Warby Parker (NYSE:WRBY) Price Target Raised to $23.00

Warby Parker (NYSE:WRBY) had its price objective raised by research analysts at Morgan Stanley from $17.00 to $23.00 in a report released on Tuesday,Benzinga reports. The brokerage presently has an “equal weight” rating on the stock. Morgan Stanley’s price objective would indicate a potential downside of 7.87% from the stock’s previous close.

A number of other equities research analysts also recently weighed in on the company. Telsey Advisory Group raised their price target on Warby Parker from $22.00 to $26.00 and gave the stock an “outperform” rating in a research note on Tuesday, November 19th. Evercore ISI reaffirmed an “in-line” rating and set a $23.00 price objective on shares of Warby Parker in a research report on Friday. Stifel Nicolaus boosted their target price on shares of Warby Parker from $17.00 to $20.00 and gave the stock a “hold” rating in a research report on Wednesday, December 11th. Piper Sandler raised their price target on shares of Warby Parker from $18.00 to $22.00 and gave the company an “overweight” rating in a report on Friday, November 8th. Finally, William Blair upgraded shares of Warby Parker from a “market perform” rating to an “outperform” rating in a report on Thursday, November 7th. Five research analysts have rated the stock with a hold rating and eight have issued a buy rating to the company. According to MarketBeat, the company has a consensus rating of “Moderate Buy” and an average price target of $21.67.

Warby Parker Stock Performance

Shares of NYSE WRBY traded up $0.39 during mid-day trading on Tuesday, reaching $24.97. The company had a trading volume of 802,447 shares, compared to its average volume of 1,725,085. Warby Parker has a twelve month low of $11.35 and a twelve month high of $27.10. The stock’s 50 day moving average is $24.11 and its 200-day moving average is $18.63. The stock has a market capitalization of $2.54 billion, a PE ratio of -92.46 and a beta of 1.88.

Insider Buying and Selling

In related news, CEO Neil Harris Blumenthal sold 300,000 shares of the stock in a transaction dated Thursday, January 2nd. The shares were sold at an average price of $25.14, for a total transaction of $7,542,000.00. Following the completion of the sale, the chief executive officer now owns 12,177 shares in the company, valued at $306,129.78. This trade represents a 96.10 % decrease in their position. The sale was disclosed in a document filed with the SEC, which is available through the SEC website. Also, CFO Steven Clive Miller sold 14,853 shares of Warby Parker stock in a transaction that occurred on Tuesday, December 3rd. The shares were sold at an average price of $22.61, for a total transaction of $335,826.33. Following the completion of the transaction, the chief financial officer now owns 189,146 shares of the company’s stock, valued at $4,276,591.06. This trade represents a 7.28 % decrease in their position. The disclosure for this sale can be found here. Insiders sold 558,032 shares of company stock worth $13,807,864 in the last 90 days. 26.55% of the stock is owned by company insiders.

Institutional Trading of Warby Parker

Hedge funds have recently modified their holdings of the stock. State Street Corp raised its position in Warby Parker by 3.2% in the 3rd quarter. State Street Corp now owns 2,209,025 shares of the company’s stock worth $36,073,000 after purchasing an additional 69,108 shares during the last quarter. Blueshift Asset Management LLC bought a new stake in shares of Warby Parker during the third quarter worth $1,223,000. Maverick Capital Ltd. acquired a new position in shares of Warby Parker during the second quarter valued at $1,465,000. Driehaus Capital Management LLC lifted its stake in shares of Warby Parker by 43.9% during the second quarter. Driehaus Capital Management LLC now owns 806,501 shares of the company’s stock valued at $12,952,000 after acquiring an additional 246,011 shares during the period. Finally, TimesSquare Capital Management LLC boosted its holdings in Warby Parker by 12.8% in the third quarter. TimesSquare Capital Management LLC now owns 1,856,370 shares of the company’s stock valued at $30,315,000 after acquiring an additional 211,050 shares during the last quarter. 93.24% of the stock is owned by institutional investors.

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.