Warby Parker (NYSE:WRBY) Stock Price Up 16.8% on Analyst Upgrade

Key Points

• Warby Parker shares rose 16.8% after Citizens JMP raised its price target from $29 to $40 and maintained a market outperform rating.
• Analysts’ consensus rating is Moderate Buy, with an average price target of $31.42.
• Latest quarterly results missed earnings-per-share estimates ($0.04 vs. $0.09) while revenue was roughly in line with forecasts and increased 10.4% year over year.

Warby Parker Inc. (NYSE:WRBY - Get Free Report)'s stock price rose 16.8% during mid-day trading on Monday after Citizens Jmp raised their price target on the stock from $29.00 to $40.00. Citizens Jmp currently has a market outperform rating on the stock. Warby Parker traded as high as $29.08 and last traded at $29.7490. Approximately 835,710 shares traded hands during trading, a decline of 73% from the average session volume of 3,127,260 shares. The stock had previously closed at $25.48.

A number of other research firms have also commented on WRBY. The Goldman Sachs Group reiterated a "buy" rating and issued a $32.00 price target on shares of Warby Parker in a research report on Friday. Citigroup reaffirmed a "market outperform" rating on shares of Warby Parker in a research note on Thursday, September 17th. BTIG Research reiterated a "buy" rating on shares of Warby Parker in a report on Tuesday, October 27th. Roth Capital reiterated a "neutral" rating and issued a $28.00 target price on shares of Warby Parker in a report on Wednesday, August 5th. Finally, Deutsche Bank Aktiengesellschaft set a $29.00 target price on shares of Warby Parker in a research report on Thursday, September 17th. One analyst has rated the stock with a Strong Buy rating, seven have assigned a Buy rating, three have given a Hold rating and one has given a Sell rating to the company's stock. According to MarketBeat, the company currently has an average rating of "Moderate Buy" and an average price target of $31.42.

Insider Buying and Selling

In other Warby Parker news, CEO Neil Blumenthal sold 100,000 shares of the stock in a transaction dated Thursday, October 1st. The stock was sold at an average price of $27.69, for a total transaction of $2,769,000.00. Following the completion of the sale, the chief executive officer directly owned 36,020 shares in the company, valued at approximately $997,393.80. This trade represents a 73.52% decrease in their position. The sale was disclosed in a legal filing with the SEC, which is accessible through this link. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Company insiders own 16.80% of the company's stock.

Institutional Investors Weigh In On Warby Parker

Several institutional investors and hedge funds have recently made changes to their positions in the business. Pinnacle Associates Ltd. increased its stake in Warby Parker by 1.4% in the third quarter. Pinnacle Associates Ltd. now owns 27,679 shares of the company's stock valued at $769,000 after purchasing an additional 393 shares in the last quarter. GAMMA Investing LLC boosted its position in shares of Warby Parker by 53.7% during the 3rd quarter. GAMMA Investing LLC now owns 1,339 shares of the company's stock worth $37,000 after purchasing an additional 468 shares in the last quarter. Commonwealth Equity Services LLC boosted its position in shares of Warby Parker by 5.7% during the 3rd quarter. Commonwealth Equity Services LLC now owns 9,273 shares of the company's stock worth $258,000 after purchasing an additional 498 shares in the last quarter. EverSource Wealth Advisors LLC grew its stake in shares of Warby Parker by 105.7% in the 1st quarter. EverSource Wealth Advisors LLC now owns 1,310 shares of the company's stock valued at $28,000 after buying an additional 673 shares during the period. Finally, Essential Partners LLC grew its stake in shares of Warby Parker by 44.2% in the 1st quarter. Essential Partners LLC now owns 2,570 shares of the company's stock valued at $54,000 after buying an additional 788 shares during the period. Institutional investors own 93.24% of the company's stock.

Warby Parker Stock Performance

The company has a market capitalization of $3.21 billion, a price-to-earnings ratio of 494.80, a P/E/G ratio of 8.34 and a beta of 1.95. The company has a 50 day moving average price of $24.91 and a 200 day moving average price of $25.12.

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

Warby Parker Company Profile

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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