stock in a research report on Friday, August 23rd. Piper Sandler initiated coverage on shares of Warby Parker in a report on Friday, August 23rd. They issued an "overweight" rating and a $18.00 target price on the stock. Telsey Advisory Group reissued an "outperform" rating and issued a $19.00 price target on shares of Warby Parker in a report on Thursday, August 8th. Loop Capital upped their price objective on shares of Warby Parker from $15.00 to $16.00 and gave the company a "hold" rating in a research report on Wednesday, July 10th. Finally, Stifel Nicolaus lifted their target price on Warby Parker from $14.00 to $15.00 and gave the stock a "hold" rating in a report on Friday, August 9th. Four analysts have rated the stock with a hold rating and five have given a buy rating to the company's stock. Based on data from MarketBeat, the company currently has a consensus rating of "Moderate Buy" and an average target price of $17.11.

Warby Parker Trading Up 3.1 %

The stock's 50 day moving average is $14.72 and its two-hundred day moving average is $14.80. The stock has a market capitalization of $1.56 billion, a price-to-earnings ratio of -31.91 and a beta of 1.80.

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

Insider Buying and Selling

In other news, CFO Steven Clive Miller sold 6,763 shares of Warby Parker stock in a transaction dated 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 owns 177,488 shares of the company's stock, valued at approximately $2,467,083.20. The sale was disclosed in a legal filing with the SEC, which is accessible through this hyperlink. In other news, CFO Steven Clive Miller sold 6,763 shares of the firm's stock in a transaction that occurred on Wednesday, September 11th. The stock was sold at an average price of $13.90, for a total value of $94,005.70. Following the completion of the sale, the chief financial officer now directly owns 177,488 shares of the company's stock, valued at $2,467,083.20. The transaction was disclosed in a legal filing with the SEC, which is accessible through this link. Also, Director Bradley E. Singer bought 50,000 shares of Warby Parker stock in a transaction dated Tuesday, August 13th. The shares were 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 in the company, valued at approximately $1,300,000. The disclosure for this purchase can be found here. Over the last quarter, insiders have sold 99,178 shares of company stock worth $1,339,901. Corporate insiders own 26.55% of the company's stock.

Hedge Funds Weigh In On Warby Parker

Several large investors have recently modified their holdings of the stock. SG Americas Securities LLC grew its stake in shares of Warby Parker by 610.3% in the second quarter. SG Americas Securities LLC now owns 91,598 shares of the company's stock valued at $1,471,000 after acquiring an additional 78,702 shares in the last quarter. Janney Montgomery Scott LLC increased its stake in Warby Parker by 302.0% in the first quarter. Janney Montgomery Scott LLC now owns 48,245 shares of the company's stock valued at $657,000 after acquiring an additional 36,245 shares during the last quarter. Vaughan Nelson Investment Management L.P. increased its stake in shares of 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 last quarter. Vanguard Group Inc. grew its position in Warby Parker by 7.7% in the fourth quarter. Vanguard Group Inc. now owns 8,457,986 shares of the company's stock valued at $119,258,000 after acquiring an additional 607,352 shares during the last quarter. Finally, Russell Investments Group Ltd. grew its holdings in shares of Warby Parker by 37.1% during the 1st quarter. Russell Investments Group Ltd. now owns 225,338 shares of the company's stock valued at $3,067,000 after purchasing an additional 61,004 shares during the last quarter. 93.24% of the stock is owned by institutional investors.

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.