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

Warby Parker Inc. (NYSE:WRBY) gapped up prior to trading 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 trading hands.

WRBY has been the topic of a number of other research reports. UBS Group upped their price target on Warby Parker from $20.00 to $23.00 and gave the company a “neutral” rating in a research report on Friday, February 28th. Piper Sandler reduced their price target on Warby Parker from $30.00 to $20.00 and set an “overweight” rating on the stock in a research report on Friday, April 11th. Robert W. Baird upped their price target on Warby Parker from $30.00 to $32.00 and gave the company an “outperform” rating in a research report on Friday, February 28th. Roth Capital upgraded Warby Parker to a “strong-buy” rating in a research report on Monday, February 24th. Finally, Stifel Nicolaus reduced their price target on Warby Parker from $25.00 to $18.00 and set a “hold” rating on the stock in a research report on Thursday, April 10th. Six analysts have rated the stock with a hold rating, nine have given a buy rating and one has given a strong buy rating to the company’s stock. Based on data from MarketBeat.com, the stock currently has an average rating of “Moderate Buy” and an average target price of $22.00.

Insider Activity at Warby Parker

In other Warby Parker news, CEO Neil Harris Blumenthal sold 27,967 shares of the stock in a transaction that occurred on Tuesday, March 4th. The stock was sold at an average price of $23.52, for a total value of $657,783.84. Following the transaction, the chief executive officer now owns 23,961 shares in the company, valued at approximately $563,562.72. This represents a 53.86% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, CFO Steven Clive Miller sold 11,684 shares of the stock in a transaction that occurred on Tuesday, March 4th. The stock was sold at an average price of $23.52, for a total value of $274,807.68. Following the completion of the transaction, 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 disclosure for this sale can be found here. 26.55% of the stock is owned by corporate insiders.

Institutional Inflows and Outflows

Institutional investors and hedge funds have recently added to or reduced their stakes in the company. Global Retirement Partners LLC bought a new position in Warby Parker in the fourth quarter worth approximately $25,000. New York State Teachers Retirement System purchased a new stake in shares of Warby Parker in the first quarter worth approximately $27,000. NewEdge Advisors LLC raised its stake in shares of Warby Parker by 700.0% in the fourth 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 last quarter. Jones Financial Companies Lllp raised its stake in shares of Warby Parker by 205.6% in the fourth 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 last quarter. Finally, Comerica Bank raised its stake in shares of Warby Parker by 153.1% in the fourth 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 last quarter. Institutional investors own 93.24% of the company’s stock.

Warby Parker Stock Down 2.1%

The stock has a market capitalization of $1.93 billion, a PE ratio of -68.48 and a beta of 2.01. The firm has a 50 day moving average price of $17.15 and a 200 day moving average price of $21.55.

Warby Parker Company Profile

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.