Warby Parker (NYSE:WRBY) Stock Price Up 16.8% After Analyst Upgrade

Shares of Warby Parker Inc. (NYSE:WRBY) traded up 16.8% during trading on Monday after Citizens Jmp raised their price target on the stock from $29.00 to $40.00. Citizens Jmp currently has a market outperform rating on the stock. Warby Parker traded as high as $29.08 and last traded at $29.7490. 835,710 shares changed hands during trading, a decline of 73% from the average daily volume of 3,127,260 shares. The stock had previously closed at $25.48.

Several other research analysts also recently weighed in on the stock. BTIG Research reaffirmed a “buy” rating on shares of Warby Parker in a research note on Tuesday, October 27th. Citigroup reiterated a “market outperform” rating on shares of Warby Parker in a report on Thursday, September 17th. Weiss Ratings downgraded shares of Warby Parker from a “hold (c-)” rating to a “sell (d+)” rating in a research report on Friday, October 23rd. TD Cowen initiated coverage on shares of Warby Parker in a report on Friday, October 30th. They issued a “strong-buy” rating on the stock. Finally, Roth Capital restated a “neutral” rating and issued a $28.00 target price on shares of Warby Parker in a report on Wednesday, August 5th. One investment analyst has rated the stock with a Strong Buy rating, seven have given a Buy rating, three have issued a Hold rating and one has assigned a Sell rating to the stock. Based on data from MarketBeat.com, the company currently has a consensus rating of “Moderate Buy” and an average target price of $31.42.

Insider Transactions at Warby Parker

In related news, CEO Neil Blumenthal sold 100,000 shares of the company’s stock in a transaction on Thursday, October 1st. The stock was sold at an average price of $27.69, for a total transaction of $2,769,000.00. Following the completion of the sale, the chief executive officer owned 36,020 shares in the company, valued at approximately $997,393.80. This represents a 73.52% decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which can be accessed through this link. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Company insiders own 16.80% of the company’s stock.

Hedge Funds Weigh In On Warby Parker

Hedge funds have recently bought and sold shares of the company. EverSource Wealth Advisors LLC grew its stake in shares of Warby Parker by 105.7% in the 1st quarter. EverSource Wealth Advisors LLC now owns 1,310 shares of the company’s stock worth $28,000 after acquiring an additional 673 shares in the last quarter. GAMMA Investing LLC raised its holdings in shares of Warby Parker by 53.7% in the third quarter. GAMMA Investing LLC now owns 1,339 shares of the company’s stock valued at $37,000 after purchasing an additional 468 shares during the last quarter. Parallel Advisors LLC raised its holdings in shares of Warby Parker by 110.7% in the first quarter. Parallel Advisors LLC now owns 1,837 shares of the company’s stock valued at $39,000 after purchasing an additional 965 shares during the last quarter. Essential Partners LLC lifted its position 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 valued at $54,000 after purchasing an additional 788 shares in the last quarter. Finally, Sterling Capital Management LLC lifted its position in shares of Warby Parker by 839.3% during the third quarter. Sterling Capital Management LLC now owns 3,419 shares of the company’s stock valued at $95,000 after purchasing an additional 3,055 shares in the last quarter. 93.24% of the stock is owned by hedge funds and other institutional investors.

Warby Parker Stock Up 16.5%

The company has a market capitalization of $3.21 billion, a P/E ratio of 494.80, a price-to-earnings-growth ratio of 8.34 and a beta of 1.95. The business’s 50-day moving average is $24.91 and its two-hundred day moving average is $25.12.

Warby Parker (NYSE:WRBY) last issued its quarterly earnings data on Thursday, November 5th. The company reported $0.04 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $0.09 by ($0.05). The firm had revenue of $244.74 million during the quarter, compared to the consensus estimate of $244.92 million. Warby Parker had a return on equity of 3.36% and a net margin of 0.80%. The company’s revenue for the quarter was up 10.4% on a year-over-year basis. During the same period in the previous year, the company posted $0.05 earnings per share. Analysts predict that Warby Parker Inc. will post 0.12 EPS for the current year.

Warby Parker Company Profile

Warby Parker Inc is an eyewear company that sells prescription glasses, sunglasses, and contact lenses through its website and retail stores. It also offers vision-related services, including eye exams at select locations.

Founded in 2010, the company helped popularize a direct-to-consumer model for eyewear and has since expanded its network of stores. Warby Parker serves customers primarily in the United States and Canada.

The company was co-founded by Neil Blumenthal, Dave Gilboa, Andrew Hunt, and Jeffrey Raider.