Warby Parker (NYSE:WRBY) Shares Up 9.1% – Time to Buy?

Warby Parker Inc. (NYSE:WRBY) shares rose 9.1% on Tuesday . The stock traded as high as $25.36 and last traded at $25.3760. Approximately 1,057,516 shares traded hands during mid-day trading, a decline of 71% from the average daily volume of 3,604,738 shares. The stock had previously closed at $23.25.

Analysts Set New Price Targets

A number of equities analysts have recently issued reports on WRBY shares. BTIG Research upped their price target on Warby Parker from $25.00 to $32.00 and gave the stock a “buy” rating in a research report on Thursday, December 11th. The Goldman Sachs Group upped their price objective on shares of Warby Parker from $27.00 to $31.00 and gave the company a “buy” rating in a report on Monday, October 6th. Citigroup upgraded shares of Warby Parker from a “hold” rating to an “outperform” rating in a research note on Wednesday, December 10th. Stifel Nicolaus upped their price target on shares of Warby Parker from $19.00 to $25.00 and gave the company a “hold” rating in a research note on Friday, December 12th. Finally, Piper Sandler boosted their price objective on shares of Warby Parker from $22.00 to $32.00 and gave the company an “overweight” rating in a report on Tuesday, December 16th. Eleven 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 stock presently has a consensus rating of “Moderate Buy” and an average target price of $26.75.

Warby Parker Trading Up 8.1%

The firm has a market capitalization of $2.66 billion, a PE ratio of 2,500.60 and a beta of 2.05. The firm’s fifty day moving average price is $21.31 and its 200 day moving average price is $23.41.

Warby Parker (NYSE:WRBY) last released 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 company had revenue of $221.68 million for the quarter, compared to analysts’ expectations of $224.49 million. During the same quarter in the previous year, the business posted ($0.03) EPS. The business’s quarterly revenue was up 15.2% on a year-over-year basis. On average, analysts predict that Warby Parker Inc. will post -0.12 earnings per share for the current year.

Insider Activity at Warby Parker

In related news, Director Youngme E. Moon sold 38,832 shares of the stock in a transaction on Thursday, December 11th. The shares were sold at an average price of $29.07, for a total transaction of $1,128,846.24. Following the sale, the director directly owned 27,057 shares of the company’s stock, valued at approximately $786,546.99. This represents a 58.94% decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is available at this hyperlink. Also, Director Joel E. Cutler sold 19,932 shares of the stock in a transaction on Tuesday, December 16th. The stock was sold at an average price of $26.01, for a total transaction of $518,431.32. Following the sale, the director directly owned 20,000 shares in the company, valued at $520,200. This trade represents a 49.91% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. Over the last ninety days, insiders sold 158,764 shares of company stock worth $4,676,278. 18.24% of the stock is owned by corporate insiders.

Hedge Funds Weigh In On Warby Parker

A number of hedge funds have recently bought and sold shares of the business. Farther Finance Advisors LLC raised its stake in shares of Warby Parker by 259.3% during the 3rd quarter. Farther Finance Advisors LLC now owns 1,193 shares of the company’s stock worth $33,000 after buying an additional 861 shares during the period. PNC Financial Services Group Inc. increased its holdings in Warby Parker by 400.3% in the 2nd quarter. PNC Financial Services Group Inc. now owns 1,601 shares of the company’s stock worth $35,000 after acquiring an additional 1,281 shares in the last quarter. Huntington National Bank raised its position in Warby Parker by 111.0% during the second quarter. Huntington National Bank now owns 1,675 shares of the company’s stock worth $37,000 after acquiring an additional 881 shares during the period. NewEdge Advisors LLC lifted its holdings in Warby Parker by 56.7% during the third quarter. NewEdge Advisors LLC now owns 2,350 shares of the company’s stock valued at $65,000 after purchasing an additional 850 shares in the last quarter. Finally, Anderson Financial Strategies LLC lifted its holdings in Warby Parker by 39.0% during the first quarter. Anderson Financial Strategies LLC now owns 3,954 shares of the company’s stock valued at $72,000 after purchasing an additional 1,109 shares in the last quarter. Hedge funds and other institutional investors own 93.24% of the company’s stock.

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.