Stifel Nicolaus Issues Positive Forecast for Warby Parker (NYSE:WRBY) Stock Price

Key Points

• Stifel Nicolaus raised its price target for Warby Parker from $21.00 to $22.00, while maintaining a "hold" rating, indicating a potential downside of 7.92% from its current stock price.
• Multiple brokerages have issued varying ratings on Warby Parker, with 8 analysts giving it a "hold" rating and 11 giving it a "buy" rating, resulting in a consensus target price of $23.88.
• Recent insider transactions show significant sales, including a Director selling over 33,000 shares, leading to a reported 38.04% decrease in ownership by the director.

Warby Parker (NYSE:WRBY - Get Free Report) had its price objective raised by equities research analysts at Stifel Nicolaus from $21.00 to $22.00 in a report released on Friday,Benzinga reports. The brokerage currently has a "hold" rating on the stock. Stifel Nicolaus' price objective suggests a potential downside of 5.86% from the company's previous close.

A number of other research firms also recently weighed in on WRBY. UBS Group reaffirmed a "neutral" rating and set a $23.00 price target (up from $20.00) on shares of Warby Parker in a research note on Friday. Citizens Jmp downgraded Warby Parker from an "outperform" rating to a "market perform" rating in a research note on Thursday, July 10th. Citigroup reissued a "neutral" rating and issued a $22.00 price objective (up from $17.00) on shares of Warby Parker in a research note on Wednesday, May 21st. Evercore ISI reissued a "positive" rating on shares of Warby Parker in a research note on Thursday. Finally, The Goldman Sachs Group raised their price objective on Warby Parker from $18.00 to $20.00 and gave the company a "buy" rating in a research note on Friday, May 9th. Eight investment analysts have rated the stock with a hold rating and eleven have assigned a buy rating to the stock. Based on data from MarketBeat.com, the stock currently has an average rating of "Moderate Buy" and a consensus price target of $24.06.

Warby Parker Stock Down 0.5%

Shares of WRBY traded down $0.11 during midday trading on Friday, reaching $23.37. 2,626,000 shares of the stock were exchanged, compared to its average volume of 1,752,055. Warby Parker has a 12-month low of $12.46 and a 12-month high of $29.73. The firm has a 50 day simple moving average of $22.64 and a 200-day simple moving average of $21.05. The company has a market cap of $2.44 billion, a price-to-earnings ratio of -333.81 and a beta of 2.09.

Insider Activity at Warby Parker

In other news, CEO Neil Harris Blumenthal sold 49,600 shares of Warby Parker stock in a transaction that occurred 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 sale, the chief executive officer owned 28,347 shares of the company's stock, valued at approximately $686,280.87. This trade represents a 63.63% decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, Director Youngme E. Moon sold 33,073 shares of the business's stock in a transaction on Thursday, May 22nd. The shares were sold at an average price of $19.90, for a total value of $658,152.70. Following the completion of the sale, the director directly owned 53,869 shares in the company, valued at approximately $1,071,993.10. This represents a 38.04% decrease in their position. The disclosure for this sale can be found here. Insiders have sold a total of 83,073 shares of company stock worth $1,868,573 in the last three months. 18.24% of the stock is owned by insiders.

Hedge Funds Weigh In On Warby Parker

Large investors have recently modified their holdings of the stock. LPL Financial LLC bought a new stake in shares of Warby Parker during the fourth quarter worth $476,000. Geode Capital Management LLC raised its position in shares of Warby Parker by 1.4% during the fourth quarter. Geode Capital Management LLC now owns 1,997,624 shares of the company's stock worth $48,375,000 after acquiring an additional 27,004 shares during the last quarter. Wells Fargo & Company MN raised its position in shares of Warby Parker by 103.4% during the fourth quarter. Wells Fargo & Company MN now owns 63,575 shares of the company's stock worth $1,539,000 after acquiring an additional 32,315 shares during the last quarter. Federated Hermes Inc. raised its position in shares of Warby Parker by 3.5% during the fourth quarter. Federated Hermes Inc. now owns 151,097 shares of the company's stock worth $3,658,000 after acquiring an additional 5,066 shares during the last quarter. Finally, Bank of Montreal Can raised its position in shares of Warby Parker by 19.5% during the fourth quarter. Bank of Montreal Can now owns 40,270 shares of the company's stock worth $975,000 after acquiring an additional 6,559 shares during the last quarter. 93.24% of the stock is currently owned by institutional investors and hedge funds.

About Warby Parker

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.