Warby Parker (NYSE:WRBY) Shares Gap Up After Analyst Upgrade

Warby Parker Inc. (NYSE:WRBY - Get Free Report)'s stock price gapped up before the market opened on Monday after The Goldman Sachs Group raised their price target on the stock from $18.00 to $20.00. The stock had previously closed at $15.75, but opened at $17.42. The Goldman Sachs Group currently has a buy rating on the stock. Warby Parker shares last traded at $18.12, with a volume of 636,279 shares traded.

Several other research analysts also recently issued reports on the stock. Telsey Advisory Group lowered their price target on shares of Warby Parker from $30.00 to $22.00 and set an "outperform" rating for the company in a report on Friday, May 9th. Roth Mkm started coverage on shares of Warby Parker in a report on Tuesday, February 25th. They set a "neutral" rating and a $26.00 price target for the company. Roth Capital upgraded Warby Parker to a "strong-buy" rating in a report on Monday, February 24th. Stifel Nicolaus decreased their price objective on Warby Parker from $25.00 to $18.00 and set a "hold" rating for the company in a report on Thursday, April 10th. Finally, Loop Capital upgraded Warby Parker from a "hold" rating to a "buy" rating and set a $27.00 price objective for the company in a report on Thursday, April 17th. Six investment analysts have rated the stock with a hold rating, nine have given a buy rating and one has issued a strong buy rating to the company. According to MarketBeat.com, the stock currently has a consensus rating of "Moderate Buy" and a consensus price target of $22.00.

Insider Activity at Warby Parker

In other news, CFO Steven Clive Miller sold 11,684 shares of the business's stock in a transaction that occurred on Tuesday, March 4th. The shares were sold at an average price of $23.52, for a total transaction of $274,807.68. Following the completion of the sale, the chief financial officer now owns 204,727 shares in the company, valued at approximately $4,815,179.04. The trade was a 5.40% decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this link. Also, CEO Neil Harris Blumenthal sold 27,967 shares of the business's stock in a transaction that occurred on Tuesday, March 4th. The stock was sold at an average price of $23.52, for a total transaction of $657,783.84. Following the sale, the chief executive officer now owns 23,961 shares of the company's stock, valued at $563,562.72. This represents a 53.86% decrease in their position. The disclosure for this sale can be found here. Company insiders own 26.55% of the company's stock.

Hedge Funds Weigh In On Warby Parker

A number of institutional investors have recently modified their holdings of WRBY. Global Retirement Partners LLC acquired a new position in Warby Parker in the 4th quarter valued at $25,000. NewEdge Advisors LLC grew its stake in shares of Warby Parker by 700.0% during the 4th quarter. NewEdge Advisors LLC now owns 1,200 shares of the company's stock worth $29,000 after purchasing an additional 1,050 shares during the period. New York State Teachers Retirement System acquired a new position in shares of Warby Parker during the 1st quarter worth $27,000. Jones Financial Companies Lllp grew its stake in shares of Warby Parker by 205.6% during the 4th quarter. Jones Financial Companies Lllp now owns 1,528 shares of the company's stock worth $37,000 after purchasing an additional 1,028 shares during the period. Finally, Comerica Bank grew its stake in shares of Warby Parker by 153.1% during the 4th quarter. Comerica Bank now owns 2,291 shares of the company's stock worth $55,000 after purchasing an additional 1,386 shares during the period. 93.24% of the stock is owned by institutional investors and hedge funds.

Warby Parker Trading Up 0.6%

The firm has a market capitalization of $1.84 billion, a price-to-earnings ratio of -65.11 and a beta of 2.01. The stock's 50 day moving average price is $17.08 and its two-hundred day moving average price is $21.52.

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.