Warby Parker (NYSE:WRBY) Shares Up 10.3% – Time to Buy?

Shares of Warby Parker Inc. (NYSE:WRBY) rose 10.3% during mid-day trading on Wednesday . The stock traded as high as $28.23 and last traded at $28.2580. 944,843 shares traded hands during trading, a decline of 70% from the average session volume of 3,103,084 shares. The stock had previously closed at $25.61.

Analyst Upgrades and Downgrades

Several analysts have recently weighed in on WRBY shares. Piper Sandler restated an “overweight” rating on shares of Warby Parker in a report on Tuesday, May 19th. BTIG Research reaffirmed a “buy” rating on shares of Warby Parker in a report on Friday, August 14th. UBS Group boosted their price target on shares of Warby Parker from $27.00 to $28.00 and gave the stock a “neutral” rating in a research report on Friday, August 7th. Citigroup reissued a “market outperform” rating on shares of Warby Parker in a report on Friday, May 22nd. Finally, Weiss Ratings restated a “hold (c-)” rating on shares of Warby Parker in a research report on Friday, August 7th. Seven investment analysts have rated the stock with a Buy rating and five have issued a Hold rating to the company’s stock. According to MarketBeat, the company currently has a consensus rating of “Moderate Buy” and a consensus price target of $30.18.

Warby Parker Price Performance

The company has a market cap of $2.98 billion, a P/E ratio of 393.71, a PEG ratio of 7.72 and a beta of 1.92. The company has a fifty day simple moving average of $26.96 and a 200-day simple moving average of $25.06.

Warby Parker (NYSE:WRBY) last announced its quarterly earnings data on Thursday, August 6th. The company reported $0.04 EPS for the quarter, missing analysts’ consensus estimates of $0.10 by ($0.06). The company had revenue of $235.51 million for the quarter, compared to analyst estimates of $237.98 million. Warby Parker had a net margin of 0.85% and a return on equity of 3.36%. Warby Parker’s revenue was up 9.6% on a year-over-year basis. During the same quarter last year, the company posted ($0.01) EPS. On average, analysts anticipate that Warby Parker Inc. will post 0.14 EPS for the current year.

Insider Activity

In related news, Director Teresa Briggs sold 5,000 shares of Warby Parker stock in a transaction dated Tuesday, June 16th. The stock was sold at an average price of $25.94, for a total value of $129,700.00. Following the transaction, the director owned 48,883 shares of the company’s stock, valued at approximately $1,268,025.02. This trade represents a 9.28% decrease in their position. The sale was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, CEO Neil Harris Blumenthal sold 9,200 shares of the business’s stock in a transaction dated Monday, July 6th. The stock was sold at an average price of $29.99, for a total value of $275,908.00. Following the sale, the chief executive officer owned 31,112 shares in the company, valued at approximately $933,048.88. The trade was a 22.82% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Insiders sold a total of 278,167 shares of company stock valued at $8,206,480 over the last three months. Insiders own 16.80% of the company’s stock.

Institutional Inflows and Outflows

Several hedge funds and other institutional investors have recently made changes to their positions in the company. AQR Capital Management LLC lifted its position in shares of Warby Parker by 101.0% in the 1st quarter. AQR Capital Management LLC now owns 171,271 shares of the company’s stock valued at $3,122,000 after acquiring an additional 86,053 shares in the last quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. grew its position in Warby Parker by 4.6% during the 1st quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 52,690 shares of the company’s stock worth $961,000 after purchasing an additional 2,297 shares in the last quarter. Goldman Sachs Group Inc. grew its position in Warby Parker by 96.8% during the 1st quarter. Goldman Sachs Group Inc. now owns 1,888,817 shares of the company’s stock worth $34,433,000 after purchasing an additional 929,073 shares in the last quarter. Caxton Associates LLP acquired a new stake in Warby Parker during the 1st quarter valued at $252,000. Finally, UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC raised its stake in Warby Parker by 17.6% during the 1st quarter. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC now owns 257,020 shares of the company’s stock valued at $4,685,000 after purchasing an additional 38,395 shares during the period. 93.24% of the stock is currently 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.