Warby Parker (NYSE:WRBY) Trading 9.7% Higher – What’s Next?

Warby Parker Inc. (NYSE:WRBY)’s share price traded up 9.7% during trading on Tuesday . The stock traded as high as $23.39 and last traded at $23.3450. 1,783,674 shares changed hands during mid-day trading, a decline of 43% from the average session volume of 3,155,958 shares. The stock had previously closed at $21.28.

Wall Street Analyst Weigh In

Several equities research analysts have commented on the company. Weiss Ratings lowered Warby Parker from a “hold (c-)” rating to a “sell (d)” rating in a research report on Monday, March 2nd. UBS Group restated a “neutral” rating and issued a $20.00 price objective on shares of Warby Parker in a research report on Wednesday, February 25th. Robert W. Baird set a $35.00 target price on Warby Parker in a research note on Wednesday, December 17th. Citigroup upped their target price on Warby Parker from $18.00 to $24.00 and gave the stock a “neutral” rating in a research note on Tuesday, March 17th. Finally, Telsey Advisory Group reaffirmed an “outperform” rating and set a $32.00 target price on shares of Warby Parker in a research note on Friday, February 20th. Ten equities research analysts have rated the stock with a Buy rating, five have assigned a Hold rating and one has given a Sell rating to the company’s stock. Based on data from MarketBeat.com, the stock has an average rating of “Moderate Buy” and an average price target of $28.00.

Warby Parker Stock Performance

The firm has a market capitalization of $2.47 billion, a price-to-earnings ratio of 1,155.18 and a beta of 2.07. The company has a 50 day moving average price of $23.14 and a two-hundred day moving average price of $23.18.

Insider Buying and Selling at Warby Parker

In other news, Director Bradley E. Singer sold 15,793 shares of the company’s stock in a transaction that occurred on Wednesday, March 4th. The stock was sold at an average price of $27.53, for a total transaction of $434,781.29. Following the completion of the transaction, the director directly owned 16,026 shares of the company’s stock, valued at $441,195.78. This represents a 49.63% decrease in their position. The sale was disclosed in a filing with the SEC, which is available through this link. 18.24% of the stock is currently owned by insiders.

Institutional Inflows and Outflows

Several hedge funds have recently added to or reduced their stakes in WRBY. JPMorgan Chase & Co. raised its stake in Warby Parker by 32.5% in the 4th quarter. JPMorgan Chase & Co. now owns 9,679,067 shares of the company’s stock valued at $210,907,000 after purchasing an additional 2,375,726 shares during the last quarter. Fuller & Thaler Asset Management Inc. acquired a new position in Warby Parker in the 4th quarter valued at $46,484,000. SRS Investment Management LLC acquired a new position in Warby Parker in the 4th quarter valued at $31,277,000. Goldman Sachs Group Inc. raised its stake in Warby Parker by 96.8% in the 1st quarter. Goldman Sachs Group Inc. now owns 1,888,817 shares of the company’s stock valued at $34,433,000 after purchasing an additional 929,073 shares during the last quarter. Finally, Price T Rowe Associates Inc. MD raised its stake in Warby Parker by 71.3% in the 4th quarter. Price T Rowe Associates Inc. MD now owns 2,078,778 shares of the company’s stock valued at $45,298,000 after purchasing an additional 865,345 shares during the last quarter. 93.24% of the stock is owned by institutional investors and hedge funds.

Warby Parker Company Profile

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.