Warby Parker (NYSE:WRBY) Stock Price Up 17.8% – Time to Buy?

Warby Parker Inc. (NYSE:WRBY) rose 17.8% during mid-day trading on Thursday . The stock traded as high as $25.00 and last traded at $25.65. Approximately 1,966,695 shares changed hands during mid-day trading, a decline of 39% from the average daily volume of 3,237,376 shares. The stock had previously closed at $21.77.

Wall Street Analysts Forecast Growth

Several brokerages recently issued reports on WRBY. Robert W. Baird set a $35.00 price target on shares of Warby Parker in a research report on Wednesday, December 17th. Piper Sandler raised their price objective on Warby Parker from $22.00 to $32.00 and gave the company an “overweight” rating in a report on Tuesday, December 16th. Weiss Ratings restated a “hold (c-)” rating on shares of Warby Parker in a research report on Monday, December 29th. Wall Street Zen downgraded shares of Warby Parker from a “buy” rating to a “hold” rating in a research note on Saturday, November 1st. Finally, Telsey Advisory Group restated an “outperform” rating and issued a $32.00 price objective on shares of Warby Parker in a report on Friday, February 20th. Eleven equities research analysts have rated the stock with a Buy rating and five have given a Hold rating to the stock. According to MarketBeat.com, the company has a consensus rating of “Moderate Buy” and an average price target of $27.83.

Warby Parker Price Performance

The stock has a market capitalization of $2.75 billion, a price-to-earnings ratio of 2,596.80 and a beta of 2.05. The business’s 50-day simple moving average is $25.11 and its two-hundred day simple moving average is $24.02.

Insiders Place Their Bets

In related news, CEO Neil Harris Blumenthal sold 50,000 shares of the stock in a transaction dated Wednesday, January 7th. The stock was sold at an average price of $27.08, for a total transaction of $1,354,000.00. Following the completion of the transaction, the chief executive officer directly owned 37,119 shares in the company, valued at approximately $1,005,182.52. This trade represents a 57.39% decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, Director Joel E. Cutler sold 19,932 shares of the firm’s stock in a transaction that occurred on Tuesday, December 16th. The shares were sold at an average price of $26.01, for a total value of $518,431.32. Following the completion of the sale, the director directly owned 20,000 shares of the company’s stock, valued at approximately $520,200. The trade was a 49.91% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. In the last three months, insiders sold 359,424 shares of company stock valued at $9,813,571. 18.24% of the stock is currently owned by insiders.

Hedge Funds Weigh In On Warby Parker

A number of hedge funds and other institutional investors have recently bought and sold shares of WRBY. Farther Finance Advisors LLC increased its position in shares of Warby Parker by 259.3% during the third quarter. Farther Finance Advisors LLC now owns 1,193 shares of the company’s stock valued at $33,000 after buying an additional 861 shares during the period. First Horizon Corp lifted its holdings in shares of Warby Parker by 96.7% during the fourth quarter. First Horizon Corp now owns 1,210 shares of the company’s stock valued at $26,000 after purchasing an additional 595 shares during the last quarter. Eagle Bay Advisors LLC purchased a new stake in shares of Warby Parker in the 4th quarter worth approximately $35,000. PNC Financial Services Group Inc. boosted its holdings in Warby Parker by 400.3% in the second quarter. PNC Financial Services Group Inc. now owns 1,601 shares of the company’s stock worth $35,000 after acquiring an additional 1,281 shares in the last quarter. Finally, Huntington National Bank boosted its holdings in Warby Parker by 111.0% in the second quarter. Huntington National Bank now owns 1,675 shares of the company’s stock worth $37,000 after purchasing an additional 881 shares during the last quarter. Hedge funds and other institutional investors own 93.24% of the company’s stock.

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.