Warby Parker (NYSE:WRBY) Shares Up 4.8% – Still a Buy?

Shares of Warby Parker Inc. (NYSE:WRBY) shot up 4.8% on Thursday. The company traded as high as $23.92 and last traded at $24.4610. 712,365 shares traded hands during trading, a decline of 77% from the average session volume of 3,032,560 shares. The stock had previously closed at $23.35.

Analyst Ratings Changes

WRBY has been the subject of several recent research reports. Weiss Ratings reissued a “hold (c-)” rating on shares of Warby Parker in a research report on Friday, August 7th. Bank of America started coverage on shares of Warby Parker in a report on Monday, June 29th. They set a “buy” rating and a $33.00 target price on the stock. UBS Group upped 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. Deutsche Bank Aktiengesellschaft set a $29.00 price target on Warby Parker in a report on Thursday, September 17th. Finally, BTIG Research reissued a “buy” rating on shares of Warby Parker in a research report on Friday, August 14th. Seven analysts have rated the stock with a Buy rating and four have issued a Hold rating to the company. According to data from MarketBeat, Warby Parker currently has an average rating of “Moderate Buy” and a consensus price target of $30.08.

Warby Parker Stock Up 2.0%

The company has a market cap of $2.90 billion, a PE ratio of 382.93, a price-to-earnings-growth ratio of 7.12 and a beta of 1.91. The business’s 50 day moving average price is $25.42 and its 200-day moving average price is $25.15.

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

Insiders Place Their Bets

In other Warby Parker news, CEO Neil Blumenthal sold 217,667 shares of the company’s stock in a transaction dated Wednesday, July 1st. The shares were sold at an average price of $29.61, for a total value of $6,445,119.87. Following the completion of the transaction, the chief executive officer directly owned 31,112 shares of the company’s stock, valued at $921,226.32. This represents a 87.49% decrease in their position. The transaction was disclosed in a filing with the SEC, which is available at the SEC website. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Over the last three months, insiders have sold 263,167 shares of company stock valued at $7,811,480. Corporate insiders own 16.80% of the company’s stock.

Institutional Inflows and Outflows

Several institutional investors have recently modified their holdings of WRBY. Integrated Wealth Concepts LLC purchased a new stake in Warby Parker during the 2nd quarter worth approximately $149,000. NewEdge Advisors LLC raised its position in shares of Warby Parker by 8,060.8% in the 2nd quarter. NewEdge Advisors LLC now owns 17,709 shares of the company’s stock valued at $537,000 after purchasing an additional 17,492 shares in the last quarter. IFP Advisors Inc raised its position in shares of Warby Parker by 7.5% in the 2nd quarter. IFP Advisors Inc now owns 19,453 shares of the company’s stock valued at $590,000 after purchasing an additional 1,355 shares in the last quarter. Nykredit A S purchased a new position in shares of Warby Parker during the 2nd quarter valued at approximately $126,000. Finally, Corient Private Wealth LP boosted its stake in shares of Warby Parker by 1.8% during the 2nd quarter. Corient Private Wealth LP now owns 118,845 shares of the company’s stock valued at $3,606,000 after buying an additional 2,127 shares during the last quarter. Institutional investors and hedge funds own 93.24% of the company’s stock.

About Warby Parker

Warby Parker Inc is an eyewear company that designs, manufactures and sells prescription glasses, sunglasses and contact lenses. The company serves customers through its website, mobile channels and a network of retail stores, offering products under its Warby Parker brand.

Warby Parker provides eye-care services in addition to eyewear, including in-store eye exams and digital tools such as virtual vision testing, where available. Its retail and online experience is designed to combine prescription fulfillment with access to eye-care professionals and personalized eyewear recommendations.

Founded in 2010 by Neil Blumenthal, Dave Gilboa, Andrew Hunt and Jeffrey Raider, Warby Parker initially became known for its direct-to-consumer model and home try-on program.