Warby Parker Inc. (NYSE:WRBY) Given Average Rating of "Moderate Buy" by Analysts

Key Points

• Analysts remain positive on Warby Parker, with 14 brokerages giving the stock a consensus rating of “Moderate Buy.” The average 12-month price target is $29.50.
• Recent earnings were mixed: Warby Parker reported $0.03 EPS, missing estimates, but revenue of $242.45 million topped expectations and rose 8.4% year over year.
• Insiders have been selling shares, including the CEO and a director, with a total of 203,040 shares sold over the last 90 days. Meanwhile, institutional ownership remains high at 93.24%.

Warby Parker Inc. (NYSE:WRBY - Get Free Report) has earned a consensus recommendation of "Moderate Buy" from the fourteen brokerages that are presently covering the firm, Marketbeat reports. Five equities research analysts have rated the stock with a hold recommendation and nine have assigned a buy recommendation to the company. The average 1 year target price among analysts that have issued ratings on the stock in the last year is $29.50.

WRBY has been the topic of a number of research reports. Citigroup reaffirmed a "market outperform" rating on shares of Warby Parker in a report on Friday, May 22nd. UBS Group lifted their price target on shares of Warby Parker from $25.00 to $27.00 and gave the stock a "neutral" rating in a report on Friday, May 8th. BTIG Research lifted their price target on shares of Warby Parker from $32.00 to $34.00 and gave the stock a "buy" rating in a report on Thursday, May 7th. Weiss Ratings raised shares of Warby Parker from a "sell (d)" rating to a "hold (c-)" rating in a report on Monday, May 11th. Finally, Piper Sandler reaffirmed an "overweight" rating on shares of Warby Parker in a report on Tuesday, May 19th.

Warby Parker Stock Performance

WRBY stock opened at $25.95 on Friday. The company has a market capitalization of $2.78 billion, a P/E ratio of 1,298.00 and a beta of 1.96. Warby Parker has a 52-week low of $14.96 and a 52-week high of $31.00. The business has a 50-day simple moving average of $24.78 and a two-hundred day simple moving average of $24.51.

Warby Parker (NYSE:WRBY - Get Free Report) last posted its earnings results on Thursday, May 7th. The company reported $0.03 EPS for the quarter, missing the consensus estimate of $0.11 by ($0.08). Warby Parker had a return on equity of 2.30% and a net margin of 0.15%.The firm had revenue of $242.45 million for the quarter, compared to the consensus estimate of $239.44 million. During the same period in the prior year, the business earned $0.03 EPS. Warby Parker's quarterly revenue was up 8.4% compared to the same quarter last year. As a group, sell-side analysts forecast that Warby Parker will post 0.19 earnings per share for the current fiscal year.

Insider Buying and Selling at Warby Parker

In related news, Director Bradley E. Singer sold 20,167 shares of the company's stock in a transaction on Wednesday, May 13th. The shares were sold at an average price of $28.51, for a total value of $574,961.17. Following the completion of the transaction, the director directly owned 104,833 shares in the company, valued at approximately $2,988,788.83. The trade was a 16.13% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, CEO Neil Harris Blumenthal sold 75,213 shares of the company's stock in a transaction on Friday, April 17th. The stock was sold at an average price of $24.56, for a total transaction of $1,847,231.28. Following the completion of the transaction, the chief executive officer owned 50,165 shares of the company's stock, valued at $1,232,052.40. This trade represents a 59.99% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Insiders have sold a total of 203,040 shares of company stock valued at $5,470,026 over the last 90 days. 16.80% of the stock is currently owned by corporate insiders.

Institutional Trading of Warby Parker

Several hedge funds have recently added to or reduced their stakes in WRBY. AQR Capital Management LLC lifted its stake in Warby Parker by 101.0% in the first quarter. AQR Capital Management LLC now owns 171,271 shares of the company's stock worth $3,122,000 after purchasing an additional 86,053 shares during the last quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. lifted its stake in Warby Parker by 4.6% in the first quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 52,690 shares of the company's stock worth $961,000 after purchasing an additional 2,297 shares during the last quarter. Goldman Sachs Group Inc. lifted its stake in Warby Parker by 96.8% in the first quarter. Goldman Sachs Group Inc. now owns 1,888,817 shares of the company's stock worth $34,433,000 after purchasing an additional 929,073 shares during the last quarter. Caxton Associates LLP bought a new stake in Warby Parker in the first quarter worth $252,000. Finally, UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC raised its stake in shares of Warby Parker by 17.6% during the first quarter. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC now owns 257,020 shares of the company's stock valued at $4,685,000 after acquiring an additional 38,395 shares during the last quarter. 93.24% of the stock is owned by institutional investors.

About Warby Parker

Warby Parker, Inc NYSE: WRBY is a U.S.-based eyewear company that designs, manufactures and sells prescription glasses, sunglasses and contact lenses through a direct-to-consumer model. Since its founding, the company has combined online and brick-and-mortar channels to streamline the customer experience, offering features such as virtual try-on technology and a home try-on program that allows consumers to sample frames before purchase.

Established in 2010 by Wharton graduates Neil Blumenthal, Dave Gilboa, Andrew Hunt and Jeffrey Raider, Warby Parker set out to disrupt the traditional optical market by controlling the entire supply chain—from frame design and lens production to warehousing and distribution.

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest reporting and unbiased coverage. Please send any questions or comments about this story to contact@marketbeat.com.