BTIG Research Increases Warby Parker (NYSE:WRBY) Price Target to $20.00

Warby Parker (NYSE:WRBY) had its price target hoisted by BTIG Research from $18.00 to $20.00 in a research report issued on Friday, Benzinga reports. The firm presently has a “buy” rating on the stock. BTIG Research’s price objective points to a potential upside of 14.22% from the company’s previous close.

Several other brokerages have also issued reports on WRBY. JMP Securities upgraded shares of Warby Parker from a “market perform” rating to an “outperform” rating and set a $20.00 target price for the company in a research report on Friday, August 23rd. Piper Sandler started coverage on shares of Warby Parker in a report on Friday, August 23rd. They set an “overweight” rating and a $18.00 price objective for the company. Loop Capital increased their target price on Warby Parker from $15.00 to $16.00 and gave the company a “hold” rating in a research note on Wednesday, July 10th. The Goldman Sachs Group upgraded Warby Parker from a “neutral” rating to a “buy” rating and raised their price target for the company from $15.00 to $18.00 in a research report on Monday, October 21st. Finally, Telsey Advisory Group reiterated an “outperform” rating and issued a $19.00 price objective on shares of Warby Parker in a report on Thursday. Four investment analysts have rated the stock with a hold rating and six have issued a buy rating to the stock. According to MarketBeat, Warby Parker has a consensus rating of “Moderate Buy” and an average target price of $17.30.

Warby Parker Stock Up 3.4 %

Shares of WRBY stock traded up $0.58 on Friday, reaching $17.51. The company’s stock had a trading volume of 659,751 shares, compared to its average volume of 1,386,565. The company has a market capitalization of $1.76 billion, a P/E ratio of -45.10 and a beta of 1.82. Warby Parker has a 12-month low of $9.83 and a 12-month high of $18.37. The stock’s 50 day simple moving average is $15.47 and its 200-day simple moving average is $15.28.

Warby Parker (NYSE:WRBY) last released its quarterly earnings results on Thursday, August 8th. The company reported ($0.03) earnings per share for the quarter, beating the consensus estimate of ($0.04) by $0.01. The firm had revenue of $188.22 million for the quarter, compared to analysts’ expectations of $186.89 million. Warby Parker had a negative return on equity of 11.09% and a negative net margin of 6.38%. Research analysts expect that Warby Parker will post -0.04 EPS for the current year.

Insider Activity

In related news, CFO Steven Clive Miller sold 6,763 shares of the firm’s stock in a transaction that occurred on Wednesday, September 11th. The stock was sold at an average price of $13.90, for a total transaction of $94,005.70. Following the transaction, the chief financial officer now directly owns 177,488 shares in the company, valued at $2,467,083.20. This trade represents a 0.00 % decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. In other news, Director Bradley E. Singer purchased 50,000 shares of the stock in a transaction that occurred on Tuesday, August 13th. The stock was bought at an average cost of $13.00 per share, for a total transaction of $650,000.00. Following the acquisition, the director now directly owns 100,000 shares of the company’s stock, valued at $1,300,000. This represents a 100.00 % increase in their position. The purchase was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this link. Also, CFO Steven Clive Miller sold 6,763 shares of the firm’s stock in a transaction on Wednesday, September 11th. The stock was sold at an average price of $13.90, for a total transaction of $94,005.70. Following the completion of the sale, the chief financial officer now directly owns 177,488 shares in the company, valued at approximately $2,467,083.20. This trade represents a 0.00 % decrease in their position. The disclosure for this sale can be found here. In the last quarter, insiders sold 99,178 shares of company stock valued at $1,339,901. Insiders own 26.55% of the company’s stock.

Institutional Trading of Warby Parker

Institutional investors have recently modified their holdings of the company. Vanguard Group Inc. raised its position in Warby Parker by 7.7% during the 4th quarter. Vanguard Group Inc. now owns 8,457,986 shares of the company’s stock valued at $119,258,000 after purchasing an additional 607,352 shares during the last quarter. Principal Financial Group Inc. purchased a new stake in Warby Parker in the first quarter worth $158,000. Janney Montgomery Scott LLC lifted its stake in Warby Parker by 302.0% in the first quarter. Janney Montgomery Scott LLC now owns 48,245 shares of the company’s stock worth $657,000 after acquiring an additional 36,245 shares during the period. Jennison Associates LLC boosted its holdings in Warby Parker by 17.2% in the first quarter. Jennison Associates LLC now owns 1,000,138 shares of the company’s stock valued at $13,612,000 after acquiring an additional 146,697 shares in the last quarter. Finally, Sciencast Management LP purchased a new position in Warby Parker during the 1st quarter valued at $145,000. 93.24% of the stock is currently owned by hedge funds and other institutional investors.

About Warby Parker

Warby Parker Inc provides eyewear products in the United States and Canada. The company offers eyeglasses, sunglasses, light-responsive lenses, blue-light-filtering lenses, non-prescription lenses, and contact lenses. It also provides accessories, such as cases, lenses kit with anti-fog spray, pouches, and anti-fog lens spray through its retail stores, website, and mobile apps.