Warby Parker (NYSE:WRBY) Reaches New 52-Week High – What’s Next?

Warby Parker Inc. (NYSE:WRBY) hit a new 52-week high on Wednesday. The company traded as high as $31.58 and last traded at $31.51, with a volume of 1,424,522 shares. The stock had previously closed at $29.90.

Analysts Set New Price Targets

A number of equities analysts have recently issued reports on the stock. Roth Capital reiterated a “neutral” rating and set a $28.00 target price on shares of Warby Parker in a research report on Wednesday, August 5th. BTIG Research reissued a “buy” rating on shares of Warby Parker in a report on Tuesday, October 27th. TD Cowen started coverage on shares of Warby Parker in a research report on Friday, October 30th. They issued a “strong-buy” rating for the company. Citigroup reaffirmed a “market outperform” rating on shares of Warby Parker in a report on Thursday, September 17th. Finally, Deutsche Bank Aktiengesellschaft set a $29.00 price objective on Warby Parker in a research report on Thursday, September 17th. One equities research analyst has rated the stock with a Strong Buy rating, seven have assigned a Buy rating, three have issued a Hold rating and one has issued a Sell rating to the company’s stock. According to data from MarketBeat, the stock presently has an average rating of “Moderate Buy” and an average target price of $31.42.

Warby Parker Trading Up 5.3%

The stock has a market capitalization of $3.42 billion, a P/E ratio of 524.67, a PEG ratio of 9.89 and a beta of 1.95. The company has a fifty day simple moving average of $25.12 and a two-hundred day simple moving average of $25.15.

Warby Parker (NYSE:WRBY) last issued its earnings results on Thursday, November 5th. The company reported $0.04 earnings per share (EPS) for the quarter, missing the consensus estimate of $0.09 by ($0.05). The business had revenue of $244.74 million during the quarter, compared to the consensus estimate of $244.92 million. Warby Parker had a net margin of 0.80% and a return on equity of 3.36%. The firm’s revenue for the quarter was up 10.4% compared to the same quarter last year. During the same period last year, the business posted $0.05 EPS. As a group, analysts forecast that Warby Parker Inc. will post 0.12 earnings per share for the current fiscal year.

Insider Buying and Selling at Warby Parker

In related news, CEO Neil Blumenthal sold 100,000 shares of the stock in a transaction that occurred on Thursday, October 1st. The shares were sold at an average price of $27.69, for a total value of $2,769,000.00. Following the transaction, the chief executive officer directly owned 36,020 shares in the company, valued at $997,393.80. This represents a 73.52% decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is available at the SEC website. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. 16.80% of the stock is currently owned by company insiders.

Institutional Trading of Warby Parker

Institutional investors have recently bought and sold shares of the business. Advisors Asset Management Inc. acquired a new position in shares of Warby Parker in the 3rd quarter valued at $64,000. Landscape Capital Management L.L.C. grew its stake in shares of Warby Parker by 224.8% during the third quarter. Landscape Capital Management L.L.C. now owns 305,024 shares of the company’s stock worth $8,474,000 after purchasing an additional 211,123 shares during the period. Public Sector Pension Investment Board grew its stake in shares of Warby Parker by 96.6% during the third quarter. Public Sector Pension Investment Board now owns 679,808 shares of the company’s stock worth $17,750,000 after purchasing an additional 333,938 shares during the period. Cibc World Market Inc. grew its stake in shares of Warby Parker by 9.7% during the third quarter. Cibc World Market Inc. now owns 75,070 shares of the company’s stock worth $2,085,000 after purchasing an additional 6,643 shares during the period. Finally, Teachers Retirement System of The State of Kentucky increased its holdings in Warby Parker by 970.7% in the third quarter. Teachers Retirement System of The State of Kentucky now owns 25,000 shares of the company’s stock valued at $695,000 after purchasing an additional 22,665 shares during the last quarter. Institutional investors and hedge funds own 93.24% of the company’s stock.

Warby Parker Company Profile

Warby Parker Inc. is an eyewear company that sells prescription glasses, sunglasses, and contact lenses through its website and retail stores. It also offers vision-related services, including eye exams at select locations. Founded in 2010, the company helped popularize a direct-to-consumer model for eyewear and has since expanded its network of stores. Warby Parker serves customers primarily in the United States and Canada. The company was co-founded by Neil Blumenthal, Dave Gilboa, Andrew Hunt, and Jeffrey Raider.