Warby Parker Inc. (NYSE:WRBY) Stock Has Consensus Target Price of $30.00 According to Analysts

Key Points

• Analyst consensus is “Moderate Buy”: Six of 10 analysts rate Warby Parker as a buy, while four recommend holding the stock. The average 12-month price target is $30.00, above its reported $25.91 opening price.
• Recent earnings fell short of expectations: Warby Parker reported quarterly EPS of $0.04 versus the $0.10 consensus estimate and revenue of $235.51 million versus $237.98 million expected. Revenue nevertheless increased 9.6% year over year.
• Institutional ownership remains high: Institutional investors and hedge funds own 93.24% of the company, while CEO Neil Blumenthal sold 100,000 shares under a pre-arranged Rule 10b5-1 trading plan.

Shares of Warby Parker Inc. (NYSE:WRBY - Get Free Report) have earned a consensus recommendation of "Moderate Buy" from the ten research firms that are currently covering the stock, MarketBeat Ratings reports. Four research analysts have rated the stock with a hold recommendation and six have issued a buy recommendation on the company. The average 1 year target price among brokerages that have covered the stock in the last year is $30.00.

WRBY has been the topic of several recent analyst reports. BTIG Research reiterated a "buy" rating on shares of Warby Parker in a report on Friday, August 14th. Citigroup reaffirmed a "market outperform" rating on shares of Warby Parker in a research report on Thursday, September 17th. Deutsche Bank Aktiengesellschaft set a $29.00 price objective on Warby Parker in a report on Thursday, September 17th. Bank of America started coverage on shares of Warby Parker in a research note on Monday, June 29th. They issued a "buy" rating and a $33.00 target price on the stock. Finally, Roth Capital reissued a "neutral" rating and issued a $28.00 target price on shares of Warby Parker in a report on Wednesday, August 5th.

Warby Parker Trading Up 0.9%

Warby Parker stock opened at $25.91 on Friday. Warby Parker has a 1-year low of $14.96 and a 1-year high of $31.00. The firm's fifty day simple moving average is $25.30 and its 200-day simple moving average is $25.55. The company has a market capitalization of $2.80 billion, a P/E ratio of 370.19, a P/E/G ratio of 6.96 and a beta of 1.89.

Warby Parker (NYSE:WRBY - Get Free Report) last announced its quarterly earnings results on Thursday, August 6th. The company reported $0.04 earnings per share for the quarter, missing analysts' consensus estimates of $0.10 by ($0.06). Warby Parker had a return on equity of 3.36% and a net margin of 0.85%. The company had revenue of $235.51 million during the quarter, compared to analyst estimates of $237.98 million. During the same period in the prior year, the firm earned ($0.01) EPS. Warby Parker's quarterly revenue was up 9.6% on a year-over-year basis. On average, equities research analysts predict that Warby Parker will post 0.14 earnings per share for the current year.

Insider Buying and Selling at Warby Parker

In other Warby Parker news, CEO Neil Blumenthal sold 100,000 shares of the business'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 completion of the transaction, the chief executive officer directly owned 36,020 shares of the company's stock, valued at approximately $997,393.80. The trade was a 73.52% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which is accessible through this hyperlink. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Corporate insiders own 16.80% of the company's stock.

Institutional Trading of Warby Parker

A number of hedge funds and other institutional investors have recently modified their holdings of the stock. Ranger Investment Management L.P. bought a new position in Warby Parker during the second quarter worth about $30,949,000. Bank of America Corp DE increased its position in shares of Warby Parker by 30.9% during the first quarter. Bank of America Corp DE now owns 1,377,646 shares of the company's stock worth $29,027,000 after acquiring an additional 325,250 shares in the last quarter. Atreides Management LP increased its holdings in Warby Parker by 74.8% during the 1st quarter. Atreides Management LP now owns 686,995 shares of the company's stock worth $14,475,000 after purchasing an additional 293,910 shares in the last quarter. Dimensional Fund Advisors LP grew its holdings in shares of Warby Parker by 10.7% during the first quarter. Dimensional Fund Advisors LP now owns 1,722,577 shares of the company's stock worth $36,291,000 after buying an additional 166,235 shares in the last quarter. Finally, SG Americas Securities LLC bought a new position in shares of Warby Parker during the 1st quarter worth approximately $2,713,000. Institutional investors and hedge funds 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.

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