Warby Parker (NYSE:WRBY) Sets New 52-Week High - Should You Buy?

Key Points

• Warby Parker's stock reached a new 52-week high on Thursday, trading as high as $29.73 and closing at $25.69, indicating strong market performance.
• Analysts have generally rated Warby Parker positively, with an average target price of $23.31 and many firms giving it a "buy" or "outperform" rating.
• Insider selling has been notable, with Director Youngme E. Moon and CEO Neil Harris Blumenthal selling significant shares, indicating potential shifts in management confidence.

Warby Parker Inc. (NYSE:WRBY - Get Free Report)'s share price reached a new 52-week high on Thursday . The stock traded as high as $29.73 and last traded at $25.69, with a volume of 1294900 shares traded. The stock had previously closed at $24.30.

Wall Street Analyst Weigh In

A number of analysts have recently weighed in on WRBY shares. Telsey Advisory Group boosted their price objective on shares of Warby Parker from $22.00 to $28.00 and gave the stock an "outperform" rating in a research note on Friday, August 1st. Cowen reaffirmed a "buy" rating on shares of Warby Parker in a research note on Wednesday, May 21st. Roth Capital set a $24.00 target price on shares of Warby Parker and gave the stock a "neutral" rating in a report on Tuesday. UBS Group decreased their price objective on shares of Warby Parker from $23.00 to $20.00 and set a "neutral" rating on the stock in a report on Tuesday, May 13th. Finally, TD Securities upped their price objective on shares of Warby Parker from $20.00 to $24.00 and gave the stock a "buy" rating in a research report on Wednesday, May 21st. Nine research analysts have rated the stock with a hold rating and ten have given a buy rating to the stock. According to MarketBeat, Warby Parker presently has an average rating of "Moderate Buy" and an average target price of $23.31.

Warby Parker Price Performance

The firm has a 50-day simple moving average of $22.54 and a 200-day simple moving average of $21.10. The firm has a market capitalization of $2.39 billion, a PE ratio of -190.56 and a beta of 2.09.

Insider Activity at Warby Parker

In other Warby Parker news, Director Youngme E. Moon sold 33,073 shares of the business's stock in a transaction dated Thursday, May 22nd. The stock was sold at an average price of $19.90, for a total transaction of $658,152.70. Following the sale, the director owned 53,869 shares in the company, valued at approximately $1,071,993.10. The trade was a 38.04% decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, CEO Neil Harris Blumenthal sold 49,600 shares of the stock in a transaction that occurred on Monday, July 21st. The shares were sold at an average price of $24.21, for a total value of $1,200,816.00. Following the completion of the sale, the chief executive officer directly owned 28,347 shares of the company's stock, valued at approximately $686,280.87. This represents a 63.63% decrease in their position. The disclosure for this sale can be found here. Insiders have sold a total of 83,073 shares of company stock valued at $1,868,573 in the last 90 days. 18.24% of the stock is currently owned by company insiders.

Hedge Funds Weigh In On Warby Parker

Institutional investors and hedge funds have recently added to or reduced their stakes in the company. Connor Clark & Lunn Investment Management Ltd. boosted its holdings in Warby Parker by 6.3% during the second quarter. Connor Clark & Lunn Investment Management Ltd. now owns 297,031 shares of the company's stock worth $6,514,000 after buying an additional 17,628 shares in the last quarter. Los Angeles Capital Management LLC raised its holdings in shares of Warby Parker by 34.4% during the 2nd quarter. Los Angeles Capital Management LLC now owns 30,524 shares of the company's stock valued at $669,000 after purchasing an additional 7,810 shares in the last quarter. First Eagle Investment Management LLC raised its holdings in Warby Parker by 33.6% in the 2nd quarter. First Eagle Investment Management LLC now owns 561,144 shares of the company's stock worth $12,306,000 after acquiring an additional 141,070 shares during the period. Savant Capital LLC bought a new position in Warby Parker in the 2nd quarter worth $531,000. Finally, Huntington National Bank raised its holdings in Warby Parker by 111.0% in the 2nd quarter. Huntington National Bank now owns 1,675 shares of the company's stock worth $37,000 after acquiring an additional 881 shares during the period. 93.24% of the stock is owned by hedge funds and other institutional investors.

About Warby Parker

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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