The Goldman Sachs Group Issues Positive Forecast for Warby Parker (NYSE:WRBY) Stock Price

Key Points

• The Goldman Sachs Group raised its target price for Warby Parker (NYSE:WRBY) from $27.00 to $31.00, indicating a potential upside of 21.28% from the current price.
• Warby Parker stock experienced a 2.5% decline in trading, with shares exchanging hands at $25.56, amidst a market capitalization of $2.69 billion.
• Insider trading activity showed Director Teresa Briggs sold 6,000 shares at $23.56, while another director sold 35,000 shares at an average price of $26.75, indicating a significant decrease in their holdings.

Warby Parker (NYSE:WRBY - Get Free Report) had its target price lifted by equities researchers at The Goldman Sachs Group from $27.00 to $31.00 in a research note issued to investors on Monday,Benzinga reports. The brokerage currently has a "buy" rating on the stock. The Goldman Sachs Group's target price indicates a potential upside of 21.28% from the company's current price.

Other analysts have also recently issued reports about the company. JMP Securities reiterated a "market perform" rating on shares of Warby Parker in a report on Thursday, July 10th. BTIG Research reiterated a "buy" rating and set a $28.00 price objective (up from $24.00) on shares of Warby Parker in a research report on Thursday, August 7th. Cowen reaffirmed a "buy" rating on shares of Warby Parker in a research report on Friday, August 8th. Wall Street Zen raised Warby Parker from a "hold" rating to a "buy" rating in a research report on Monday, September 15th. Finally, Robert W. Baird set a $30.00 price objective on shares of Warby Parker and gave the company an "outperform" rating in a report on Wednesday, July 30th. Eleven investment analysts have rated the stock with a Buy rating, nine have assigned a Hold rating and one has assigned a Sell rating to the company's stock. According to MarketBeat, Warby Parker currently has a consensus rating of "Hold" and a consensus target price of $24.75.

Warby Parker Trading Down 2.5%

WRBY traded down $0.66 during trading on Monday, reaching $25.56. 830,465 shares of the company's stock were exchanged, compared to its average volume of 2,112,753. The stock has a market capitalization of $2.69 billion, a PE ratio of -365.16 and a beta of 2.10. Warby Parker has a one year low of $13.63 and a one year high of $29.73. The firm has a fifty day moving average price of $26.17 and a two-hundred day moving average price of $21.77.

Insider Buying and Selling

In other news, Director Teresa Briggs sold 6,000 shares of the stock in a transaction on Monday, August 11th. The shares were sold at an average price of $23.56, for a total value of $141,360.00. Following the transaction, the director owned 44,879 shares of the company's stock, valued at $1,057,349.24. This represents a 11.79% decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available at this link. Also, Director Joel E. Cutler sold 35,000 shares of the firm's stock in a transaction on Monday, September 8th. The shares were sold at an average price of $26.75, for a total transaction of $936,250.00. Following the sale, the director owned 19,932 shares in the company, valued at approximately $533,181. This trade represents a 63.72% decrease in their position. The disclosure for this sale can be found here. Over the last three months, insiders have sold 191,000 shares of company stock worth $4,919,941. Insiders own 18.24% of the company's stock.

Institutional Investors Weigh In On Warby Parker

Several hedge funds have recently added to or reduced their stakes in the company. New York State Teachers Retirement System purchased a new position in shares of Warby Parker during the 1st quarter valued at about $27,000. PNC Financial Services Group Inc. increased its holdings in Warby Parker by 400.3% during the 2nd quarter. PNC Financial Services Group Inc. now owns 1,601 shares of the company's stock valued at $35,000 after purchasing an additional 1,281 shares during the period. Huntington National Bank raised its holdings in shares of Warby Parker by 111.0% during the second quarter. Huntington National Bank now owns 1,675 shares of the company's stock valued at $37,000 after acquiring an additional 881 shares in the last quarter. Caitong International Asset Management Co. Ltd purchased a new stake in shares of Warby Parker in the 1st quarter worth about $58,000. Finally, Anderson Financial Strategies LLC grew its stake in Warby Parker by 39.0% in the first quarter. Anderson Financial Strategies LLC now owns 3,954 shares of the company's stock worth $72,000 after purchasing an additional 1,109 shares during the period. Institutional investors own 93.24% of the company's stock.

Warby Parker Company Profile

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.

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