Analysts Set Warby Parker Inc. (NYSE:WRBY) Target Price at $30.18

by · The Cerbat Gem

Warby Parker Inc. (NYSE:WRBY – Get Free Report) has earned an average recommendation of “Moderate Buy” from the eleven ratings firms that are presently covering the firm, Marketbeat Ratings reports. Four research analysts have rated the stock with a hold recommendation and seven have given a buy recommendation to the company. The average 1 year price objective among brokers that have covered the stock in the last year is $30.1818.

WRBY has been the subject of a number of research reports. Piper Sandler reissued an “overweight” rating on shares of Warby Parker in a research report on Tuesday, May 19th. Citizens Jmp reduced their price objective on Warby Parker from $30.00 to $29.00 and set a “market outperform” rating on the stock in a research note on Friday, August 7th. Weiss Ratings reaffirmed a “hold (c-)” rating on shares of Warby Parker in a research note on Friday, August 7th. Citigroup reiterated a “market outperform” rating on shares of Warby Parker in a report on Friday, May 22nd. Finally, 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 target price for the company.

Get Our Latest Research Report on Warby Parker

Insiders Place Their Bets

In other news, Director Teresa Briggs sold 5,000 shares of the firm’s stock in a transaction on Tuesday, June 16th. The shares were sold at an average price of $25.94, for a total value of $129,700.00. Following the transaction, the director owned 48,883 shares of the company’s stock, valued at approximately $1,268,025.02. This trade represents a 9.28% decrease in their position. The sale was disclosed in a legal filing with the SEC, which is available at this link. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, CEO Neil Blumenthal sold 9,200 shares of Warby Parker stock in a transaction on Monday, July 6th. The shares were sold at an average price of $29.99, for a total transaction of $275,908.00. Following the transaction, the chief executive officer owned 31,112 shares in the company, valued at $933,048.88. The trade was a 22.82% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Insiders sold a total of 278,167 shares of company stock worth $8,206,480 over the last ninety days. 16.80% of the stock is owned by company insiders.

Institutional Investors Weigh In On Warby Parker

Several institutional investors and hedge funds have recently modified their holdings of WRBY. EverSource Wealth Advisors LLC raised its holdings in shares of Warby Parker by 105.7% during the 1st quarter. EverSource Wealth Advisors LLC now owns 1,310 shares of the company’s stock valued at $28,000 after buying an additional 673 shares during the period. Farther Finance Advisors LLC boosted its holdings in Warby Parker by 41.4% in the 4th quarter. Farther Finance Advisors LLC now owns 1,687 shares of the company’s stock worth $37,000 after acquiring an additional 494 shares during the period. Parallel Advisors LLC boosted its holdings in Warby Parker by 110.7% in the 1st 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 period. Essential Partners LLC grew its position in Warby Parker by 44.2% in the first quarter. Essential Partners LLC now owns 2,570 shares of the company’s stock valued at $54,000 after acquiring an additional 788 shares in the last quarter. Finally, Covestor Ltd raised its stake in shares of Warby Parker by 5,795.3% during the fourth quarter. Covestor Ltd now owns 2,535 shares of the company’s stock valued at $55,000 after purchasing an additional 2,492 shares during the period. Hedge funds and other institutional investors own 93.24% of the company’s stock.

Warby Parker Stock Down 0.2%

Shares of WRBY opened at $24.31 on Friday. Warby Parker has a fifty-two week low of $14.96 and a fifty-two week high of $31.00. The company’s fifty day moving average is $26.68 and its two-hundred day moving average is $25.15. The firm has a market cap of $2.63 billion, a PE ratio of 347.29, a price-to-earnings-growth ratio of 6.60 and a beta of 1.91.

Warby Parker (NYSE:WRBY – Get Free Report) last released 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 firm 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 previous year, the company earned ($0.01) earnings per share. As a group, equities research analysts anticipate that Warby Parker will post 0.14 earnings per share for the current year.

About Warby Parker

(Get Free Report)

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.

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