Warby Parker (NYSE:WRBY) Stock Price Expected to Rise, BTIG Research Analyst Says

Key Points

• BTIG Research raised its price target on Warby Parker to $34 (from $32) and kept a "buy" rating, implying roughly a 28.7% upside; the stock's consensus remains a "Moderate Buy" with an average target of $28.27.
• In the latest quarter Warby Parker missed EPS ( $0.03 vs. $0.11 est.) but reported revenue of $242.45M, up 8.4% year‑over‑year and slightly above estimates.
• Insiders have been net sellers recently: CEO Neil Blumenthal sold 75,213 shares (reducing his stake by ~60%), and insiders sold a total of 115,793 shares worth ~$2.9M over the past 90 days.

Warby Parker (NYSE:WRBY - Get Free Report) had its price objective upped by investment analysts at BTIG Research from $32.00 to $34.00 in a research note issued to investors on Thursday, MarketBeat.com reports. The brokerage presently has a "buy" rating on the stock. BTIG Research's target price suggests a potential upside of 28.69% from the stock's previous close.

WRBY has been the subject of a number of other reports. Weiss Ratings cut Warby Parker from a "hold (c-)" rating to a "sell (d)" rating in a research note on Monday, March 2nd. Telsey Advisory Group reiterated an "outperform" rating and issued a $32.00 target price on shares of Warby Parker in a research report on Friday, February 20th. Citigroup lifted their price target on Warby Parker from $18.00 to $24.00 and gave the company a "neutral" rating in a research note on Tuesday, March 17th. Finally, UBS Group restated a "neutral" rating and set a $20.00 price target on shares of Warby Parker in a report on Wednesday, February 25th. Ten research analysts have rated the stock with a Buy rating, five have assigned a Hold rating and one has assigned a Sell rating to the stock. According to data from MarketBeat, the stock presently has a consensus rating of "Moderate Buy" and an average price target of $28.27.

Warby Parker Stock Performance

Shares of Warby Parker stock traded up $4.39 during midday trading on Thursday, hitting $26.42. 6,446,025 shares of the company traded hands, compared to its average volume of 3,017,335. The stock has a market cap of $2.83 billion, a price-to-earnings ratio of 1,313.81 and a beta of 1.95. The firm's fifty day moving average price is $23.21 and its 200-day moving average price is $23.04. Warby Parker has a 12 month low of $14.96 and a 12 month high of $31.00.

Warby Parker (NYSE:WRBY - Get Free Report) last issued its quarterly earnings data on Thursday, May 7th. The company reported $0.03 EPS for the quarter, missing the consensus estimate of $0.11 by ($0.08). Warby Parker had a net margin of 0.19% and a return on equity of 2.22%. The company had revenue of $242.45 million during the quarter, compared to the consensus estimate of $239.44 million. During the same period in the previous year, the company earned $0.03 EPS. Warby Parker's revenue for the quarter was up 8.4% on a year-over-year basis. Equities research analysts forecast that Warby Parker will post 0.24 earnings per share for the current year.

Insider Buying and Selling at Warby Parker

In other news, CEO Neil Harris Blumenthal sold 75,213 shares of the stock in a transaction dated Friday, April 17th. The stock was sold at an average price of $24.56, for a total value of $1,847,231.28. Following the completion of the sale, the chief executive officer owned 50,165 shares of the company's stock, valued at approximately $1,232,052.40. This represents a 59.99% decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is accessible through the SEC website. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, Director Bradley E. Singer sold 15,793 shares of the stock in a transaction dated Wednesday, March 4th. The shares were sold at an average price of $27.53, for a total value of $434,781.29. Following the completion of the sale, the director directly owned 16,026 shares of the company's stock, valued at approximately $441,195.78. The trade was a 49.63% decrease in their position. The disclosure for this sale is available in the SEC filing. Over the last ninety days, insiders have sold 115,793 shares of company stock valued at $2,901,550. 18.24% of the stock is owned by corporate insiders.

Institutional Trading of Warby Parker

Institutional investors have recently added to or reduced their stakes in the stock. Vanguard Group Inc. raised its holdings in Warby Parker by 3.2% during the 3rd quarter. Vanguard Group Inc. now owns 10,665,529 shares of the company's stock worth $294,155,000 after purchasing an additional 327,830 shares during the last quarter. JPMorgan Chase & Co. increased its position in shares of Warby Parker by 32.5% during the fourth quarter. JPMorgan Chase & Co. now owns 9,679,067 shares of the company's stock worth $210,907,000 after buying an additional 2,375,726 shares during the period. Vaughan Nelson Investment Management L.P. increased its position in shares of Warby Parker by 31.3% during the first quarter. Vaughan Nelson Investment Management L.P. now owns 3,028,307 shares of the company's stock worth $63,806,000 after buying an additional 722,627 shares during the period. Bank of New York Mellon Corp raised its stake in Warby Parker by 17.2% during the fourth quarter. Bank of New York Mellon Corp now owns 2,594,171 shares of the company's stock worth $56,527,000 after buying an additional 381,071 shares during the last quarter. Finally, State Street Corp lifted its holdings in Warby Parker by 9.2% in the fourth quarter. State Street Corp now owns 2,408,610 shares of the company's stock valued at $52,484,000 after buying an additional 202,029 shares during the period. 93.24% of the stock is currently 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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