Warby Parker (NYSE:WRBY) Stock Jumps 6.2% – Time to Buy?

Warby Parker Inc. (NYSE:WRBY)’s stock price was up 6.2% on Monday. The stock traded as high as $24.18 and last traded at $24.7810. 128,865 shares were traded during mid-day trading, a decline of 96% from the average session volume of 3,067,928 shares. The stock had previously closed at $23.34.

Wall Street Analysts Forecast Growth

Several analysts recently issued reports on the stock. Bank of America started coverage on shares of Warby Parker in a research report on Monday, June 29th. They set a “buy” rating and a $33.00 target price for the company. Citizens Jmp reduced their target price on shares of Warby Parker from $30.00 to $29.00 and set a “market outperform” rating for the company in a report on Friday, August 7th. BTIG Research reiterated a “buy” rating on shares of Warby Parker in a research report on Friday, August 14th. Deutsche Bank Aktiengesellschaft set a $29.00 price target on shares of Warby Parker in a research note on Thursday, September 17th. Finally, Citigroup restated a “market outperform” rating on shares of Warby Parker in a research note on Thursday, September 17th. Six research analysts have rated the stock with a Buy rating and four have issued a Hold rating to the company’s stock. According to data from MarketBeat, the company has an average rating of “Moderate Buy” and a consensus target price of $30.00.

Warby Parker Price Performance

The firm has a 50-day moving average of $25.32 and a 200-day moving average of $25.42. The stock has a market cap of $2.70 billion, a PE ratio of 355.14, a PEG ratio of 6.32 and a beta of 1.89.

Warby Parker (NYSE:WRBY) last posted its quarterly earnings results on Thursday, August 6th. The company reported $0.04 EPS for the quarter, missing analysts’ consensus estimates of $0.10 by ($0.06). Warby Parker had a return on equity of 3.36% and a net margin of 0.85%. The business had revenue of $235.51 million during the quarter, compared to analysts’ expectations of $237.98 million. During the same period in the prior year, the firm posted ($0.01) earnings per share. The firm’s revenue for the quarter was up 9.6% on a year-over-year basis. Equities analysts forecast that Warby Parker Inc. will post 0.14 EPS for the current fiscal year.

Insiders Place Their Bets

In other Warby Parker news, CEO Neil Blumenthal sold 100,000 shares of Warby Parker stock in a transaction on Thursday, October 1st. The shares were sold at an average price of $27.69, for a total value of $2,769,000.00. Following the sale, the chief executive officer directly owned 36,020 shares in the company, valued at approximately $997,393.80. The trade was a 73.52% decrease in their position. The sale was disclosed in a legal filing with the SEC, which is accessible through this link. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Insiders own 16.80% of the company’s stock.

Institutional Inflows and Outflows

Institutional investors have recently made changes to their positions in the company. Vaughan Nelson Investment Management L.P. increased its holdings in shares of Warby Parker by 31.3% in the first quarter. Vaughan Nelson Investment Management L.P. now owns 3,028,307 shares of the company’s stock worth $63,806,000 after purchasing an additional 722,627 shares during the last quarter. Dimensional Fund Advisors LP boosted its stake in Warby Parker by 10.7% during the first quarter. Dimensional Fund Advisors LP now owns 1,722,577 shares of the company’s stock valued at $36,291,000 after buying an additional 166,235 shares during the last quarter. Ranger Investment Management L.P. purchased a new position in Warby Parker during the 2nd quarter valued at approximately $30,949,000. Bank of America Corp DE grew its holdings in Warby Parker by 30.9% during the 1st quarter. Bank of America Corp DE now owns 1,377,646 shares of the company’s stock valued at $29,027,000 after buying an additional 325,250 shares in the last quarter. Finally, Atreides Management LP grew its holdings in Warby Parker by 74.8% during the 1st quarter. Atreides Management LP now owns 686,995 shares of the company’s stock valued at $14,475,000 after buying an additional 293,910 shares in the last quarter. Hedge funds and other institutional investors own 93.24% of the company’s stock.

About Warby Parker

Warby Parker Inc is an omnichannel eyewear company that designs, produces, and sells prescription eyeglasses, sunglasses, contact lenses, and related vision-care products. The company serves customers through its e-commerce platform, retail stores, and other direct-to-consumer channels, offering products under its Warby Parker brand.

Founded in 2010 by Neil Blumenthal, Dave Gilboa, Andrew Hunt, and Jeffrey Raider, Warby Parker began as an online eyewear retailer and later expanded its physical retail presence.