Warby Parker (NYSE:WRBY) Trading 4.8% Higher - Here's What Happened

Key Points

• Warby Parker shares rose 4.8% to $24.46 in Thursday trading, although volume was 77% below the average daily level.
• Analysts remain broadly positive, with seven Buy ratings and four Holds, an overall “Moderate Buy” consensus, and an average price target of $30.08.
• The company’s latest quarter showed 9.6% year-over-year revenue growth to $235.5 million, but earnings of $0.04 per share missed estimates of $0.10; meanwhile, insiders sold 263,167 shares in the last quarter.

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

Analysts Set New Price Targets

Several analysts have weighed in on the company. Citigroup reissued a "market outperform" rating on shares of Warby Parker in a report on Thursday, September 17th. Bank of America began coverage on shares of Warby Parker in a research report on Monday, June 29th. They set a "buy" rating and a $33.00 price target for the company. Deutsche Bank Aktiengesellschaft set a $29.00 price target on shares of Warby Parker in a research note on Thursday, September 17th. Citizens Jmp cut their price objective on shares of Warby Parker from $30.00 to $29.00 and set a "market outperform" rating on the stock in a report on Friday, August 7th. Finally, Roth Capital reaffirmed a "neutral" rating and set a $28.00 target price on shares of Warby Parker in a report on Wednesday, August 5th. Seven research analysts have rated the stock with a Buy rating and four have given a Hold rating to the stock. Based on data from MarketBeat, Warby Parker currently has an average rating of "Moderate Buy" and a consensus target price of $30.08.

Warby Parker Stock Up 11.5%

The stock has a market cap of $2.82 billion, a P/E ratio of 373.44, a PEG ratio of 6.22 and a beta of 1.91. The stock has a fifty day simple moving average of $25.45 and a 200-day simple moving average of $25.13.

Warby Parker (NYSE:WRBY - Get Free Report) last announced its quarterly earnings results on Thursday, August 6th. The company reported $0.04 EPS for the quarter, missing analysts' consensus estimates of $0.10 by ($0.06). Warby Parker had a net margin of 0.85% and a return on equity of 3.36%. The company had revenue of $235.51 million during the quarter, compared to the consensus estimate of $237.98 million. During the same period last year, the company earned ($0.01) earnings per share. The business's revenue was up 9.6% compared to the same quarter last year. Sell-side analysts anticipate 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 9,200 shares of the stock in a transaction on Monday, July 6th. The shares were sold at an average price of $29.99, for a total value of $275,908.00. Following the sale, the chief executive officer directly owned 31,112 shares in the company, valued at approximately $933,048.88. This trade represents a 22.82% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is accessible through the SEC website. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Insiders have sold 263,167 shares of company stock valued at $7,811,480 in the last quarter. Company insiders own 16.80% of the company's stock.

Institutional Inflows and Outflows

Several hedge funds and other institutional investors have recently added to or reduced their stakes in the business. Integrated Wealth Concepts LLC acquired a new position in Warby Parker in the second quarter valued at about $149,000. NewEdge Advisors LLC raised its position in shares of Warby Parker by 8,060.8% during the second quarter. NewEdge Advisors LLC now owns 17,709 shares of the company's stock worth $537,000 after purchasing an additional 17,492 shares during the period. IFP Advisors Inc lifted its holdings in shares of Warby Parker by 7.5% during 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 acquired a new position in shares of Warby Parker in the 2nd quarter valued at approximately $126,000. Finally, Corient Private Wealth LP grew its position in shares of Warby Parker by 1.8% in the 2nd quarter. Corient Private Wealth LP now owns 118,845 shares of the company's stock valued at $3,606,000 after purchasing an additional 2,127 shares during the period. 93.24% of the stock is currently owned by institutional investors.

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.

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