Warby Parker (NYSE:WRBY) Trading Up 9.7% – What’s Next?
by Tristan Rich · The Markets DailyWarby Parker Inc. (NYSE:WRBY – Get Free Report) shares were up 9.7% during trading on Tuesday . The stock traded as high as $23.39 and last traded at $23.3450. Approximately 1,783,674 shares changed hands during trading, a decline of 43% from the average daily volume of 3,155,958 shares. The stock had previously closed at $21.28.
Wall Street Analysts Forecast Growth
Several research analysts have commented on WRBY shares. Piper Sandler lifted their target price on Warby Parker from $22.00 to $32.00 and gave the stock an “overweight” rating in a report on Tuesday, December 16th. UBS Group reaffirmed a “neutral” rating and set a $20.00 target price on shares of Warby Parker in a report on Wednesday, February 25th. Weiss Ratings downgraded Warby Parker from a “hold (c-)” rating to a “sell (d)” rating in a report on Monday, March 2nd. Telsey Advisory Group reaffirmed an “outperform” rating and set a $32.00 target price on shares of Warby Parker in a report on Friday, February 20th. Finally, Robert W. Baird set a $35.00 target price on Warby Parker in a report on Wednesday, December 17th. Ten equities research analysts have rated the stock with a Buy rating, five have assigned a Hold rating and one has given a Sell rating to the company’s stock. According to data from MarketBeat, the stock presently has an average rating of “Moderate Buy” and an average target price of $28.00.
Get Our Latest Research Report on WRBY
Warby Parker Stock Performance
The company has a market capitalization of $2.48 billion, a price-to-earnings ratio of 1,165.98 and a beta of 2.07. The business has a 50 day moving average price of $23.26 and a 200-day moving average price of $23.21.
Insider Activity
In other news, Director Bradley E. Singer sold 15,793 shares of the business’s stock in a transaction dated Wednesday, March 4th. The stock was sold at an average price of $27.53, for a total value of $434,781.29. Following the transaction, the director directly owned 16,026 shares of the company’s stock, valued at $441,195.78. The trade was a 49.63% decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. 18.24% of the stock is owned by corporate insiders.
Institutional Trading of Warby Parker
Hedge funds and other institutional investors have recently added to or reduced their stakes in the stock. Compass Wealth Management LLC bought a new stake in Warby Parker during the 3rd quarter worth approximately $2,184,000. Impax Asset Management Group plc increased its holdings in Warby Parker by 28.3% during the 3rd quarter. Impax Asset Management Group plc now owns 385,000 shares of the company’s stock worth $10,618,000 after purchasing an additional 85,000 shares in the last quarter. JPMorgan Chase & Co. increased its holdings in Warby Parker by 40.9% during the 3rd quarter. JPMorgan Chase & Co. now owns 7,303,341 shares of the company’s stock worth $201,426,000 after purchasing an additional 2,120,768 shares in the last quarter. Udine Wealth Management Inc. bought a new stake in Warby Parker during the 4th quarter worth approximately $1,284,000. Finally, Kingdon Capital Management L.L.C. bought a new position in shares of Warby Parker in the third quarter valued at approximately $9,653,000. 93.24% of the stock is owned by institutional investors.
Warby Parker Company Profile
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.