Warby Parker (NYSE:WRBY) Price Target Raised to $24.00

Warby Parker (NYSE:WRBY) had its target price boosted by Citigroup from $18.00 to $24.00 in a research report released on Tuesday,Benzinga reports. They currently have a neutral rating on the stock.

Several other research firms have also recently issued reports on WRBY. Weiss Ratings cut Warby Parker from a “hold (c-)” rating to a “sell (d)” rating in a report on Monday, March 2nd. Citizens Jmp raised 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. Piper Sandler upped their target price on shares of Warby Parker from $22.00 to $32.00 and gave the company an “overweight” rating in a research report on Tuesday, December 16th. Telsey Advisory Group reaffirmed an “outperform” rating and issued a $32.00 target price on shares of Warby Parker in a research note on Friday, February 20th. Finally, Robert W. Baird set a $35.00 price target on shares of Warby Parker in a research report on Wednesday, December 17th. Ten research analysts have rated the stock with a Buy rating, five have issued a Hold rating and one has issued a Sell rating to the stock. Based on data from MarketBeat.com, Warby Parker currently has an average rating of “Moderate Buy” and a consensus price target of $28.00.

Warby Parker Stock Performance

Shares of WRBY opened at $24.34 on Tuesday. The firm has a market capitalization of $2.60 billion, a price-to-earnings ratio of 1,217.61 and a beta of 2.05. The business’s fifty day moving average price is $25.19 and its two-hundred day moving average price is $23.91. Warby Parker has a 52 week low of $13.63 and a 52 week high of $31.00.

Insider Activity at Warby Parker

In other Warby Parker news, Director Bradley E. Singer sold 15,793 shares of the stock in a transaction on Wednesday, March 4th. The shares were sold at an average price of $27.53, for a total value of $434,781.29. Following the sale, the director directly owned 16,026 shares in the company, valued at approximately $441,195.78. This trade represents a 49.63% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is accessible through the SEC website. Also, CEO Neil Harris Blumenthal sold 50,000 shares of Warby Parker stock in a transaction on Wednesday, January 7th. The stock was sold at an average price of $27.08, for a total transaction of $1,354,000.00. Following the transaction, the chief executive officer directly owned 37,119 shares in the company, valued at approximately $1,005,182.52. This represents a 57.39% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. Insiders sold 216,453 shares of company stock valued at $5,572,075 in the last ninety days. Insiders own 18.24% of the company’s stock.

Institutional Inflows and Outflows

Several hedge funds and other institutional investors have recently added to or reduced their stakes in the business. Man Group plc increased its holdings in shares of Warby Parker by 1.6% in the second quarter. Man Group plc now owns 25,095 shares of the company’s stock worth $550,000 after acquiring an additional 400 shares in the last quarter. Farther Finance Advisors LLC lifted its holdings in shares of Warby Parker by 41.4% during the 4th quarter. Farther Finance Advisors LLC now owns 1,687 shares of the company’s stock valued at $37,000 after purchasing an additional 494 shares in the last quarter. First Horizon Corp grew its position in shares of Warby Parker by 96.7% in the 4th quarter. First Horizon Corp now owns 1,210 shares of the company’s stock valued at $26,000 after purchasing an additional 595 shares during the period. Choreo LLC grew its position in shares of Warby Parker by 4.6% in the 3rd quarter. Choreo LLC now owns 16,605 shares of the company’s stock valued at $458,000 after purchasing an additional 728 shares during the period. Finally, Ameritas Investment Partners Inc. increased its stake in Warby Parker by 8.3% during the 2nd quarter. Ameritas Investment Partners Inc. now owns 10,034 shares of the company’s stock worth $220,000 after purchasing an additional 769 shares in the last quarter. 93.24% of the stock is currently owned by institutional investors.

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.