Warby Parker (NYSE:WRBY) Shares Gap Up – Here’s What Happened

Warby Parker Inc. (NYSE:WRBY) shares gapped up prior to trading on Thursday. The stock had previously closed at $21.29, but opened at $25.93. Warby Parker shares last traded at $25.7450, with a volume of 1,320,903 shares changing hands.

Wall Street Analysts Forecast Growth

A number of analysts have recently issued reports on WRBY shares. Roth Capital reiterated a “neutral” rating and issued a $28.00 price objective on shares of Warby Parker in a report on Wednesday, August 5th. BTIG Research reaffirmed a “buy” rating on shares of Warby Parker in a research report on Tuesday, October 27th. Deutsche Bank Aktiengesellschaft set a $29.00 price target on shares of Warby Parker in a research note on Thursday, September 17th. Weiss Ratings cut shares of Warby Parker from a “hold (c-)” rating to a “sell (d+)” rating in a research report on Friday, October 23rd. Finally, UBS Group boosted their price target on shares of Warby Parker from $27.00 to $28.00 and gave the stock a “neutral” rating in a research report on Friday, August 7th. One analyst has rated the stock with a Strong Buy rating, six have given a Buy rating, three have issued a Hold rating and one has assigned a Sell rating to the company. Based on data from MarketBeat, Warby Parker has an average rating of “Moderate Buy” and a consensus price target of $30.00.

Warby Parker Price Performance

The company’s 50-day moving average is $24.90 and its two-hundred day moving average is $25.14. The firm has a market cap of $2.91 billion, a P/E ratio of 383.69, a PEG ratio of 5.95 and a beta of 1.95.

Warby Parker (NYSE:WRBY) last issued its quarterly earnings data on Thursday, November 5th. The company reported $0.04 earnings per share for the quarter, missing analysts’ consensus estimates of $0.09 by ($0.05). The firm had revenue of $244.74 million for 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 0.85%. The company’s revenue was up 10.4% on a year-over-year basis. During the same quarter in the prior year, the firm earned $0.05 EPS. On average, analysts expect that Warby Parker Inc. will post 0.14 EPS for the current fiscal year.

Insider Buying and Selling

In related news, CEO Neil Blumenthal sold 100,000 shares of the company’s stock in a transaction dated 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 owned 36,020 shares in the company, valued at $997,393.80. This represents a 73.52% decrease in their position. The transaction was disclosed in a legal filing with the SEC, which is available at 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.

Institutional Investors Weigh In On Warby Parker

Large investors have recently modified their holdings of the stock. Kornitzer Capital Management Inc. KS increased its holdings in Warby Parker by 52.1% in the 3rd quarter. Kornitzer Capital Management Inc. KS now owns 263,415 shares of the company’s stock worth $7,318,000 after acquiring an additional 90,185 shares during the last quarter. CenterBook Partners LP purchased a new stake in Warby Parker during the third quarter valued at about $2,834,000. Commonwealth Equity Services LLC lifted its holdings in Warby Parker by 5.7% during the third quarter. Commonwealth Equity Services LLC now owns 9,273 shares of the company’s stock valued at $258,000 after purchasing an additional 498 shares during the last quarter. State of Wyoming boosted its position in Warby Parker by 10.8% during the third quarter. State of Wyoming now owns 12,019 shares of the company’s stock worth $334,000 after purchasing an additional 1,174 shares during the period. Finally, Motley Fool Asset Management LLC boosted its position in Warby Parker by 18.3% during the third quarter. Motley Fool Asset Management LLC now owns 70,538 shares of the company’s stock worth $1,960,000 after purchasing an additional 10,926 shares during the period. Hedge funds and other institutional investors own 93.24% of the company’s stock.

About Warby Parker

Warby Parker Inc is an optical retailer that designs, manufactures and sells prescription eyeglasses, sunglasses, contact lenses and related accessories. The company offers its products through its website, mobile applications and a growing network of retail stores, combining online shopping with in-person services such as frame fitting and eye examinations.

Founded in 2010 by Neil Blumenthal, Dave Gilboa, Andrew Hunt and Jeffrey Raider, Warby Parker was established as a direct-to-consumer eyewear company.