Warby Parker (NYSE:WRBY) Shares Gap Up – Should You Buy?

Shares of Warby Parker Inc. (NYSE:WRBY) gapped up before the market opened on Wednesday . The stock had previously closed at $26.65, but opened at $27.73. Warby Parker shares last traded at $27.54, with a volume of 400,324 shares traded.

Analyst Upgrades and Downgrades

WRBY has been the topic of a number of research analyst reports. Piper Sandler boosted their price objective on shares of Warby Parker from $22.00 to $32.00 and gave the company an “overweight” rating in a research report on Tuesday. UBS Group lowered their price target on shares of Warby Parker from $23.00 to $20.00 and set a “neutral” rating on the stock in a report on Friday, November 7th. Zacks Research raised shares of Warby Parker from a “strong sell” rating to a “hold” rating in a research note on Thursday, September 4th. Wall Street Zen cut Warby Parker from a “buy” rating to a “hold” rating in a research report on Saturday, November 1st. Finally, Citigroup upgraded Warby Parker from a “hold” rating to an “outperform” rating in a research note on Wednesday, December 10th. Eleven analysts have rated the stock with a Buy rating and eight have given a Hold rating to the company. According to data from MarketBeat, the stock presently has a consensus rating of “Moderate Buy” and an average price target of $26.25.

Warby Parker Trading Up 2.9%

The business’s fifty day moving average price is $20.65 and its two-hundred day moving average price is $23.13. The firm has a market cap of $2.90 billion, a P/E ratio of 2,741.70 and a beta of 2.06.

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

Insider Buying and Selling

In related news, Director Youngme E. Moon sold 38,832 shares of the firm’s stock in a transaction that occurred on Thursday, December 11th. The stock was sold at an average price of $29.07, for a total value of $1,128,846.24. Following the transaction, the director directly owned 27,057 shares of the company’s stock, valued at approximately $786,546.99. This trade represents a 58.94% decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this link. Also, CEO Neil Harris Blumenthal sold 100,000 shares of the company’s stock in a transaction that occurred on Thursday, December 11th. The stock was sold at an average price of $30.29, for a total value of $3,029,000.00. Following the sale, the chief executive officer directly owned 37,119 shares of the company’s stock, valued at $1,124,334.51. The trade was a 72.93% decrease in their position. The SEC filing for this sale provides additional information. Insiders sold a total of 147,248 shares of company stock worth $4,389,455 over the last three months. 18.24% of the stock is owned by company insiders.

Institutional Trading of Warby Parker

Several large investors have recently modified their holdings of the company. Cetera Investment Advisers bought a new position in Warby Parker in the 1st quarter worth $319,000. Charles Schwab Investment Management Inc. grew its position in shares of Warby Parker by 0.3% in the first quarter. Charles Schwab Investment Management Inc. now owns 744,589 shares of the company’s stock valued at $13,574,000 after purchasing an additional 2,039 shares during the last quarter. American Century Companies Inc. grew its position in shares of Warby Parker by 14.6% in the first quarter. American Century Companies Inc. now owns 2,456,965 shares of the company’s stock valued at $44,790,000 after purchasing an additional 312,543 shares during the last quarter. Versor Investments LP bought a new position in shares of Warby Parker in the first quarter worth about $303,000. Finally, Quantbot Technologies LP lifted its position in shares of Warby Parker by 153.0% during the 1st quarter. Quantbot Technologies LP now owns 72,538 shares of the company’s stock worth $1,322,000 after purchasing an additional 43,863 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.