Warby Parker (NYSE:WRBY) Stock Price Up 6.2% – Time to Buy?

Warby Parker Inc. (NYSE:WRBY)’s stock price rose 6.2% during mid-day trading on Monday. The company traded as high as $24.18 and last traded at $24.7810. Approximately 128,865 shares were traded during trading, a decline of 96% from the average session volume of 3,067,928 shares. The stock had previously closed at $23.34.

Analyst Upgrades and Downgrades

Several analysts have weighed in on the company. Citizens Jmp lowered their price objective on Warby Parker from $30.00 to $29.00 and set a “market outperform” rating for the company in a research report on Friday, August 7th. Bank of America began coverage on Warby Parker in a research report on Monday, June 29th. They issued a “buy” rating and a $33.00 target price for the company. UBS Group upped their price target on Warby Parker from $27.00 to $28.00 and gave the stock a “neutral” rating in a research note on Friday, August 7th. Weiss Ratings upgraded shares of Warby Parker from a “sell (d+)” rating to a “hold (c-)” rating in a report on Friday, October 9th. Finally, Citigroup reiterated a “market outperform” rating on shares of Warby Parker in a research note on Thursday, September 17th. Six analysts have rated the stock with a Buy rating and four have given a Hold rating to the company. Based on data from MarketBeat.com, the company has an average rating of “Moderate Buy” and an average target price of $30.00.

Warby Parker Trading Up 6.9%

The firm has a market capitalization of $2.70 billion, a PE ratio of 355.14, a P/E/G ratio of 6.32 and a beta of 1.89. The firm has a 50 day simple moving average of $25.32 and a 200 day simple moving average of $25.42.

Warby Parker (NYSE:WRBY) last released its quarterly earnings data on Thursday, August 6th. The company reported $0.04 EPS for the quarter, missing the consensus estimate of $0.10 by ($0.06). The business had revenue of $235.51 million during the quarter, compared to the consensus estimate of $237.98 million. Warby Parker had a return on equity of 3.36% and a net margin of 0.85%. Warby Parker’s quarterly revenue was up 9.6% compared to the same quarter last year. During the same quarter in the previous year, the business posted ($0.01) earnings per share. Research analysts forecast that Warby Parker Inc. will post 0.14 earnings per share for the current year.

Insider Activity at Warby Parker

In other news, CEO Neil Blumenthal sold 100,000 shares of the business’s stock in a transaction that occurred on Thursday, October 1st. The shares were sold at an average price of $27.69, for a total transaction of $2,769,000.00. Following the completion of the transaction, the chief executive officer directly owned 36,020 shares of the company’s stock, valued at $997,393.80. The trade was a 73.52% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, 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 owned by corporate insiders.

Institutional Investors Weigh In On Warby Parker

A number of large investors have recently added to or reduced their stakes in the stock. EverSource Wealth Advisors LLC boosted its stake in shares of Warby Parker by 105.7% in the 1st quarter. EverSource Wealth Advisors LLC now owns 1,310 shares of the company’s stock worth $28,000 after buying an additional 673 shares during the last quarter. GAMMA Investing LLC increased its position in Warby Parker by 53.7% during the third quarter. GAMMA Investing LLC now owns 1,339 shares of the company’s stock valued at $37,000 after acquiring an additional 468 shares during the last quarter. Parallel Advisors LLC lifted its holdings in Warby Parker by 110.7% in the first quarter. Parallel Advisors LLC now owns 1,837 shares of the company’s stock valued at $39,000 after acquiring an additional 965 shares during the period. Essential Partners LLC lifted its holdings in Warby Parker by 44.2% in the first quarter. Essential Partners LLC now owns 2,570 shares of the company’s stock valued at $54,000 after acquiring an additional 788 shares during the period. Finally, Nykredit A S purchased a new position in Warby Parker in the second quarter worth about $126,000. Institutional investors own 93.24% of the company’s stock.

Warby Parker Company Profile

Warby Parker Inc is an omnichannel eyewear company that designs, produces, and sells prescription eyeglasses, sunglasses, contact lenses, and related vision-care products. The company serves customers through its e-commerce platform, retail stores, and other direct-to-consumer channels, offering products under its Warby Parker brand.

Founded in 2010 by Neil Blumenthal, Dave Gilboa, Andrew Hunt, and Jeffrey Raider, Warby Parker began as an online eyewear retailer and later expanded its physical retail presence.