Warby Parker (NYSE:WRBY) Reaches New 52-Week High Following Analyst Upgrade

Warby Parker Inc. (NYSE:WRBY) shares reached a new 52-week high during mid-day trading on Monday after Piper Sandler raised their price target on the stock from $18.00 to $22.00. Piper Sandler currently has an overweight rating on the stock. Warby Parker traded as high as $20.29 and last traded at $20.29, with a volume of 1891 shares traded. The stock had previously closed at $19.51.

Several other analysts have also issued reports on the company. Robert W. Baird increased their target price on Warby Parker from $18.00 to $23.00 and gave the stock an “outperform” rating in a report on Friday. Telsey Advisory Group reaffirmed an “outperform” rating and issued a $19.00 price objective on shares of Warby Parker in a research note on Thursday, November 7th. The Goldman Sachs Group raised Warby Parker from a “neutral” rating to a “buy” rating and raised their price objective for the company from $15.00 to $18.00 in a research note on Monday, October 21st. William Blair raised Warby Parker from a “market perform” rating to an “outperform” rating in a research note on Thursday, November 7th. Finally, Stifel Nicolaus raised their price objective on Warby Parker from $14.00 to $15.00 and gave the company a “hold” rating in a research note on Friday, August 9th. Four equities research analysts have rated the stock with a hold rating and eight have issued a buy rating to the stock. Based on data from MarketBeat, Warby Parker currently has an average rating of “Moderate Buy” and an average target price of $18.18.

Insider Transactions at Warby Parker

In other news, CEO Neil Harris Blumenthal sold 27,143 shares of the firm’s stock in a transaction dated Friday, September 6th. The stock was sold at an average price of $13.00, for a total transaction of $352,859.00. Following the completion of the transaction, the chief executive officer now directly owns 12,177 shares in the company, valued at $158,301. This trade represents a 0.00 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. In other news, CEO Neil Harris Blumenthal sold 27,143 shares of the firm’s stock in a transaction dated Friday, September 6th. The stock was sold at an average price of $13.00, for a total transaction of $352,859.00. Following the completion of the transaction, the chief executive officer now directly owns 12,177 shares in the company, valued at $158,301. This trade represents a 0.00 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. Also, CFO Steven Clive Miller sold 6,763 shares of the firm’s stock in a transaction dated Wednesday, September 11th. The stock was sold at an average price of $13.90, for a total value of $94,005.70. Following the transaction, the chief financial officer now owns 177,488 shares of the company’s stock, valued at $2,467,083.20. This trade represents a 0.00 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold 99,178 shares of company stock worth $1,339,901 over the last ninety days. 26.55% of the stock is owned by insiders.

Institutional Investors Weigh In On Warby Parker

A number of hedge funds have recently added to or reduced their stakes in WRBY. Advisors Asset Management Inc. increased its holdings in Warby Parker by 79.9% in the first quarter. Advisors Asset Management Inc. now owns 5,125 shares of the company’s stock worth $70,000 after purchasing an additional 2,276 shares in the last quarter. First Eagle Investment Management LLC bought a new stake in Warby Parker in the second quarter worth approximately $131,000. Choreo LLC bought a new stake in Warby Parker in the second quarter worth approximately $167,000. SG Americas Securities LLC bought a new stake in Warby Parker in the first quarter worth approximately $176,000. Finally, AQR Capital Management LLC bought a new stake in Warby Parker in the second quarter worth approximately $186,000. 93.24% of the stock is currently owned by institutional investors.

Warby Parker Price Performance

The stock has a fifty day simple moving average of $16.03 and a two-hundred day simple moving average of $15.64. The firm has a market capitalization of $2.06 billion, a P/E ratio of -75.96 and a beta of 1.80.

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.