Warby Parker (NYSE:WRBY) Given New $20.00 Price Target at UBS Group

Warby Parker (NYSE:WRBY) had its target price reduced by analysts at UBS Group from $23.00 to $20.00 in a research note issued on Tuesday,Benzinga reports. The brokerage presently has a “neutral” rating on the stock. UBS Group’s price objective would indicate a potential upside of 14.74% from the company’s current price.

Several other equities research analysts have also issued reports on the company. Morgan Stanley raised their target price on Warby Parker from $17.00 to $23.00 and gave the company an “equal weight” rating in a research report on Tuesday, January 21st. Robert W. Baird increased their price target on Warby Parker from $30.00 to $32.00 and gave the stock an “outperform” rating in a research note on Friday, February 28th. Piper Sandler cut their price target on Warby Parker from $30.00 to $20.00 and set an “overweight” rating for the company in a research note on Friday, April 11th. Telsey Advisory Group cut their price target on Warby Parker from $30.00 to $22.00 and set an “outperform” rating for the company in a research note on Friday, May 9th. Finally, Evercore ISI reiterated an “in-line” rating and set a $23.00 price target on shares of Warby Parker in a research note on Friday, January 17th. Six analysts have rated the stock with a hold rating, nine have assigned a buy rating and one has given a strong buy rating to the stock. According to MarketBeat.com, Warby Parker has a consensus rating of “Moderate Buy” and a consensus target price of $22.00.

Warby Parker Trading Down 5.7%

NYSE WRBY opened at $17.43 on Tuesday. The firm has a market capitalization of $1.82 billion, a P/E ratio of -64.56 and a beta of 2.01. The business has a fifty day simple moving average of $17.08 and a 200 day simple moving average of $21.52. Warby Parker has a 12 month low of $12.46 and a 12 month high of $28.68.

Insiders Place Their Bets

In other news, CFO Steven Clive Miller sold 11,684 shares of the stock in a transaction 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 sale, the chief financial officer now directly owns 204,727 shares of the company’s stock, valued at approximately $4,815,179.04. This represents a 5.40% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is accessible through this link. Also, CEO Neil Harris Blumenthal sold 27,967 shares of the stock in a transaction 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 completion of the sale, the chief executive officer now directly 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 disclosure for this sale can be found here. 26.55% of the stock is owned by corporate insiders.

Institutional Inflows and Outflows

A number of hedge funds and other institutional investors have recently modified their holdings of the business. Durable Capital Partners LP lifted its holdings in shares of Warby Parker by 10.3% during the fourth quarter. Durable Capital Partners LP now owns 9,017,825 shares of the company’s stock valued at $218,322,000 after purchasing an additional 840,797 shares in the last quarter. Vaughan Nelson Investment Management L.P. lifted its holdings in shares of Warby Parker by 3.5% during the fourth quarter. Vaughan Nelson Investment Management L.P. now owns 2,645,540 shares of the company’s stock valued at $64,047,000 after purchasing an additional 89,835 shares in the last quarter. American Century Companies Inc. lifted its holdings in shares of Warby Parker by 14.6% during the first quarter. American Century Companies Inc. now owns 2,456,965 shares of the company’s stock valued at $44,790,000 after purchasing an additional 312,543 shares in the last quarter. Jennison Associates LLC lifted its holdings in shares of Warby Parker by 23.7% during the first quarter. Jennison Associates LLC now owns 2,174,158 shares of the company’s stock valued at $39,635,000 after purchasing an additional 416,797 shares in the last quarter. Finally, Renaissance Technologies LLC lifted its holdings in shares of Warby Parker by 18.5% during the fourth quarter. Renaissance Technologies LLC now owns 2,002,400 shares of the company’s stock valued at $48,478,000 after purchasing an additional 313,100 shares in the last quarter. 93.24% of the stock is owned by institutional investors.

About Warby Parker

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.