Warby Parker Inc. (NYSE:WRBY) Receives Consensus Recommendation of “Moderate Buy” from Brokerages

Warby Parker Inc. (NYSE:WRBY) has received a consensus recommendation of “Moderate Buy” from the seventeen ratings firms that are presently covering the firm, Marketbeat reports. Six investment analysts have rated the stock with a hold recommendation and eleven have assigned a buy recommendation to the company. The average 12-month price target among brokers that have issued a report on the stock in the last year is $27.3846.

A number of analysts have recently weighed in on WRBY shares. BTIG Research upped their price target on shares of Warby Parker from $25.00 to $32.00 and gave the stock a “buy” rating in a research note on Thursday, December 11th. Stifel Nicolaus upped their target price on Warby Parker from $19.00 to $25.00 and gave the stock a “hold” rating in a research report on Friday, December 12th. Wall Street Zen lowered Warby Parker from a “buy” rating to a “hold” rating in a research note on Saturday, November 1st. Robert W. Baird set a $35.00 price objective on Warby Parker in a research note on Wednesday, December 17th. Finally, Citizens Jmp upgraded Warby Parker from a “market perform” rating to an “outperform” rating and set a $30.00 price objective for the company in a report on Wednesday, December 10th.

Warby Parker Stock Up 5.3%

Shares of WRBY opened at $22.50 on Monday. The firm has a market capitalization of $2.38 billion, a PE ratio of 2,249.50 and a beta of 2.05. The firm has a 50-day moving average price of $25.74 and a 200 day moving average price of $24.09. Warby Parker has a 52-week low of $13.63 and a 52-week high of $31.00.

Insider Buying and Selling at Warby Parker

In related news, CEO Neil Harris Blumenthal sold 50,000 shares of the business’s stock in a transaction that occurred on Wednesday, January 7th. The shares were sold at an average price of $27.08, for a total value of $1,354,000.00. Following the sale, the chief executive officer directly owned 37,119 shares in the company, valued at $1,005,182.52. The trade was a 57.39% decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. Also, Director Joel E. Cutler sold 19,932 shares of the stock in a transaction that occurred on Tuesday, December 16th. The shares were sold at an average price of $26.01, for a total transaction of $518,431.32. Following the sale, the director directly owned 20,000 shares of the company’s stock, valued at approximately $520,200. This represents a 49.91% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. In the last three months, insiders sold 359,424 shares of company stock valued at $9,813,571. 18.24% of the stock is owned by insiders.

Hedge Funds Weigh In On Warby Parker

A number of hedge funds have recently modified their holdings of WRBY. Compass Wealth Management LLC acquired a new position in shares of Warby Parker in the third quarter worth $2,184,000. Impax Asset Management Group plc grew its stake in Warby Parker by 28.3% in the third quarter. Impax Asset Management Group plc now owns 385,000 shares of the company’s stock valued at $10,618,000 after purchasing an additional 85,000 shares in the last quarter. Ranger Investment Management L.P. acquired a new position in Warby Parker in the 2nd quarter worth about $22,198,000. New York State Common Retirement Fund raised its stake in shares of Warby Parker by 1,112.3% during the 2nd quarter. New York State Common Retirement Fund now owns 353,091 shares of the company’s stock worth $7,743,000 after purchasing an additional 323,965 shares in the last quarter. Finally, Atika Capital Management LLC purchased a new stake in shares of Warby Parker during the 2nd quarter worth about $982,000. 93.24% of the stock is currently owned by institutional investors and hedge funds.

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.