BTIG Research Reaffirms Buy Rating for Warby Parker (NYSE:WRBY)

Key Points

• BTIG Research has increased its price target for Warby Parker's stock from $24.00 to $28.00, indicating a potential upside of 20.12% based on the stock's previous close.
• Several analysts have given mixed ratings, with ten analysts"Moderate Buy."
• Insider trading activity has seen the CEO Neil Harris Blumenthal and other executives sell significant quantities of stock, indicating a potential shift in sentiment among company leadership.

Warby Parker (NYSE:WRBY - Get Free Report)'s stock had its "buy" rating reiterated by equities researchers at BTIG Research in a research note issued to investors on Thursday, MarketBeat.com reports. They currently have a $28.00 price objective on the stock, up from their previous price objective of $24.00. BTIG Research's price target points to a potential upside of 19.28% from the stock's previous close.

A number of other brokerages also recently issued reports on WRBY. TD Securities increased their price target on Warby Parker from $20.00 to $24.00 and gave the stock a "buy" rating in a research report on Wednesday, May 21st. Telsey Advisory Group increased their target price on shares of Warby Parker from $22.00 to $28.00 and gave the company an "outperform" rating in a research report on Friday, August 1st. Citigroup reiterated a "neutral" rating and issued a $22.00 price objective (up previously from $17.00) on shares of Warby Parker in a report on Wednesday, May 21st. Stifel Nicolaus increased their price target on shares of Warby Parker from $18.00 to $21.00 and gave the company a "hold" rating in a research note on Wednesday, May 21st. Finally, Robert W. Baird set a $30.00 price objective on Warby Parker and gave the company an "outperform" rating in a report on Wednesday, July 30th. Nine investment analysts have rated the stock with a hold rating and ten have issued a buy rating to the company's stock. Based on data from MarketBeat, Warby Parker presently has a consensus rating of "Moderate Buy" and an average target price of $23.81.

Warby Parker Price Performance

Warby Parker stock traded down $0.83 during midday trading on Thursday, reaching $23.48. The company's stock had a trading volume of 5,744,880 shares, compared to its average volume of 2,258,942. Warby Parker has a 52-week low of $12.46 and a 52-week high of $29.73. The stock's 50-day simple moving average is $22.54 and its 200-day simple moving average is $21.10. The stock has a market capitalization of $2.45 billion, a P/E ratio of -195.63 and a beta of 2.09.

Insider Activity at Warby Parker

In related news, Director Youngme E. Moon sold 33,073 shares of the firm's stock in a transaction dated Thursday, May 22nd. The stock was sold at an average price of $19.90, for a total transaction of $658,152.70. Following the sale, the director directly owned 53,869 shares in the company, valued at approximately $1,071,993.10. This trade represents a 38.04% decrease in their position. The sale was disclosed in a filing with the SEC, which can be accessed through this link. Also, CEO Neil Harris Blumenthal sold 49,600 shares of the business's stock in a transaction on Monday, July 21st. The stock was sold at an average price of $24.21, for a total transaction of $1,200,816.00. Following the completion of the transaction, the chief executive officer owned 28,347 shares in the company, valued at $686,280.87. This represents a 63.63% decrease in their position. The disclosure for this sale can be found here. Over the last quarter, insiders have sold 83,073 shares of company stock valued at $1,868,573. 18.24% of the stock is owned by insiders.

Hedge Funds Weigh In On Warby Parker

A number of large investors have recently bought and sold shares of WRBY. Durable Capital Partners LP lifted its holdings in shares of Warby Parker by 13.2% during the first quarter. Durable Capital Partners LP now owns 10,212,383 shares of the company's stock valued at $186,172,000 after purchasing an additional 1,194,558 shares during the last quarter. Bank of New York Mellon Corp grew its position in Warby Parker by 51.4% during the second quarter. Bank of New York Mellon Corp now owns 2,605,250 shares of the company's stock valued at $57,133,000 after purchasing an additional 884,035 shares in the last quarter. American Century Companies Inc. lifted its position in Warby Parker by 14.6% in the 1st quarter. American Century Companies Inc. now owns 2,456,965 shares of the company's stock worth $44,790,000 after buying an additional 312,543 shares in the last quarter. Vaughan Nelson Investment Management L.P. boosted its stake in shares of Warby Parker by 105.5% during the 2nd quarter. Vaughan Nelson Investment Management L.P. now owns 2,216,320 shares of the company's stock valued at $48,604,000 after buying an additional 1,137,970 shares during the period. Finally, Jennison Associates LLC grew its holdings in shares of Warby Parker by 23.7% during the 1st quarter. Jennison Associates LLC now owns 2,174,158 shares of the company's stock valued at $39,635,000 after acquiring an additional 416,797 shares in the last quarter. Institutional investors own 93.24% of the company's stock.

Warby Parker Company Profile

Warby Parker Inc provides eyewear products in the United States and Canada. The company offers eyeglasses, sunglasses, light-responsive lenses, blue-light-filtering lenses, non-prescription lenses, and contact lenses. It also provides accessories, such as cases, lenses kit with anti-fog spray, pouches, and anti-fog lens spray through its retail stores, website, and mobile apps.