TD Cowen Initiates Coverage on Warby Parker (NYSE:WRBY)

Stock analysts at TD Cowen started coverage on shares of Warby Parker (NYSE:WRBY) in a research note issued on Friday, Zacks reports. The brokerage set a “strong-buy” rating on the stock.

WRBY has been the subject of several other reports. Citigroup reissued a “market outperform” rating on shares of Warby Parker in a report on Thursday, September 17th. BTIG Research reaffirmed a “buy” rating on shares of Warby Parker in a research report on Tuesday. Roth Capital reiterated a “neutral” rating and issued a $28.00 price objective on shares of Warby Parker in a research note on Wednesday, August 5th. UBS Group boosted their price objective on Warby Parker from $27.00 to $28.00 and gave the company a “neutral” rating in a research note on Friday, August 7th. Finally, Citizens Jmp decreased their price objective on Warby Parker from $30.00 to $29.00 and set a “market outperform” rating for the company in a report on Friday, August 7th. One equities research analyst has rated the stock with a Strong Buy rating, six have issued a Buy rating, three have given a Hold rating and one has issued a Sell rating to the company. According to MarketBeat, the company presently has an average rating of “Moderate Buy” and an average target price of $30.00.

Warby Parker Price Performance

Shares of WRBY opened at $24.65 on Friday. Warby Parker has a 1-year low of $14.96 and a 1-year high of $31.00. The stock has a market cap of $2.67 billion, a PE ratio of 352.14, a price-to-earnings-growth ratio of 6.66 and a beta of 1.89. The firm has a fifty day moving average price of $25.15 and a 200 day moving average price of $25.23.

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

Insider Activity

In related news, CEO Neil Blumenthal sold 100,000 shares of the business’s stock in a transaction dated Thursday, October 1st. The stock was sold at an average price of $27.69, for a total value of $2,769,000.00. Following the transaction, the chief executive officer owned 36,020 shares in the company, valued at $997,393.80. The trade was a 73.52% decrease in their position. The sale was disclosed in a legal filing with the SEC, which is available at the SEC website. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. 16.80% of the stock is currently owned by corporate insiders.

Institutional Trading of Warby Parker

A number of hedge funds have recently added to or reduced their stakes in WRBY. Pinnacle Associates Ltd. grew its position in shares of Warby Parker by 1.4% during the 3rd quarter. Pinnacle Associates Ltd. now owns 27,679 shares of the company’s stock valued at $769,000 after buying an additional 393 shares during the last quarter. GAMMA Investing LLC raised its stake in Warby Parker by 53.7% during the third quarter. GAMMA Investing LLC now owns 1,339 shares of the company’s stock worth $37,000 after acquiring an additional 468 shares during the period. EverSource Wealth Advisors LLC lifted its holdings in Warby Parker by 105.7% in the first quarter. EverSource Wealth Advisors LLC now owns 1,310 shares of the company’s stock worth $28,000 after acquiring an additional 673 shares during the last quarter. Essential Partners LLC lifted its holdings in Warby Parker by 44.2% in the first quarter. Essential Partners LLC now owns 2,570 shares of the company’s stock worth $54,000 after acquiring an additional 788 shares during the last quarter. Finally, Parallel Advisors LLC lifted its holdings in Warby Parker by 110.7% in the first quarter. Parallel Advisors LLC now owns 1,837 shares of the company’s stock worth $39,000 after acquiring an additional 965 shares during the last quarter. 93.24% of the stock is owned by institutional investors and hedge funds.

Warby Parker Company Profile

Warby Parker Inc is an optical retailer that designs, manufactures and sells prescription eyeglasses, sunglasses, contact lenses and related accessories. The company offers its products through its website, mobile applications and a growing network of retail stores, combining online shopping with in-person services such as frame fitting and eye examinations.

Founded in 2010 by Neil Blumenthal, Dave Gilboa, Andrew Hunt and Jeffrey Raider, Warby Parker was established as a direct-to-consumer eyewear company.