Warby Parker Inc. (NYSE:WRBY) Receives $30.18 Average PT from Analysts

Warby Parker Inc. (NYSE:WRBY) has been assigned a consensus rating of “Moderate Buy” from the twelve analysts that are presently covering the stock, Marketbeat Ratings reports. Five equities research analysts have rated the stock with a hold rating and seven have given a buy rating to the company. The average twelve-month target price among analysts that have covered the stock in the last year is $30.1818.

WRBY has been the topic of a number of research reports. Telsey Advisory Group boosted their target price on shares of Warby Parker from $32.00 to $33.00 and gave the company an “outperform” rating in a report on Friday, May 8th. Citigroup reiterated a “market outperform” rating on shares of Warby Parker in a research note on Friday, May 22nd. Bank of America assumed coverage on shares of Warby Parker in a research report on Monday, June 29th. They set a “buy” rating and a $33.00 price target for the company. Citizens Jmp cut their price objective on shares of Warby Parker from $30.00 to $29.00 and set a “market outperform” rating on the stock in a report on Friday, August 7th. Finally, Piper Sandler reiterated an “overweight” rating on shares of Warby Parker in a report on Tuesday, May 19th.

Warby Parker Stock Up 1.4%

Shares of WRBY stock opened at $25.40 on Monday. The stock has a market cap of $2.75 billion, a price-to-earnings ratio of 362.86, a PEG ratio of 5.32 and a beta of 1.92. The business’s fifty day moving average is $26.70 and its 200 day moving average is $25.06. Warby Parker has a twelve month low of $14.96 and a twelve month high of $31.00.

Insider Buying and Selling

In related news, Director Teresa Briggs sold 5,000 shares of the firm’s stock in a transaction that occurred on Tuesday, June 16th. The stock was sold at an average price of $25.94, for a total transaction of $129,700.00. Following the completion of the transaction, the director owned 48,883 shares of the company’s stock, valued at $1,268,025.02. This trade represents a 9.28% decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at this hyperlink. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, Director Youngme E. Moon sold 10,000 shares of Warby Parker stock in a transaction on Friday, June 12th. The shares were sold at an average price of $26.53, for a total value of $265,300.00. Following the transaction, the director owned 26,061 shares of the company’s stock, valued at $691,398.33. The trade was a 27.73% decrease in their position. The SEC filing for this sale provides additional information. Insiders have sold 341,207 shares of company stock worth $10,099,571 in the last 90 days. Insiders own 16.80% of the company’s stock.

Hedge Funds Weigh In On Warby Parker

Several large investors have recently modified their holdings of WRBY. JPMorgan Chase & Co. grew its position in Warby Parker by 32.5% during the 4th quarter. JPMorgan Chase & Co. now owns 9,679,067 shares of the company’s stock valued at $210,907,000 after purchasing an additional 2,375,726 shares during the last quarter. Vaughan Nelson Investment Management L.P. increased its stake 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 in the last quarter. Bank of New York Mellon Corp raised its holdings in Warby Parker by 17.2% in the fourth quarter. Bank of New York Mellon Corp now owns 2,594,171 shares of the company’s stock worth $56,527,000 after buying an additional 381,071 shares during the last quarter. State Street Corp raised its holdings in Warby Parker by 9.2% in the fourth quarter. State Street Corp now owns 2,408,610 shares of the company’s stock worth $52,484,000 after buying an additional 202,029 shares during the last quarter. Finally, Geode Capital Management LLC lifted its stake in shares of Warby Parker by 0.5% in the fourth quarter. Geode Capital Management LLC now owns 2,297,123 shares of the company’s stock worth $50,064,000 after buying an additional 11,736 shares in 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.