Warby Parker (NYSE:WRBY) Trading 4.8% Higher – Still a Buy?

Warby Parker Inc. (NYSE:WRBY)’s share price rose 4.8% on Thursday . The stock traded as high as $23.92 and last traded at $24.4610. 712,365 shares were traded during mid-day trading, a decline of 77% from the average session volume of 3,032,560 shares. The stock had previously closed at $23.35.

Analysts Set New Price Targets

WRBY has been the topic of a number of research analyst reports. Citigroup restated a “market outperform” rating on shares of Warby Parker in a report on Thursday, September 17th. Weiss Ratings reiterated a “hold (c-)” rating on shares of Warby Parker in a report on Friday, August 7th. UBS Group lifted their price target on Warby Parker from $27.00 to $28.00 and gave the company a “neutral” rating in a research note on Friday, August 7th. Roth Capital restated a “neutral” rating and issued a $28.00 price target on shares of Warby Parker in a report on Wednesday, August 5th. Finally, Bank of America assumed coverage on Warby Parker in a research report on Monday, June 29th. They set a “buy” rating and a $33.00 price objective for the company. Seven investment analysts have rated the stock with a Buy rating and four have assigned a Hold rating to the stock. According to MarketBeat, Warby Parker currently has a consensus rating of “Moderate Buy” and an average price target of $30.08.

Warby Parker Price Performance

The business’s 50-day moving average is $25.45 and its two-hundred day moving average is $25.13. The firm has a market cap of $2.82 billion, a P/E ratio of 373.44, a P/E/G ratio of 6.22 and a beta of 1.91.

Warby Parker (NYSE:WRBY) last posted its quarterly earnings data on Thursday, August 6th. The company reported $0.04 EPS for the quarter, missing analysts’ consensus estimates of $0.10 by ($0.06). The business had revenue of $235.51 million for the quarter, compared to analyst estimates of $237.98 million. Warby Parker had a return on equity of 3.36% and a net margin of 0.85%.The company’s quarterly revenue was up 9.6% on a year-over-year basis. During the same quarter in the prior year, the company earned ($0.01) earnings per share. Equities research analysts predict that Warby Parker Inc. will post 0.14 EPS for the current year.

Insider Buying and Selling at Warby Parker

In related news, CEO Neil Blumenthal sold 217,667 shares of the firm’s stock in a transaction on Wednesday, July 1st. The shares were sold at an average price of $29.61, for a total value of $6,445,119.87. Following the completion of the transaction, the chief executive officer directly owned 31,112 shares of the company’s stock, valued at approximately $921,226.32. This trade represents a 87.49% decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through the SEC website. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Insiders have sold 263,167 shares of company stock valued at $7,811,480 over the last three months. 16.80% of the stock is currently owned by company insiders.

Institutional Investors Weigh In On Warby Parker

A number of institutional investors and hedge funds have recently modified their holdings of WRBY. Ranger Investment Management L.P. acquired a new stake in shares of Warby Parker in the second quarter valued at approximately $30,949,000. Vaughan Nelson Investment Management L.P. lifted its holdings in Warby Parker by 31.3% during the 1st quarter. Vaughan Nelson Investment Management L.P. now owns 3,028,307 shares of the company’s stock valued at $63,806,000 after purchasing an additional 722,627 shares during the last quarter. Atreides Management LP acquired a new stake in Warby Parker during the 4th quarter valued at $8,565,000. Senator Investment Group LP bought a new position in Warby Parker during the fourth quarter worth $8,218,000. Finally, Bank of America Corp DE boosted its position in Warby Parker by 30.9% during the first quarter. Bank of America Corp DE now owns 1,377,646 shares of the company’s stock worth $29,027,000 after purchasing an additional 325,250 shares during the period. 93.24% of the stock is owned by institutional investors.

About Warby Parker

Warby Parker Inc is an eyewear company that designs, manufactures and sells prescription glasses, sunglasses and contact lenses. The company serves customers through its website, mobile channels and a network of retail stores, offering products under its Warby Parker brand.

Warby Parker provides eye-care services in addition to eyewear, including in-store eye exams and digital tools such as virtual vision testing, where available. Its retail and online experience is designed to combine prescription fulfillment with access to eye-care professionals and personalized eyewear recommendations.

Founded in 2010 by Neil Blumenthal, Dave Gilboa, Andrew Hunt and Jeffrey Raider, Warby Parker initially became known for its direct-to-consumer model and home try-on program.