Warby Parker (NYSE:WRBY) Coverage Initiated by Analysts at TD Cowen

TD Cowen started coverage on shares of Warby Parker (NYSE:WRBY) in a research note published on Friday morning,Zacks reports. The brokerage issued a strong-buy rating on the stock.

WRBY has been the subject of a number of other research reports. UBS Group raised their price objective on Warby Parker from $27.00 to $28.00 and gave the company a “neutral” rating in a research report on Friday, August 7th. Citizens Jmp decreased their target price on Warby Parker from $30.00 to $29.00 and set a “market outperform” rating on the stock in a research report on Friday, August 7th. Roth Capital reissued a “neutral” rating and set a $28.00 price target on shares of Warby Parker in a research note on Wednesday, August 5th. BTIG Research restated a “buy” rating on shares of Warby Parker in a report on Tuesday. Finally, Weiss Ratings cut Warby Parker from a “hold (c-)” rating to a “sell (d+)” rating in a report on Friday, October 23rd. One equities research analyst has rated the stock with a Strong Buy rating, six have assigned a Buy rating, three have assigned a Hold rating and one has assigned a Sell rating to the company’s stock. Based on data from MarketBeat, the company presently has an average rating of “Moderate Buy” and a consensus target price of $30.00.

Warby Parker Stock Performance

WRBY stock opened at $24.65 on Friday. Warby Parker has a one year low of $14.96 and a one year high of $31.00. The company’s fifty day moving average price is $25.15 and its 200-day moving average price is $25.23. The company has a market capitalization of $2.67 billion, a PE ratio of 352.14, a price-to-earnings-growth ratio of 6.66 and a beta of 1.89.

Warby Parker (NYSE:WRBY) last posted its earnings results on Thursday, August 6th. The company reported $0.04 earnings per share for the quarter, missing the consensus estimate of $0.10 by ($0.06). The company had revenue of $235.51 million for the quarter, compared to analysts’ expectations of $237.98 million. Warby Parker had a net margin of 0.85% and a return on equity of 3.36%. The business’s revenue was up 9.6% on a year-over-year basis. During the same period in the previous year, the business posted ($0.01) earnings per share. On average, research analysts predict that Warby Parker will post 0.14 EPS for the current fiscal year.

Insider Activity at Warby Parker

In other news, CEO Neil Blumenthal sold 100,000 shares of Warby Parker stock in a transaction that occurred on Thursday, October 1st. The stock was sold at an average price of $27.69, for a total value of $2,769,000.00. Following the completion of the transaction, the chief executive officer owned 36,020 shares in the company, valued at approximately $997,393.80. The trade was a 73.52% decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Company insiders own 16.80% of the company’s stock.

Institutional Trading of Warby Parker

A number of institutional investors have recently bought and sold shares of WRBY. Pinnacle Associates Ltd. grew its position in Warby Parker by 1.4% in the 3rd quarter. Pinnacle Associates Ltd. now owns 27,679 shares of the company’s stock worth $769,000 after purchasing an additional 393 shares during the last quarter. GAMMA Investing LLC raised its position in shares of Warby Parker by 53.7% during the third quarter. GAMMA Investing LLC now owns 1,339 shares of the company’s stock valued at $37,000 after buying an additional 468 shares during the last quarter. EverSource Wealth Advisors LLC raised its position in shares of Warby Parker by 105.7% during the first quarter. EverSource Wealth Advisors LLC now owns 1,310 shares of the company’s stock valued at $28,000 after buying an additional 673 shares during the last quarter. Essential Partners LLC lifted its stake in shares of Warby Parker by 44.2% in the first quarter. Essential Partners LLC now owns 2,570 shares of the company’s stock valued at $54,000 after buying an additional 788 shares during the period. Finally, Parallel Advisors LLC raised its holdings in Warby Parker by 110.7% in the 1st quarter. Parallel Advisors LLC now owns 1,837 shares of the company’s stock valued at $39,000 after acquiring an additional 965 shares in the last quarter. 93.24% of the stock is currently owned by institutional investors.

About Warby Parker

Warby Parker Inc is an optical retailer that designs, manufactures and sells prescription eyeglasses, sunglasses, contact lenses and related accessories. The company offers its products through its website, mobile applications and a growing network of retail stores, combining online shopping with in-person services such as frame fitting and eye examinations.

Founded in 2010 by Neil Blumenthal, Dave Gilboa, Andrew Hunt and Jeffrey Raider, Warby Parker was established as a direct-to-consumer eyewear company.