Warby Parker (NYSE:WRBY) Trading 8.7% Higher – Should You Buy?

Shares of Warby Parker Inc. (NYSE:WRBY) were up 8.7% during trading on Tuesday . The stock traded as high as $30.00 and last traded at $28.8950. Approximately 1,999,807 shares changed hands during mid-day trading, a decline of 53% from the average daily volume of 4,276,697 shares. The stock had previously closed at $26.58.

Analyst Ratings Changes

Several equities research analysts have recently issued reports on WRBY shares. Piper Sandler lifted their target price on Warby Parker from $22.00 to $32.00 and gave the stock an “overweight” rating in a report on Tuesday, December 16th. The Goldman Sachs Group lifted their price objective on Warby Parker from $27.00 to $31.00 and gave the stock a “buy” rating in a research note on Monday, October 6th. Citizens Jmp upgraded Warby Parker from a “market perform” rating to an “outperform” rating and set a $30.00 target price for the company in a research report on Wednesday, December 10th. Wall Street Zen cut shares of Warby Parker from a “buy” rating to a “hold” rating in a research report on Saturday, November 1st. Finally, Citigroup raised shares of Warby Parker from a “hold” rating to an “outperform” rating in a research note on Wednesday, December 10th. Eleven investment analysts have rated the stock with a Buy rating and eight have given a Hold rating to the company’s stock. According to MarketBeat.com, the company currently has an average rating of “Moderate Buy” and a consensus price target of $26.75.

Warby Parker Trading Up 8.4%

The company has a 50-day moving average price of $22.04 and a two-hundred day moving average price of $23.61. The stock has a market cap of $3.05 billion, a P/E ratio of 2,884.00 and a beta of 2.05.

Warby Parker (NYSE:WRBY) last posted its quarterly earnings data on Thursday, November 6th. The company reported $0.06 earnings per share for the quarter, missing analysts’ consensus estimates of $0.09 by ($0.03). Warby Parker had a net margin of 0.08% and a return on equity of 1.96%. The firm had revenue of $221.68 million for the quarter, compared to the consensus estimate of $224.49 million. During the same quarter last year, the firm earned ($0.03) EPS. The company’s revenue was up 15.2% on a year-over-year basis. As a group, equities analysts forecast that Warby Parker Inc. will post -0.12 earnings per share for the current fiscal year.

Insider Buying and Selling at Warby Parker

In other news, CEO Neil Harris Blumenthal sold 150,000 shares of the company’s stock in a transaction that occurred on Tuesday, January 6th. The stock was sold at an average price of $25.09, for a total transaction of $3,763,500.00. Following the transaction, the chief executive officer owned 37,119 shares of the company’s stock, valued at approximately $931,315.71. This represents a 80.16% decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which can be accessed through this link. Also, Director Joel E. Cutler sold 19,932 shares of the stock in a transaction that occurred on Tuesday, December 16th. The stock was sold at an average price of $26.01, for a total value of $518,431.32. Following the completion of the sale, the director owned 20,000 shares in the company, valued at approximately $520,200. The trade was a 49.91% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. Insiders sold 358,764 shares of company stock worth $9,793,778 over the last 90 days. Company insiders own 18.24% of the company’s stock.

Institutional Trading of Warby Parker

Institutional investors and hedge funds have recently made changes to their positions in the business. Vanguard Group Inc. grew its holdings in shares of Warby Parker by 3.2% in the third 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. boosted its position in Warby Parker by 40.9% in the 3rd quarter. JPMorgan Chase & Co. now owns 7,303,341 shares of the company’s stock valued at $201,426,000 after buying an additional 2,120,768 shares during the period. Bank of New York Mellon Corp grew its stake in Warby Parker by 51.4% in the 2nd quarter. Bank of New York Mellon Corp now owns 2,605,250 shares of the company’s stock worth $57,133,000 after acquiring an additional 884,035 shares in the last quarter. Vaughan Nelson Investment Management L.P. increased its position in shares of Warby Parker by 9.3% during the third quarter. Vaughan Nelson Investment Management L.P. now owns 2,421,950 shares of the company’s stock worth $66,797,000 after acquiring an additional 205,630 shares during the period. Finally, Geode Capital Management LLC raised its stake in shares of Warby Parker by 7.3% during the second quarter. Geode Capital Management LLC now owns 2,201,817 shares of the company’s stock valued at $48,292,000 after acquiring an additional 148,847 shares in the last quarter. 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.