Warby Parker (NYSE:WRBY) Price Target Raised to $23.00 at Morgan Stanley

Warby Parker (NYSE:WRBY - Free Report) had its price target increased by Morgan Stanley from $17.00 to $23.00 in a research note issued to investors on Tuesday morning,Benzinga reports. They currently have an equal weight rating on the stock.

WRBY has been the topic of several other research reports. JMP Securities upped their price objective on shares of Warby Parker from $23.00 to $28.00 and gave the company a "market outperform" rating in a research note on Monday, December 16th. Deutsche Bank Aktiengesellschaft upgraded Warby Parker from a "neutral" rating to a "buy" rating and increased their price objective for the stock from $15.00 to $18.00 in a report on Monday, October 21st. BTIG Research raised their price target on Warby Parker from $18.00 to $20.00 and gave the stock a "buy" rating in a research note on Friday, November 1st. Evercore ISI restated an "in-line" rating and issued a $23.00 price objective on shares of Warby Parker in a report on Friday. Finally, Piper Sandler lifted their target price on shares of Warby Parker from $18.00 to $22.00 and gave the company an "overweight" rating in a research note on Friday, November 8th. Five analysts have rated the stock with a hold rating and eight have issued a buy rating to the stock. According to MarketBeat.com, the stock has a consensus rating of "Moderate Buy" and an average price target of $21.67.

Warby Parker Stock Performance

NYSE:WRBY traded up $0.89 during trading hours on Tuesday, hitting $25.47. 2,307,256 shares of the company's stock traded hands, compared to its average volume of 1,858,921. Warby Parker has a twelve month low of $11.35 and a twelve month high of $27.10. The firm has a market cap of $2.59 billion, a P/E ratio of -94.31 and a beta of 1.88. The stock's fifty day moving average price is $24.20 and its two-hundred day moving average price is $18.70.

Insider Buying and Selling

In related news, CFO Steven Clive Miller sold 14,853 shares of the stock in a transaction dated 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 sale, the chief financial officer now owns 189,146 shares in the company, valued at approximately $4,276,591.06. This trade represents a 7.28 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, CEO Neil Harris Blumenthal sold 36,163 shares of the company's stock in a transaction on Tuesday, December 3rd. The shares were sold at an average price of $22.61, for a total value of $817,645.43. Following the completion of the transaction, the chief executive officer now 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 disclosure for this sale can be found here. In the last 90 days, insiders sold 558,032 shares of company stock valued at $13,807,864. Insiders own 26.55% of the company's stock.

Institutional Inflows and Outflows

Hedge funds have recently added to or reduced their stakes in the business. Marshall Wace LLP increased its holdings in shares of 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 in the last quarter. Verition Fund Management LLC bought a new position in shares of Warby Parker in the 3rd quarter valued at about $7,462,000. Dimensional Fund Advisors LP grew its holdings in Warby Parker by 29.1% during the 2nd quarter. Dimensional Fund Advisors LP now owns 1,369,424 shares of the company's stock worth $21,994,000 after acquiring an additional 308,472 shares during the period. Loomis Sayles & Co. L P grew its stake in shares of Warby Parker by 20.3% during the third quarter. Loomis Sayles & Co. L P now owns 1,782,629 shares of the company's stock worth $29,111,000 after purchasing an additional 300,891 shares during the period. Finally, Driehaus Capital Management LLC lifted its stake in Warby Parker by 43.9% in the second quarter. Driehaus Capital Management LLC now owns 806,501 shares of the company's stock valued at $12,952,000 after buying an additional 246,011 shares during the period. Institutional investors and hedge funds own 93.24% of the company's stock.

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.