Warby Parker (NYSE:WRBY) Sets New 52-Week High Following Analyst Upgrade

Shares of Warby Parker Inc. (NYSE:WRBY - Get Free Report) hit a new 52-week high on Monday after Piper Sandler raised their price target on the stock from $18.00 to $22.00. Piper Sandler currently has an overweight rating on the stock. Warby Parker traded as high as $20.29 and last traded at $20.29, with a volume of 1891 shares trading hands. The stock had previously closed at $19.51.

A number of other research analysts also recently issued reports on WRBY. JMP Securities upgraded shares of Warby Parker from a "market perform" rating to an "outperform" rating and set a $20.00 price target for the company in a research note on Friday, August 23rd. BTIG Research lifted their price target on shares of Warby Parker from $18.00 to $20.00 and gave the stock a "buy" rating in a research note on Friday, November 1st. Telsey Advisory Group reiterated an "outperform" rating and issued a $19.00 price target on shares of Warby Parker in a research note on Thursday. Robert W. Baird boosted their price objective on shares of Warby Parker from $18.00 to $23.00 and gave the stock an "outperform" rating in a research report on Friday. Finally, The Goldman Sachs Group upgraded shares of Warby Parker from a "neutral" rating to a "buy" rating and boosted their price objective for the stock from $15.00 to $18.00 in a research report on Monday, October 21st. Four analysts have rated the stock with a hold rating and eight have issued a buy rating to the company's stock. According to MarketBeat, the company currently has an average rating of "Moderate Buy" and an average target price of $18.18.

Insider Activity at Warby Parker

In related news, CFO Steven Clive Miller sold 15,272 shares of the company's stock in a transaction on Friday, September 6th. The shares were sold at an average price of $13.00, for a total value of $198,536.00. Following the completion of the sale, the chief financial officer now owns 184,251 shares in the company, valued at $2,395,263. This represents a 0.00 % decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. In other Warby Parker news, CFO Steven Clive Miller sold 15,272 shares of the business's stock in a transaction on Friday, September 6th. The shares were sold at an average price of $13.00, for a total value of $198,536.00. Following the transaction, the chief financial officer now directly owns 184,251 shares of the company's stock, valued at approximately $2,395,263. The trade was a 0.00 % decrease in their position. The sale was disclosed in a filing with the SEC, which can be accessed through the SEC website. Also, CEO Neil Harris Blumenthal sold 27,143 shares of the business's stock in a transaction on Friday, September 6th. The shares were sold at an average price of $13.00, for a total transaction of $352,859.00. Following the completion of the transaction, the chief executive officer now directly owns 12,177 shares in the company, valued at $158,301. This represents a 0.00 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold a total of 99,178 shares of company stock worth $1,339,901 in the last 90 days. 26.55% of the stock is owned by insiders.

Hedge Funds Weigh In On Warby Parker

Several institutional investors have recently bought and sold shares of the company. Vanguard Group Inc. increased its stake in Warby Parker by 2.6% in the 1st quarter. Vanguard Group Inc. now owns 8,677,106 shares of the company's stock valued at $118,095,000 after buying an additional 219,120 shares during the period. Vaughan Nelson Investment Management L.P. grew its stake in shares of Warby Parker by 3.2% during the 3rd quarter. Vaughan Nelson Investment Management L.P. now owns 2,555,705 shares of the company's stock worth $41,735,000 after purchasing an additional 78,295 shares during the period. Jennison Associates LLC grew its stake in shares of Warby Parker by 13.6% during the 3rd quarter. Jennison Associates LLC now owns 1,939,116 shares of the company's stock worth $31,666,000 after purchasing an additional 232,530 shares during the period. TimesSquare Capital Management LLC grew its stake in shares of Warby Parker by 12.8% during the 3rd quarter. TimesSquare Capital Management LLC now owns 1,856,370 shares of the company's stock worth $30,315,000 after purchasing an additional 211,050 shares during the period. Finally, Renaissance Technologies LLC grew its stake in shares of Warby Parker by 44.3% during the 2nd 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 period. 93.24% of the stock is owned by institutional investors and hedge funds.

Warby Parker Trading Up 5.1 %

The firm has a market capitalization of $2.06 billion, a price-to-earnings ratio of -75.15 and a beta of 1.80. The stock's 50 day moving average price is $15.92 and its two-hundred day moving average price is $15.58.

Warby Parker (NYSE:WRBY - Get Free Report) last posted its quarterly earnings results on Thursday, August 8th. The company reported ($0.03) earnings per share for the quarter, topping analysts' consensus estimates of ($0.04) by $0.01. Warby Parker had a negative net margin of 4.39% and a negative return on equity of 8.40%. The business had revenue of $188.22 million for the quarter, compared to analysts' expectations of $186.89 million. On average, sell-side analysts forecast that Warby Parker Inc. will post -0.04 earnings per share for the current fiscal 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.