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

Warby Parker Inc. (NYSE:WRBY) has been assigned a consensus recommendation of “Moderate Buy” from the fourteen ratings firms that are presently covering the firm, Marketbeat reports. Five research analysts have rated the stock with a hold rating and nine have given a buy rating to the company. The average 1-year target price among brokers that have updated their coverage on the stock in the last year is $29.50.

A number of research analysts have commented on the company. Piper Sandler restated an “overweight” rating on shares of Warby Parker in a research note on Tuesday, May 19th. Citigroup restated a “market outperform” rating on shares of Warby Parker in a research note on Friday, May 22nd. UBS Group upped their price target on Warby Parker from $25.00 to $27.00 and gave the stock a “neutral” rating in a research note on Friday, May 8th. Weiss Ratings upgraded Warby Parker from a “sell (d)” rating to a “hold (c-)” rating in a research note on Monday, May 11th. Finally, Telsey Advisory Group increased their price objective on Warby Parker from $32.00 to $33.00 and gave the company an “outperform” rating in a research note on Friday, May 8th.

Warby Parker Stock Up 0.1%

NYSE:WRBY opened at $24.55 on Wednesday. The stock’s fifty day moving average is $23.84 and its two-hundred day moving average is $23.83. Warby Parker has a 52 week low of $14.96 and a 52 week high of $31.00. The stock has a market capitalization of $2.63 billion, a price-to-earnings ratio of 1,228.11 and a beta of 1.96.

Warby Parker (NYSE:WRBY) last released its quarterly earnings results on Thursday, May 7th. The company reported $0.03 EPS for the quarter, missing analysts’ consensus estimates of $0.11 by ($0.08). Warby Parker had a return on equity of 2.30% and a net margin of 0.15%.The firm had revenue of $242.45 million for the quarter, compared to analyst estimates of $239.44 million. During the same quarter last year, the company earned $0.03 earnings per share. The firm’s revenue for the quarter was up 8.4% on a year-over-year basis. On average, sell-side analysts expect that Warby Parker will post 0.19 EPS for the current fiscal year.

Insider Buying and Selling at Warby Parker

In other news, CEO Neil Harris Blumenthal sold 63,040 shares of the stock in a transaction on Tuesday, May 19th. The stock was sold at an average price of $30.03, for a total value of $1,893,091.20. Following the sale, the chief executive officer directly owned 50,165 shares in the company, valued at approximately $1,506,454.95. This trade represents a 55.69% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, Director Bradley E. Singer sold 4,833 shares of the stock in a transaction on Thursday, May 14th. The shares were sold at an average price of $29.01, for a total value of $140,205.33. Following the completion of the sale, the director owned 100,000 shares in the company, valued at approximately $2,901,000. The trade was a 4.61% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. Over the last quarter, insiders sold 203,833 shares of company stock worth $5,509,808. Insiders own 16.80% of the company’s stock.

Institutional Trading of Warby Parker

Several hedge funds have recently modified their holdings of WRBY. First Horizon Corp raised its stake in shares of Warby Parker by 96.7% in the fourth quarter. First Horizon Corp now owns 1,210 shares of the company’s stock valued at $26,000 after acquiring an additional 595 shares in the last quarter. EverSource Wealth Advisors LLC raised its stake in shares of Warby Parker by 105.7% in the first quarter. EverSource Wealth Advisors LLC now owns 1,310 shares of the company’s stock valued at $28,000 after acquiring an additional 673 shares in the last quarter. Eagle Bay Advisors LLC purchased a new position in Warby Parker in the fourth quarter valued at $35,000. Farther Finance Advisors LLC increased its holdings in Warby Parker by 41.4% in the fourth quarter. Farther Finance Advisors LLC now owns 1,687 shares of the company’s stock valued at $37,000 after buying an additional 494 shares during the last quarter. Finally, Parallel Advisors LLC increased its holdings in 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 buying an additional 965 shares during the last quarter. 93.24% of the stock is currently owned by institutional investors and hedge funds.

About Warby Parker

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.