Warby Parker (NYSE:WRBY) Stock Price Expected to Rise, BTIG Research Analyst Says

Warby Parker (NYSE:WRBY) had its price target raised by equities research analysts at BTIG Research from $25.00 to $32.00 in a report released on Thursday, Marketbeat Ratings reports. The firm currently has a “buy” rating on the stock. BTIG Research’s price objective would suggest a potential upside of 16.80% from the company’s current price.

A number of other brokerages have also recently issued reports on WRBY. Wall Street Zen cut Warby Parker from a “buy” rating to a “hold” rating in a report on Saturday, November 1st. The Goldman Sachs Group lifted their price objective on shares of Warby Parker from $27.00 to $31.00 and gave the company a “buy” rating in a research note on Monday, October 6th. Citigroup raised shares of Warby Parker from a “hold” rating to an “outperform” rating in a report on Wednesday. Citizens Jmp upgraded shares of Warby Parker from a “market perform” rating to an “outperform” rating and set a $30.00 target price for the company in a research note on Wednesday. Finally, Weiss Ratings reissued a “hold (c-)” rating on shares of Warby Parker in a report on Monday. Eleven analysts have rated the stock with a Buy rating and eight have issued a Hold rating to the company’s stock. Based on data from MarketBeat, the company currently has an average rating of “Moderate Buy” and an average price target of $25.50.

Warby Parker Price Performance

Shares of WRBY opened at $27.40 on Thursday. The stock has a fifty day moving average price of $20.58 and a 200 day moving average price of $23.01. The company has a market cap of $2.90 billion, a P/E ratio of 2,739.70 and a beta of 2.06. Warby Parker has a 12 month low of $13.63 and a 12 month high of $31.00.

Warby Parker (NYSE:WRBY) last posted its earnings results on Thursday, November 6th. The company reported $0.06 EPS for the quarter, missing the consensus estimate of $0.09 by ($0.03). The business had revenue of $221.68 million during the quarter, compared to analyst estimates of $224.49 million. Warby Parker had a net margin of 0.08% and a return on equity of 1.96%. The firm’s revenue was up 15.2% compared to the same quarter last year. During the same quarter in the prior year, the business earned ($0.03) earnings per share. As a group, research analysts anticipate that Warby Parker will post -0.12 earnings per share for the current year.

Insider Buying and Selling

In other Warby Parker news, CEO Neil Harris Blumenthal sold 8,416 shares of the stock in a transaction dated Thursday, September 18th. The stock was sold at an average price of $27.52, for a total transaction of $231,608.32. Following the completion of the transaction, the chief executive officer owned 32,733 shares in the company, valued at approximately $900,812.16. This represents a 20.45% decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Corporate insiders own 18.24% of the company’s stock.

Institutional Investors Weigh In On Warby Parker

Institutional investors have recently made changes to their positions in the company. Farther Finance Advisors LLC lifted its holdings in shares of Warby Parker by 259.3% during the third quarter. Farther Finance Advisors LLC now owns 1,193 shares of the company’s stock worth $33,000 after buying an additional 861 shares in the last quarter. PNC Financial Services Group Inc. increased its holdings in Warby Parker by 400.3% in the 2nd quarter. PNC Financial Services Group Inc. now owns 1,601 shares of the company’s stock worth $35,000 after purchasing an additional 1,281 shares in the last quarter. Huntington National Bank boosted its position in Warby Parker by 111.0% during the 2nd quarter. Huntington National Bank now owns 1,675 shares of the company’s stock worth $37,000 after buying an additional 881 shares during the period. Caitong International Asset Management Co. Ltd acquired a new stake in Warby Parker in the first quarter valued at $58,000. Finally, NewEdge Advisors LLC lifted its stake in shares of Warby Parker by 56.7% in the third quarter. NewEdge Advisors LLC now owns 2,350 shares of the company’s stock worth $65,000 after acquiring an additional 850 shares during the period. Institutional investors own 93.24% of the company’s stock.

Warby Parker Company Profile

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.