Warby Parker (NYSE:WRBY) Earns Outperform Rating from Telsey Advisory Group

Warby Parker (NYSE:WRBY)‘s stock had its “outperform” rating reaffirmed by investment analysts at Telsey Advisory Group in a report released on Friday,Benzinga reports. They presently have a $32.00 price target on the stock. Telsey Advisory Group’s price target would indicate a potential upside of 37.34% from the company’s current price.

Several other equities research analysts have also weighed in on the company. UBS Group decreased their price objective on Warby Parker from $23.00 to $20.00 and set a “neutral” rating for the company in a report on Friday, November 7th. Piper Sandler boosted their price target on shares of Warby Parker from $22.00 to $32.00 and gave the company an “overweight” rating in a research report on Tuesday, December 16th. Stifel Nicolaus upped their price target on shares of Warby Parker from $19.00 to $25.00 and gave the company a “hold” rating in a research note on Friday, December 12th. Citizens Jmp raised shares of Warby Parker from a “market perform” rating to an “outperform” rating and set a $30.00 target price on the stock in a report on Wednesday, December 10th. Finally, BTIG Research raised their price target on Warby Parker from $25.00 to $32.00 and gave the stock a “buy” rating in a report on Thursday, December 11th. Eleven analysts have rated the stock with a Buy rating and five have assigned a Hold rating to the stock. According to MarketBeat.com, Warby Parker has a consensus rating of “Moderate Buy” and an average price target of $27.83.

Warby Parker Trading Up 2.5%

Warby Parker stock opened at $23.30 on Friday. The business’s 50 day simple moving average is $25.46 and its 200 day simple moving average is $24.06. Warby Parker has a 12 month low of $13.63 and a 12 month high of $31.00. The company has a market cap of $2.46 billion, a price-to-earnings ratio of 2,330.00 and a beta of 2.05.

Insiders Place Their Bets

In related news, CEO Neil Harris Blumenthal sold 150,000 shares of the stock in a transaction on Tuesday, January 6th. The stock was sold at an average price of $25.09, for a total value of $3,763,500.00. Following the transaction, the chief executive officer owned 37,119 shares of the company’s stock, valued at $931,315.71. This represents a 80.16% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. Also, Director Youngme E. Moon sold 38,832 shares of Warby Parker stock in a transaction dated Thursday, December 11th. The stock was sold at an average price of $29.07, for a total value of $1,128,846.24. Following the sale, the director directly owned 27,057 shares of the company’s stock, valued at approximately $786,546.99. This trade represents a 58.94% decrease in their position. The disclosure for this sale is available in the SEC filing. Insiders sold a total of 359,424 shares of company stock valued at $9,813,571 in the last quarter. Corporate insiders own 18.24% of the company’s stock.

Hedge Funds Weigh In On Warby Parker

Large investors have recently modified their holdings of the company. AQR Capital Management LLC boosted its stake in Warby Parker by 101.0% in the first quarter. AQR Capital Management LLC now owns 171,271 shares of the company’s stock worth $3,122,000 after buying an additional 86,053 shares in the last quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. lifted its holdings in shares of Warby Parker by 4.6% in the 1st quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 52,690 shares of the company’s stock worth $961,000 after acquiring an additional 2,297 shares during the last quarter. Goldman Sachs Group Inc. boosted its stake in shares of Warby Parker by 96.8% in the 1st quarter. Goldman Sachs Group Inc. now owns 1,888,817 shares of the company’s stock valued at $34,433,000 after purchasing an additional 929,073 shares in the last quarter. Caxton Associates LLP bought a new position in shares of Warby Parker during the 1st quarter valued at $252,000. Finally, UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC grew its holdings in shares of Warby Parker by 17.6% during the 1st quarter. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC now owns 257,020 shares of the company’s stock valued at $4,685,000 after purchasing an additional 38,395 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 (NYSE: WRBY) is a U.S.-based eyewear company that designs, manufactures and sells prescription glasses, sunglasses and contact lenses through a direct-to-consumer model. Since its founding, the company has combined online and brick-and-mortar channels to streamline the customer experience, offering features such as virtual try-on technology and a home try-on program that allows consumers to sample frames before purchase.

Established in 2010 by Wharton graduates Neil Blumenthal, Dave Gilboa, Andrew Hunt and Jeffrey Raider, Warby Parker set out to disrupt the traditional optical market by controlling the entire supply chain—from frame design and lens production to warehousing and distribution.