Warby Parker (NYSE:WRBY) Receives Outperform Rating from Telsey Advisory Group

Telsey Advisory Group reaffirmed their outperform rating on shares of Warby Parker (NYSE:WRBY) in a research note issued to investors on Friday,Benzinga reports. Telsey Advisory Group currently has a $32.00 price target on the stock.

Other equities analysts have also issued research reports about the company. UBS Group reduced their target price on Warby Parker from $23.00 to $20.00 and set a “neutral” rating for the company in a research note on Friday, November 7th. Weiss Ratings reiterated a “hold (c-)” rating on shares of Warby Parker in a research report on Monday, December 29th. BTIG Research raised their price target on shares of Warby Parker from $25.00 to $32.00 and gave the stock a “buy” rating in a research report on Thursday, December 11th. Stifel Nicolaus upped their price objective on shares of Warby Parker from $19.00 to $25.00 and gave the company a “hold” rating in a report on Friday, December 12th. Finally, Piper Sandler increased their price objective on shares of Warby Parker from $22.00 to $32.00 and gave the stock an “overweight” rating in a research note on Tuesday, December 16th. Eleven research analysts have rated the stock with a Buy rating and five have given a Hold rating to the company. Based on data from MarketBeat, the stock presently has an average rating of “Moderate Buy” and a consensus price target of $27.83.

Warby Parker Trading Up 1.7%

Shares of Warby Parker stock opened at $23.71 on Friday. The firm’s 50 day simple moving average is $25.39 and its two-hundred day simple moving average is $24.05. The firm has a market capitalization of $2.51 billion, a price-to-earnings ratio of 2,370.70 and a beta of 2.05. Warby Parker has a 12-month low of $13.63 and a 12-month high of $31.00.

Insider Activity at Warby Parker

In related news, Director Youngme E. Moon sold 38,832 shares of the stock in a transaction on Thursday, December 11th. The shares were sold at an average price of $29.07, for a total transaction of $1,128,846.24. Following the sale, the director directly owned 27,057 shares of the company’s stock, valued at approximately $786,546.99. This represents a 58.94% decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is available at this hyperlink. Also, Director Joel E. Cutler sold 19,932 shares of Warby Parker stock in a transaction 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 completion of the transaction, the director directly owned 20,000 shares of the company’s stock, valued at $520,200. The trade was a 49.91% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. Insiders sold a total of 359,424 shares of company stock worth $9,813,571 in the last three months. Company insiders own 18.24% of the company’s stock.

Hedge Funds Weigh In On Warby Parker

A number of hedge funds have recently bought and sold shares of WRBY. JPMorgan Chase & Co. increased its position in shares of Warby Parker by 987.8% in the second quarter. JPMorgan Chase & Co. now owns 5,182,573 shares of the company’s stock valued at $113,654,000 after buying an additional 4,706,148 shares in the last quarter. Fuller & Thaler Asset Management Inc. purchased a new position in shares of Warby Parker during the 4th quarter valued at approximately $46,484,000. SRS Investment Management LLC acquired a new stake in Warby Parker in the 4th quarter valued at $31,277,000. Artisan Partners Limited Partnership purchased a new stake in Warby Parker in the 2nd quarter worth $27,589,000. Finally, Ranger Investment Management L.P. acquired a new position in Warby Parker during the second quarter worth $22,198,000. Hedge funds and other institutional investors own 93.24% of the company’s stock.

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.