Warby Parker (NYSE:WRBY) Reaches New 52-Week High - What's Next?

Key Points

• Warby Parker shares reached a new 52-week high, trading as high as $31.58 and up 5.3% on the day.
• Analysts have a consensus “Moderate Buy” rating and an average price target of $31.42, with recent targets including $32 from Goldman Sachs and UBS.
• Quarterly EPS of $0.04 missed the $0.09 consensus, while revenue was nearly in line at $244.74 million and grew 10.4% year over year.

Warby Parker Inc. (NYSE:WRBY - Get Free Report)'s share price hit a new 52-week high during mid-day trading on Wednesday. The stock traded as high as $31.58 and last traded at $31.51, with a volume of 1,424,522 shares changing hands. The stock had previously closed at $29.90.

Analysts Set New Price Targets

A number of brokerages have recently issued reports on WRBY. Deutsche Bank Aktiengesellschaft set a $29.00 price objective on shares of Warby Parker in a research note on Thursday, September 17th. Citigroup reiterated a "market outperform" rating on shares of Warby Parker in a research report on Thursday, September 17th. The Goldman Sachs Group reissued a "buy" rating and issued a $32.00 target price on shares of Warby Parker in a research note on Friday, November 6th. UBS Group upped their target price on shares of Warby Parker from $28.00 to $32.00 and gave the company a "neutral" rating in a research note on Friday, November 6th. Finally, Weiss Ratings lowered shares of Warby Parker from a "hold (c-)" rating to a "sell (d+)" rating in a research report on Friday, October 23rd. One investment analyst has rated the stock with a Strong Buy rating, seven have assigned a Buy rating, three have issued a Hold rating and one has assigned a Sell rating to the company's stock. Based on data from MarketBeat.com, the company presently has a consensus rating of "Moderate Buy" and an average target price of $31.42.

Warby Parker Stock Up 5.3%

The business has a 50-day simple moving average of $25.12 and a two-hundred day simple moving average of $25.15. The stock has a market capitalization of $3.42 billion, a P/E ratio of 524.67, a PEG ratio of 9.89 and a beta of 1.95.

Warby Parker (NYSE:WRBY - Get Free Report) last issued its quarterly earnings data on Thursday, November 5th. The company reported $0.04 earnings per share (EPS) for the quarter, missing analysts' consensus estimates of $0.09 by ($0.05). Warby Parker had a net margin of 0.80% and a return on equity of 3.36%. The company had revenue of $244.74 million for the quarter, compared to the consensus estimate of $244.92 million. During the same period in the previous year, the business posted $0.05 earnings per share. The firm's revenue was up 10.4% compared to the same quarter last year. On average, sell-side analysts forecast that Warby Parker Inc. will post 0.12 earnings per share for the current year.

Insider Buying and Selling

In other Warby Parker 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 transaction of $2,769,000.00. Following the sale, the chief executive officer directly owned 36,020 shares of the company's stock, valued at approximately $997,393.80. This represents a 73.52% decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this link. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. 16.80% of the stock is currently owned by company insiders.

Institutional Inflows and Outflows

Institutional investors and hedge funds have recently modified their holdings of the business. Dimensional Fund Advisors LP increased its holdings in Warby Parker by 10.7% during the 1st quarter. Dimensional Fund Advisors LP now owns 1,722,577 shares of the company's stock valued at $36,291,000 after purchasing an additional 166,235 shares in the last quarter. Ranger Investment Management L.P. bought a new position in shares of Warby Parker in the second quarter valued at about $30,949,000. Bank of America Corp DE raised its holdings in shares of Warby Parker by 30.9% in the first quarter. Bank of America Corp DE now owns 1,377,646 shares of the company's stock valued at $29,027,000 after buying an additional 325,250 shares during the last quarter. Public Sector Pension Investment Board lifted its position in Warby Parker by 96.6% during the 3rd quarter. Public Sector Pension Investment Board now owns 679,808 shares of the company's stock worth $17,750,000 after buying an additional 333,938 shares in the last quarter. Finally, Simplify Asset Management Inc. lifted its position in Warby Parker by 6.9% during the 3rd quarter. Simplify Asset Management Inc. now owns 627,337 shares of the company's stock worth $17,427,000 after buying an additional 40,271 shares in the last quarter. 93.24% of the stock is owned by institutional investors and hedge funds.

About Warby Parker

Warby Parker Inc. is an eyewear company that sells prescription glasses, sunglasses, and contact lenses through its website and retail stores. It also offers vision-related services, including eye exams at select locations. Founded in 2010, the company helped popularize a direct-to-consumer model for eyewear and has since expanded its network of stores. Warby Parker serves customers primarily in the United States and Canada. The company was co-founded by Neil Blumenthal, Dave Gilboa, Andrew Hunt, and Jeffrey Raider.

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