Brokerages Set Warby Parker Inc. (NYSE:WRBY) Target Price at $20.73

Warby Parker Inc. (NYSE:WRBY - Get Free Report) has earned an average rating of "Moderate Buy" from the twelve ratings firms that are presently covering the stock, Marketbeat reports. Four investment analysts have rated the stock with a hold rating and eight have assigned a buy rating to the company. The average 12 month price objective among brokers that have updated their coverage on the stock in the last year is $20.73.

WRBY has been the topic of several recent research reports. Telsey Advisory Group upped their price objective on shares of Warby Parker from $22.00 to $26.00 and gave the company an "outperform" rating in a report on Tuesday, November 19th. Stifel Nicolaus upped their price target on shares of Warby Parker from $17.00 to $20.00 and gave the company a "hold" rating in a report on Wednesday, December 11th. Robert W. Baird lifted their price objective on Warby Parker from $18.00 to $23.00 and gave the company an "outperform" rating in a research note on Friday, November 8th. The Goldman Sachs Group raised their target price on Warby Parker from $20.00 to $26.00 and gave the stock a "buy" rating in a report on Tuesday, December 10th. Finally, Piper Sandler boosted their price target on Warby Parker from $18.00 to $22.00 and gave the company an "overweight" rating in a report on Friday, November 8th.

Warby Parker Stock Performance

Shares of NYSE WRBY traded down $1.33 during mid-day trading on Friday, hitting $25.28. The stock had a trading volume of 1,789,912 shares, compared to its average volume of 2,032,967. The firm has a market cap of $2.57 billion, a PE ratio of -93.63 and a beta of 1.88. The company has a 50 day moving average of $23.37 and a two-hundred day moving average of $18.24. Warby Parker has a twelve month low of $11.35 and a twelve month high of $27.10.

Insider Buying and Selling

In other news, CEO Neil Harris Blumenthal sold 36,163 shares of Warby Parker stock in a transaction that occurred on Tuesday, December 3rd. The stock was sold at an average price of $22.61, for a total value of $817,645.43. Following the sale, the chief executive officer now directly owns 12,177 shares of the company's stock, valued at $275,321.97. The trade was a 74.81 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which is available at this link. Also, CFO Steven Clive Miller sold 14,853 shares of the stock in a transaction on Tuesday, December 3rd. The shares were sold at an average price of $22.61, for a total value of $335,826.33. Following the completion of the transaction, the chief financial officer now directly owns 189,146 shares of the company's stock, valued at approximately $4,276,591.06. This represents a 7.28 % decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last quarter, insiders sold 558,032 shares of company stock valued at $13,807,864. 26.55% of the stock is owned by corporate insiders.

Hedge Funds Weigh In On Warby Parker

Several hedge funds and other institutional investors have recently modified their holdings of the business. Janney Montgomery Scott LLC raised its holdings in Warby Parker by 3.4% in the 3rd quarter. Janney Montgomery Scott LLC now owns 47,908 shares of the company's stock valued at $782,000 after acquiring an additional 1,556 shares during the last quarter. Hsbc Holdings PLC increased its holdings in shares of Warby Parker by 11.5% in the second quarter. Hsbc Holdings PLC now owns 25,696 shares of the company's stock valued at $413,000 after purchasing an additional 2,651 shares during the last quarter. The Manufacturers Life Insurance Company lifted its position in Warby Parker by 7.2% during the second quarter. The Manufacturers Life Insurance Company now owns 44,667 shares of the company's stock worth $717,000 after buying an additional 3,007 shares in the last quarter. Arizona State Retirement System lifted its position in Warby Parker by 16.0% during the second quarter. Arizona State Retirement System now owns 23,408 shares of the company's stock worth $376,000 after buying an additional 3,224 shares in the last quarter. Finally, LVW Advisors LLC boosted its stake in Warby Parker by 27.9% during the third quarter. LVW Advisors LLC now owns 16,027 shares of the company's stock worth $262,000 after buying an additional 3,500 shares during the last quarter. 93.24% of the stock is owned by hedge funds and other 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.