Warby Parker (NYSE:WRBY) Shares Gap Up – Still a Buy?

Warby Parker Inc. (NYSE:WRBY)’s share price gapped up before the market opened on Monday . The stock had previously closed at $16.55, but opened at $17.28. Warby Parker shares last traded at $16.96, with a volume of 205,879 shares traded.

Analysts Set New Price Targets

A number of brokerages have issued reports on WRBY. Stifel Nicolaus upped 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. Loop Capital raised their price objective on shares of Warby Parker from $15.00 to $16.00 and gave the stock a “hold” rating in a report on Wednesday, July 10th. Piper Sandler started coverage on shares of Warby Parker in a research report on Friday, August 23rd. They issued an “overweight” rating and a $18.00 price objective on the stock. Deutsche Bank Aktiengesellschaft raised shares of Warby Parker from a “neutral” rating to a “buy” rating and increased their target price for the company from $15.00 to $18.00 in a research report on Monday. Finally, Telsey Advisory Group reaffirmed an “outperform” rating and issued a $19.00 price target on shares of Warby Parker in a report on Thursday, August 8th. Four analysts have rated the stock with a hold rating and five have assigned a buy rating to the company’s stock. According to data from MarketBeat.com, the company currently has an average rating of “Moderate Buy” and an average price target of $17.00.

Warby Parker Trading Down 2.2 %

The company has a market capitalization of $1.76 billion, a P/E ratio of -37.87 and a beta of 1.82. The company’s fifty day moving average is $15.07 and its 200 day moving average is $15.14.

Warby Parker (NYSE:WRBY) last posted its quarterly earnings results on Thursday, August 8th. The company reported ($0.03) EPS for the quarter, topping analysts’ consensus estimates of ($0.04) by $0.01. Warby Parker had a negative return on equity of 11.09% and a negative net margin of 6.38%. The firm had revenue of $188.22 million during the quarter, compared to analyst estimates of $186.89 million. Equities research analysts predict that Warby Parker Inc. will post -0.04 EPS for the current year.

Insider Activity

In other news, Director Bradley E. Singer acquired 50,000 shares of the business’s stock in a transaction dated Tuesday, August 13th. The stock was bought at an average cost of $13.00 per share, for a total transaction of $650,000.00. Following the completion of the transaction, the director now owns 100,000 shares of the company’s stock, valued at $1,300,000. The trade was a 100.00 % increase in their ownership of the stock. The purchase was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this link. In other Warby Parker news, Director Bradley E. Singer acquired 50,000 shares of the stock in a transaction that occurred on Tuesday, August 13th. The shares were bought at an average price of $13.00 per share, for a total transaction of $650,000.00. Following the completion of the transaction, the director now owns 100,000 shares of the company’s stock, valued at approximately $1,300,000. This represents a 100.00 % increase in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, CFO Steven Clive Miller sold 6,763 shares of the business’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 approximately $2,467,083.20. The trade was a 0.00 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold a total of 99,178 shares of company stock worth $1,339,901 over the last ninety days. Company insiders own 26.55% of the company’s stock.

Institutional Investors Weigh In On Warby Parker

Several hedge funds have recently bought and sold shares of the stock. Jacobson & Schmitt Advisors LLC raised its position in shares of Warby Parker by 0.3% during the 1st quarter. Jacobson & Schmitt Advisors LLC now owns 408,105 shares of the company’s stock valued at $5,554,000 after buying an additional 1,397 shares in the last quarter. ProShare Advisors LLC grew its position in Warby Parker by 10.2% in the first quarter. ProShare Advisors LLC now owns 15,470 shares of the company’s stock worth $211,000 after acquiring an additional 1,434 shares in the last quarter. Advisors Asset Management Inc. increased its stake in Warby Parker by 79.9% in the first quarter. Advisors Asset Management Inc. now owns 5,125 shares of the company’s stock valued at $70,000 after acquiring an additional 2,276 shares during the last quarter. Hsbc Holdings PLC raised its position in Warby Parker by 11.5% during the second quarter. Hsbc Holdings PLC now owns 25,696 shares of the company’s stock valued at $413,000 after purchasing an additional 2,651 shares in the last quarter. Finally, The Manufacturers Life Insurance Company lifted its stake in Warby Parker by 7.2% during the second quarter. The Manufacturers Life Insurance Company now owns 44,667 shares of the company’s stock worth $717,000 after purchasing an additional 3,007 shares during the last quarter. 93.24% of the stock is currently owned by institutional investors.

Warby Parker Company Profile

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.