Warby Parker Inc. (NYSE:WRBY) Receives Average Recommendation of "Moderate Buy" from Analysts

Key Points

• Warby Parker Inc. has received a consensus rating of "Moderate Buy" from analysts, with a total of 11 buy ratings and 8 hold ratings.
• The average 12-month price target set by brokerages for Warby Parker stock is $24.06, with analysts predicting potential growth in the stock's value.
• Institutional investors own 93.24% of Warby Parker's stock, indicating a strong institutional confidence in the company.

Warby Parker Inc. (NYSE:WRBY - Get Free Report) has received a consensus rating of "Moderate Buy" from the nineteen research firms that are presently covering the stock, MarketBeat Ratings reports. Eight analysts have rated the stock with a hold recommendation and eleven have issued a buy recommendation on the company. The average 1-year price objective among analysts that have issued a report on the stock in the last year is $24.0625.

WRBY has been the subject of several recent research reports. The Goldman Sachs Group lifted 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. BTIG Research reiterated a "buy" rating and issued a $28.00 price objective (up previously from $24.00) on shares of Warby Parker in a research note on Thursday, August 7th. Robert W. Baird set a $30.00 target price on Warby Parker and gave the stock an "outperform" rating in a research note on Wednesday, July 30th. Citizens Jmp cut Warby Parker from an "outperform" rating to a "market perform" rating in a research note on Thursday, July 10th. Finally, TD Securities boosted their target price on Warby Parker from $20.00 to $24.00 and gave the stock a "buy" rating in a research note on Wednesday, May 21st.

Warby Parker Trading Down 0.7%

Warby Parker stock traded down $0.19 during midday trading on Monday, reaching $26.34. 342,721 shares of the stock traded hands, compared to its average volume of 2,201,581. The company has a 50-day simple moving average of $23.82 and a two-hundred day simple moving average of $21.05. Warby Parker has a 12-month low of $12.69 and a 12-month high of $29.73. The firm has a market cap of $2.77 billion, a PE ratio of -376.50 and a beta of 2.09.

Insider Buying and Selling

In other Warby Parker news, CEO Neil Harris Blumenthal sold 50,000 shares of the business's stock in a transaction that occurred on Wednesday, August 13th. The stock was sold at an average price of $25.11, for a total value of $1,255,500.00. Following the completion of the sale, the chief executive officer owned 28,347 shares in the company, valued at approximately $711,793.17. The trade was a 63.82% decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, Director Teresa Briggs sold 6,000 shares of the business's stock in a transaction that occurred 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 completion of the sale, the director owned 44,879 shares of the company's stock, valued at approximately $1,057,349.24. This represents a 11.79% decrease in their position. The disclosure for this sale can be found here. In the last quarter, insiders sold 106,000 shares of company stock valued at $2,607,280. 18.24% of the stock is owned by company insiders.

Institutional Investors Weigh In On Warby Parker

Institutional investors and hedge funds have recently added to or reduced their stakes in the company. Durable Capital Partners LP increased its holdings in shares of Warby Parker by 13.2% in the first quarter. Durable Capital Partners LP now owns 10,212,383 shares of the company's stock valued at $186,172,000 after purchasing an additional 1,194,558 shares during the period. JPMorgan Chase & Co. increased its holdings in shares of Warby Parker by 987.8% in the second quarter. JPMorgan Chase & Co. now owns 5,182,573 shares of the company's stock valued at $113,654,000 after purchasing an additional 4,706,148 shares during the period. Bank of New York Mellon Corp increased its holdings in shares of Warby Parker by 51.4% in the second quarter. Bank of New York Mellon Corp now owns 2,605,250 shares of the company's stock valued at $57,133,000 after purchasing an additional 884,035 shares during the period. American Century Companies Inc. increased its holdings in shares of Warby Parker by 14.6% in the first quarter. American Century Companies Inc. now owns 2,456,965 shares of the company's stock valued at $44,790,000 after purchasing an additional 312,543 shares during the period. Finally, Vaughan Nelson Investment Management L.P. increased its holdings in shares of Warby Parker by 105.5% in the second quarter. Vaughan Nelson Investment Management L.P. now owns 2,216,320 shares of the company's stock valued at $48,604,000 after purchasing an additional 1,137,970 shares during the period. Hedge funds and other 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.