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

Key Points

• Warby Parker has a “Moderate Buy” consensus rating from 15 analysts, with 10 buy ratings and 5 holds. The average 1-year price target is about $29.82.
• The stock was trading up 1.1% at $27.92, near its 52-week high of $31.00. Warby Parker also has a market cap of about $2.99 billion.
• Its latest quarterly results showed revenue growth of 8.4% to $242.45 million, but earnings missed expectations at $0.03 EPS versus the $0.11 consensus estimate. Insider selling has also been notable, with directors selling shares in recent weeks.

Warby Parker Inc. (NYSE:WRBY - Get Free Report) has been assigned an average rating of "Moderate Buy" from the fifteen ratings firms that are currently covering the firm, MarketBeat reports. Five analysts have rated the stock with a hold recommendation and ten have assigned a buy recommendation to the company. The average 1 year price objective among brokers that have issued ratings on the stock in the last year is $29.8182.

WRBY has been the topic of several analyst reports. Bank of America began coverage on shares of Warby Parker in a report on Monday, June 29th. They issued a "buy" rating and a $33.00 price target on the stock. BTIG Research increased their price target on Warby Parker from $32.00 to $34.00 and gave the stock a "buy" rating in a research report on Thursday, May 7th. Piper Sandler restated an "overweight" rating on shares of Warby Parker in a research report on Tuesday, May 19th. Citigroup reissued a "market outperform" rating on shares of Warby Parker in a research note on Friday, May 22nd. Finally, Telsey Advisory Group boosted their target price on Warby Parker from $32.00 to $33.00 and gave the stock an "outperform" rating in a research report on Friday, May 8th.

Warby Parker Trading Up 1.1%

Shares of NYSE:WRBY opened at $27.92 on Thursday. The stock has a market capitalization of $2.99 billion, a PE ratio of 1,396.50, a P/E/G ratio of 5.52 and a beta of 1.91. The firm has a fifty day moving average price of $26.76 and a 200 day moving average price of $25.01. Warby Parker has a 1 year low of $14.96 and a 1 year high of $31.00.

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

Insider Transactions at Warby Parker

In other Warby Parker news, Director Teresa Briggs sold 5,000 shares of the company's stock in a transaction dated Tuesday, June 16th. The shares were sold at an average price of $25.94, for a total transaction of $129,700.00. Following the transaction, the director directly owned 48,883 shares in the company, valued at approximately $1,268,025.02. This represents a 9.28% decrease in their position. The transaction was disclosed in a document filed with the SEC, which is accessible through this hyperlink. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, Director Youngme E. Moon sold 10,000 shares of the firm's stock in a transaction dated Friday, June 12th. The shares were sold at an average price of $26.53, for a total transaction of $265,300.00. Following the completion of the transaction, the director directly owned 26,061 shares in the company, valued at $691,398.33. This trade represents a 27.73% decrease in their position. The disclosure for this sale is available in the SEC filing. Insiders have sold 463,862 shares of company stock worth $13,225,039 in the last ninety days. 16.80% of the stock is currently owned by insiders.

Institutional Investors Weigh In On Warby Parker

Institutional investors and hedge funds have recently modified their holdings of the business. AQR Capital Management LLC grew its holdings in Warby Parker by 101.0% during the 1st quarter. AQR Capital Management LLC now owns 171,271 shares of the company's stock worth $3,122,000 after acquiring an additional 86,053 shares during the period. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. lifted its stake in shares of Warby Parker by 4.6% in the 1st quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 52,690 shares of the company's stock valued at $961,000 after purchasing an additional 2,297 shares during the period. Goldman Sachs Group Inc. boosted its position in shares of Warby Parker by 96.8% in the 1st 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 position in shares of Warby Parker in the 1st quarter worth $252,000. Finally, UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC grew 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 worth $4,685,000 after purchasing an additional 38,395 shares during the period. 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.

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