Warby Parker (NYSE:WRBY) Price Target Raised to $28.00 at Telsey Advisory Group

Key Points

• Telsey Advisory Group has raised Warby Parker's price target from $22.00 to $28.00, indicating a potential upside of 17.13% from the previous close.
• Current consensus among analysts shows a rating of "Moderate Buy" with an average price target of $23.13, while multiple firms have varying ratings ranging from 'buy' to 'hold'.
• Insider transactions reveal CEO Neil Harris Blumenthal sold 49,600 shares at an average price of $24.21, significantly decreasing his holdings in the company.

Warby Parker (NYSE:WRBY - Get Free Report) had its price target increased by research analysts at Telsey Advisory Group from $22.00 to $28.00 in a research report issued to clients and investors on Friday, Marketbeat.com reports. The brokerage presently has an "outperform" rating on the stock. Telsey Advisory Group's price target would indicate a potential upside of 18.59% from the stock's previous close.

Several other analysts have also commented on the company. Stifel Nicolaus boosted their price target on Warby Parker from $18.00 to $21.00 and gave the company a "hold" rating in a research note on Wednesday, May 21st. Citizens Jmp cut Warby Parker from an "outperform" rating to a "market perform" rating in a research note on Thursday, July 10th. Loop Capital restated a "buy" rating on shares of Warby Parker in a report on Wednesday, May 21st. Cowen restated a "buy" rating on shares of Warby Parker in a report on Wednesday, May 21st. Finally, TD Securities raised their price objective on Warby Parker from $20.00 to $24.00 and gave the stock a "buy" rating in a research note on Wednesday, May 21st. Nine analysts have rated the stock with a hold rating and ten have issued a buy rating to the company. According to data from MarketBeat.com, the company presently has an average rating of "Moderate Buy" and an average price target of $23.13.

Warby Parker Price Performance

Shares of NYSE WRBY traded down $0.34 during trading hours on Friday, hitting $23.61. 1,516,553 shares of the stock were exchanged, compared to its average volume of 1,568,949. Warby Parker has a one year low of $12.46 and a one year high of $28.68. The company's 50 day moving average is $22.29 and its 200 day moving average is $21.10. The firm has a market capitalization of $2.47 billion, a P/E ratio of -196.75 and a beta of 2.09.

Insider Activity

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

Hedge Funds Weigh In On Warby Parker

Several hedge funds and other institutional investors have recently modified their holdings of the company. Durable Capital Partners LP lifted its position in Warby Parker by 13.2% during the 1st quarter. Durable Capital Partners LP now owns 10,212,383 shares of the company's stock valued at $186,172,000 after acquiring an additional 1,194,558 shares during the period. American Century Companies Inc. raised its holdings in Warby Parker by 14.6% in the first quarter. American Century Companies Inc. now owns 2,456,965 shares of the company's stock worth $44,790,000 after buying an additional 312,543 shares during the last quarter. Vaughan Nelson Investment Management L.P. lifted its position in Warby Parker by 105.5% in the 2nd quarter. Vaughan Nelson Investment Management L.P. now owns 2,216,320 shares of the company's stock valued at $48,604,000 after acquiring an additional 1,137,970 shares in the last quarter. Jennison Associates LLC increased its holdings in shares of Warby Parker by 23.7% in the 1st quarter. Jennison Associates LLC now owns 2,174,158 shares of the company's stock worth $39,635,000 after purchasing an additional 416,797 shares in the last quarter. Finally, Renaissance Technologies LLC raised its stake in shares of Warby Parker by 18.5% in the fourth quarter. Renaissance Technologies LLC now owns 2,002,400 shares of the company's stock worth $48,478,000 after purchasing an additional 313,100 shares during the last quarter. 93.24% of the stock is owned by institutional investors.

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.