Warby Parker (NYSE:WRBY) Stock Price Up 5.4% - Time to Buy?

Warby Parker Inc. (NYSE:WRBY - Get Free Report) was up 5.4% during trading on Wednesday . The stock traded as high as $18.62 and last traded at $18.79. Approximately 1,044,914 shares were traded during trading, a decline of 33% from the average daily volume of 1,568,550 shares. The stock had previously closed at $17.82.

Wall Street Analysts Forecast Growth

Several analysts have recently commented on the stock. Evercore ISI reaffirmed an "in-line" rating and issued a $23.00 price objective on shares of Warby Parker in a report on Friday, January 17th. UBS Group upped their price target on shares of Warby Parker from $20.00 to $23.00 and gave the company a "neutral" rating in a report on Friday, February 28th. Roth Mkm initiated coverage on Warby Parker in a research note on Tuesday, February 25th. They set a "neutral" rating and a $26.00 price objective for the company. Stifel Nicolaus upped their target price on Warby Parker from $17.00 to $20.00 and gave the stock a "hold" rating in a research note on Wednesday, December 11th. Finally, 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. Six investment analysts have rated the stock with a hold rating, nine have given a buy rating and one has issued a strong buy rating to the company. Based on data from MarketBeat, the stock has an average rating of "Moderate Buy" and an average price target of $23.43.

Warby Parker Trading Down 0.9 %

The stock has a market cap of $1.95 billion, a price-to-earnings ratio of -69.78 and a beta of 1.91. The firm's 50-day moving average is $24.19 and its two-hundred day moving average is $21.34.

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Insider Transactions at Warby Parker

In other Warby Parker news, CFO Steven Clive Miller sold 11,684 shares of the firm'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 transaction, the chief financial officer now directly owns 204,727 shares of the company's stock, valued at $4,815,179.04. This trade represents a 5.40 % decrease in their position. The transaction was disclosed in a document filed with the SEC, which is available through this hyperlink. Also, CEO Neil Harris Blumenthal sold 50,000 shares of the company's stock in a transaction that occurred on Thursday, January 30th. The shares were sold at an average price of $27.61, for a total value of $1,380,500.00. Following the completion of the sale, the chief executive officer now owns 12,177 shares of the company's stock, valued at $336,206.97. This trade represents a 80.42 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold 389,651 shares of company stock valued at $9,855,092 over the last ninety days. Insiders own 26.55% of the company's stock.

Hedge Funds Weigh In On Warby Parker

A number of institutional investors and hedge funds have recently added to or reduced their stakes in the stock. Thrivent Financial for Lutherans acquired a new stake in shares of Warby Parker in the 3rd quarter worth $213,000. Quest Partners LLC grew its stake in shares of Warby Parker by 77.8% in the 3rd quarter. Quest Partners LLC now owns 42,305 shares of the company's stock valued at $691,000 after buying an additional 18,514 shares during the period. Connor Clark & Lunn Investment Management Ltd. increased its holdings in shares of Warby Parker by 193.8% during the 3rd quarter. Connor Clark & Lunn Investment Management Ltd. now owns 89,620 shares of the company's stock worth $1,463,000 after buying an additional 59,121 shares during the last quarter. Intech Investment Management LLC purchased a new stake in shares of Warby Parker during the 3rd quarter valued at approximately $495,000. Finally, Charles Schwab Investment Management Inc. lifted its holdings in Warby Parker by 13.7% in the third quarter. Charles Schwab Investment Management Inc. now owns 729,049 shares of the company's stock valued at $11,905,000 after acquiring an additional 87,868 shares during the last quarter. 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.