Piper Sandler Has Lowered Expectations for Warby Parker (NYSE:WRBY) Stock Price

Warby Parker (NYSE:WRBY - Free Report) had its price target lowered by Piper Sandler from $30.00 to $20.00 in a report released on Friday morning,Benzinga reports. The brokerage currently has an overweight rating on the stock.

Several other equities research analysts also recently issued reports on the company. Roth Mkm began coverage on Warby Parker in a report on Tuesday, February 25th. They set a "neutral" rating and a $26.00 price target for the company. Robert W. Baird raised their price target on shares of Warby Parker from $30.00 to $32.00 and gave the stock an "outperform" rating in a research note on Friday, February 28th. Evercore ISI reissued an "in-line" rating and set a $23.00 price objective on shares of Warby Parker in a report on Friday, January 17th. Telsey Advisory Group reissued an "outperform" rating and issued a $28.00 target price on shares of Warby Parker in a research report on Thursday, February 27th. Finally, Morgan Stanley increased their price target on Warby Parker from $17.00 to $23.00 and gave the stock an "equal weight" rating in a research note on Tuesday, January 21st. Six analysts have rated the stock with a hold rating, nine have issued a buy rating and one has issued a strong buy rating to the stock. According to MarketBeat, Warby Parker presently has an average rating of "Moderate Buy" and a consensus price target of $22.71.

Remove Ads

Warby Parker Stock Down 0.5 %

WRBY stock traded down $0.08 during midday trading on Friday, reaching $14.79. 1,733,414 shares of the company's stock traded hands, compared to its average volume of 2,167,073. Warby Parker has a 52 week low of $11.66 and a 52 week high of $28.68. The company has a market cap of $1.53 billion, a price-to-earnings ratio of -54.76 and a beta of 2.00. The firm's fifty day moving average price is $20.90 and its 200-day moving average price is $21.65.

Insider Buying and Selling

In other news, CFO Steven Clive Miller sold 11,684 shares of the business's stock in a transaction that occurred on Tuesday, March 4th. The shares were sold at an average price of $23.52, for a total value of $274,807.68. Following the completion of the sale, the chief financial officer now directly owns 204,727 shares in the company, valued at approximately $4,815,179.04. The trade was a 5.40 % decrease in their position. The sale was disclosed in a legal filing with the SEC, which can be accessed through this hyperlink. Also, CEO Neil Harris Blumenthal sold 50,000 shares of the stock in a transaction on Thursday, January 30th. The shares were sold at an average price of $27.61, for a total transaction of $1,380,500.00. Following the transaction, the chief executive officer now directly owns 12,177 shares in the company, valued at approximately $336,206.97. This represents a 80.42 % decrease in their position. The disclosure for this sale can be found here. Insiders sold a total of 89,651 shares of company stock worth $2,313,092 over the last ninety days. 26.55% of the stock is owned by corporate insiders.

Institutional Inflows and Outflows

Several large investors have recently modified their holdings of WRBY. Arizona State Retirement System grew its position in Warby Parker by 2.6% during the 4th quarter. Arizona State Retirement System now owns 24,881 shares of the company's stock worth $602,000 after acquiring an additional 619 shares during the last quarter. Mariner LLC boosted its stake in shares of Warby Parker by 6.5% during the fourth quarter. Mariner LLC now owns 10,772 shares of the company's stock valued at $261,000 after purchasing an additional 660 shares during the period. Summit Investment Advisors Inc. grew its holdings in shares of Warby Parker by 10.0% in the fourth quarter. Summit Investment Advisors Inc. now owns 9,265 shares of the company's stock worth $224,000 after purchasing an additional 840 shares during the last quarter. Global Retirement Partners LLC purchased a new position in shares of Warby Parker in the fourth quarter worth $25,000. Finally, Jones Financial Companies Lllp raised its holdings in Warby Parker by 205.6% during the 4th quarter. Jones Financial Companies Lllp now owns 1,528 shares of the company's stock valued at $37,000 after buying an additional 1,028 shares during the last quarter. Hedge funds and other institutional investors own 93.24% of the company's stock.

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.