Shares of Warby Parker Inc. (NYSE:WRBY – Get Free Report) have earned a consensus rating of “Moderate Buy” from the fifteen brokerages that are presently covering the company, Marketbeat Ratings reports. Five analysts have rated the stock with a hold recommendation and ten have given a buy recommendation to the company. The average 12 month price target among analysts that have issued a report on the stock in the last year is $29.8182.
A number of research firms have recently issued reports on WRBY. UBS Group lifted their target price on shares of Warby Parker from $25.00 to $27.00 and gave the company a “neutral” rating in a research note on Friday, May 8th. Bank of America started coverage on Warby Parker in a report on Monday, June 29th. They set a “buy” rating and a $33.00 price target for the company. BTIG Research lifted their price objective on Warby Parker from $32.00 to $34.00 and gave the company a “buy” rating in a research report on Thursday, May 7th. Citigroup reissued a “market outperform” rating on shares of Warby Parker in a research note on Friday, May 22nd. Finally, Piper Sandler restated an “overweight” rating on shares of Warby Parker in a report on Tuesday, May 19th.
Read Our Latest Research Report on WRBY
Warby Parker Stock Performance
Warby Parker (NYSE:WRBY – Get Free Report) last announced its quarterly earnings results on Thursday, May 7th. The company reported $0.03 earnings per share (EPS) for the quarter, missing the consensus estimate of $0.11 by ($0.08). The firm had revenue of $242.45 million for the quarter, compared to the consensus estimate of $239.44 million. Warby Parker had a net margin of 0.15% and a return on equity of 2.30%. The company’s revenue for the quarter was up 8.4% on a year-over-year basis. During the same period in the prior year, the business earned $0.03 earnings per share. As a group, sell-side analysts anticipate that Warby Parker will post 0.19 EPS for the current fiscal year.
Insiders Place Their Bets
In other Warby Parker news, Director Teresa Briggs sold 5,000 shares of the firm’s stock in a transaction dated Tuesday, June 16th. The shares were sold at an average price of $25.94, for a total value of $129,700.00. Following the completion of the sale, the director owned 48,883 shares in the company, valued at approximately $1,268,025.02. This trade represents a 9.28% decrease in their position. The transaction was disclosed in a legal filing with the SEC, which can be accessed through this hyperlink. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, Director Youngme E. Moon sold 10,000 shares of the business’s stock in a transaction dated Friday, June 12th. The stock was sold at an average price of $26.53, for a total transaction of $265,300.00. Following the completion of the transaction, the director directly owned 26,061 shares of the company’s stock, valued at approximately $691,398.33. This represents a 27.73% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. Over the last ninety days, insiders sold 366,207 shares of company stock valued at $10,814,738. 16.80% of the stock is owned by corporate insiders.
Institutional Trading of Warby Parker
A number of hedge funds and other institutional investors have recently modified their holdings of the stock. JPMorgan Chase & Co. lifted its holdings in Warby Parker by 32.5% during the 4th 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 in the last quarter. Vaughan Nelson Investment Management L.P. increased its stake in shares of Warby Parker by 31.3% in the 1st quarter. Vaughan Nelson Investment Management L.P. now owns 3,028,307 shares of the company’s stock valued at $63,806,000 after buying an additional 722,627 shares during the period. Bank of New York Mellon Corp raised its position in shares of 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 acquiring an additional 381,071 shares during the last quarter. State Street Corp raised its position in shares of Warby Parker by 9.2% during the fourth quarter. State Street Corp now owns 2,408,610 shares of the company’s stock worth $52,484,000 after acquiring an additional 202,029 shares during the last quarter. Finally, Geode Capital Management LLC lifted its stake in shares of Warby Parker by 0.5% during the fourth quarter. Geode Capital Management LLC now owns 2,297,123 shares of the company’s stock valued at $50,064,000 after acquiring an additional 11,736 shares during the period. Institutional investors and hedge funds own 93.24% of the company’s stock.
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.
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