Warby Parker (NYSE:WRBY) Upgraded by Citizens Jmp to Outperform Rating

Warby Parker (NYSE:WRBY) was upgraded by stock analysts at Citizens Jmp from a “market perform” rating to an “outperform” rating in a note issued to investors on Wednesday, Marketbeat reports. The brokerage presently has a $30.00 price objective on the stock. Citizens Jmp’s price objective would indicate a potential upside of 7.41% from the stock’s current price.

Other equities analysts have also issued research reports about the stock. Telsey Advisory Group restated an “outperform” rating and set a $24.00 price target on shares of Warby Parker in a research report on Tuesday, November 18th. Wall Street Zen lowered shares of Warby Parker from a “buy” rating to a “hold” rating in a research note on Saturday, November 1st. The Goldman Sachs Group upped their target price on shares of Warby Parker from $27.00 to $31.00 and gave the stock a “buy” rating in a research report on Monday, October 6th. Zacks Research raised Warby Parker from a “strong sell” rating to a “hold” rating in a report on Thursday, September 4th. Finally, UBS Group decreased their price target on Warby Parker from $23.00 to $20.00 and set a “neutral” rating for the company in a research note on Friday, November 7th. Ten research analysts have rated the stock with a Buy rating and eight have issued a Hold rating to the stock. Based on data from MarketBeat.com, the stock currently has a consensus rating of “Moderate Buy” and a consensus target price of $24.88.

Warby Parker Price Performance

WRBY traded up $4.71 during trading hours on Wednesday, reaching $27.93. 8,609,085 shares of the stock traded hands, compared to its average volume of 2,320,211. The firm’s fifty day simple moving average is $20.44 and its two-hundred day simple moving average is $22.86. The company has a market cap of $2.95 billion, a price-to-earnings ratio of 2,785.00 and a beta of 2.06. Warby Parker has a fifty-two week low of $13.63 and a fifty-two week high of $29.73.

Warby Parker (NYSE:WRBY) last posted its quarterly earnings data on Thursday, November 6th. The company reported $0.06 earnings per share (EPS) for the quarter, missing the consensus estimate of $0.09 by ($0.03). The business had revenue of $221.68 million for the quarter, compared to analysts’ expectations of $224.49 million. Warby Parker had a return on equity of 1.96% and a net margin of 0.08%.Warby Parker’s revenue for the quarter was up 15.2% compared to the same quarter last year. During the same quarter in the prior year, the firm earned ($0.03) earnings per share. On average, research analysts predict that Warby Parker will post -0.12 earnings per share for the current year.

Insider Activity

In related news, CEO Neil Harris Blumenthal sold 41,084 shares of the stock in a transaction on Thursday, September 11th. The stock was sold at an average price of $27.53, for a total value of $1,131,042.52. Following the completion of the transaction, the chief executive officer owned 32,733 shares in the company, valued at $901,139.49. This trade represents a 55.66% decrease in their position. The transaction was disclosed in a document filed with the SEC, which can be accessed through the SEC website. Insiders sold a total of 50,000 shares of company stock valued at $1,376,411 over the last quarter. 18.24% of the stock is currently owned by corporate insiders.

Institutional Trading of Warby Parker

A number of institutional investors have recently bought and sold shares of the company. Farther Finance Advisors LLC grew its holdings in Warby Parker by 259.3% during the third quarter. Farther Finance Advisors LLC now owns 1,193 shares of the company’s stock valued at $33,000 after purchasing an additional 861 shares during the last quarter. PNC Financial Services Group Inc. boosted its holdings in shares of Warby Parker by 400.3% during the 2nd quarter. PNC Financial Services Group Inc. now owns 1,601 shares of the company’s stock worth $35,000 after buying an additional 1,281 shares during the period. Huntington National Bank grew its stake in Warby Parker by 111.0% in the 2nd quarter. Huntington National Bank now owns 1,675 shares of the company’s stock valued at $37,000 after buying an additional 881 shares during the last quarter. Caitong International Asset Management Co. Ltd bought a new position in Warby Parker in the 1st quarter worth $58,000. Finally, NewEdge Advisors LLC raised its holdings in Warby Parker by 56.7% in the 3rd quarter. NewEdge Advisors LLC now owns 2,350 shares of the company’s stock worth $65,000 after acquiring an additional 850 shares during the period. Institutional investors and hedge funds own 93.24% of the company’s stock.

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.