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

Shares of Warby Parker Inc. (NYSE:WRBY) have been assigned an average recommendation of “Moderate Buy” from the fifteen research firms that are covering the firm, MarketBeat Ratings reports. Five analysts have rated the stock with a hold rating and ten have issued a buy rating on the company. The average 12 month price target among brokerages that have covered the stock in the last year is $29.8182.

Several equities research analysts have weighed in on the stock. Weiss Ratings upgraded shares of Warby Parker from a “sell (d)” rating to a “hold (c-)” rating in a report on Monday, May 11th. Piper Sandler reissued an “overweight” rating on shares of Warby Parker in a report on Tuesday, May 19th. Citigroup reissued a “market outperform” rating on shares of Warby Parker in a report on Friday, May 22nd. UBS Group raised their price objective on Warby Parker from $25.00 to $27.00 and gave the stock a “neutral” rating in a research note on Friday, May 8th. Finally, Bank of America assumed coverage on Warby Parker in a research note on Monday, June 29th. They set a “buy” rating and a $33.00 price objective on the stock.

Warby Parker Price Performance

Shares of WRBY stock opened at $27.92 on Thursday. The stock has a market cap of $2.99 billion, a PE ratio of 1,396.50, a price-to-earnings-growth ratio of 5.52 and a beta of 1.91. The stock has a 50-day moving average of $26.76 and a 200-day moving average of $25.01. Warby Parker has a one year low of $14.96 and a one year high of $31.00.

Warby Parker (NYSE:WRBY) last released its quarterly earnings data on Thursday, May 7th. The company reported $0.03 earnings per share for the quarter, missing the consensus estimate of $0.11 by ($0.08). The firm had revenue of $242.45 million for the quarter, compared to the consensus estimate of $239.44 million. Warby Parker had a return on equity of 2.30% and a net margin of 0.15%.The firm’s revenue was up 8.4% compared to the same quarter last year. During the same period in the previous year, the business earned $0.03 EPS. As a group, research analysts anticipate that Warby Parker will post 0.19 earnings per share for the current year.

Insiders Place Their Bets

In other news, CEO Neil Harris Blumenthal sold 9,200 shares of the firm’s stock in a transaction dated Monday, July 6th. The stock was sold at an average price of $29.99, for a total transaction of $275,908.00. Following the sale, the chief executive officer owned 31,112 shares of the company’s stock, valued at $933,048.88. This trade represents a 22.82% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is available through this hyperlink. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, Director Youngme E. Moon sold 10,000 shares of Warby Parker stock in a transaction dated Friday, June 12th. The shares were sold at an average price of $26.53, for a total value of $265,300.00. Following the transaction, the director owned 26,061 shares in the company, valued at $691,398.33. This trade represents a 27.73% decrease in their position. The disclosure for this sale is available in the SEC filing. Insiders have sold 463,862 shares of company stock valued at $13,225,039 over the last ninety days. 16.80% of the stock is owned by insiders.

Institutional Trading of Warby Parker

Several hedge funds have recently bought and sold shares of the stock. Handelsbanken Fonder AB lifted its stake in Warby Parker by 29.3% in the second quarter. Handelsbanken Fonder AB now owns 41,431 shares of the company’s stock valued at $1,257,000 after buying an additional 9,400 shares in the last quarter. FNY Investment Advisers LLC increased its position in shares of Warby Parker by 50.2% during the second quarter. FNY Investment Advisers LLC now owns 9,949 shares of the company’s stock worth $301,000 after acquiring an additional 3,325 shares in the last quarter. Parallel Advisors LLC raised its holdings in shares of Warby Parker by 110.7% during the first 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 raised its holdings in shares of Warby Parker by 44.2% during the first quarter. Essential Partners LLC now owns 2,570 shares of the company’s stock worth $54,000 after acquiring an additional 788 shares during the period. Finally, Bank of America Corp DE raised its holdings in shares of Warby Parker by 30.9% during the first quarter. Bank of America Corp DE now owns 1,377,646 shares of the company’s stock worth $29,027,000 after acquiring an additional 325,250 shares during the period. 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.