Brokerages Set Warby Parker Inc. (NYSE:WRBY) Target Price at $16.50

Warby Parker Inc. (NYSE:WRBY) has earned an average recommendation of “Moderate Buy” from the six research firms that are presently covering the stock, Marketbeat reports. Three equities research analysts have rated the stock with a hold rating and three have given a buy rating to the company. The average 12-month price target among analysts that have covered the stock in the last year is $16.50.

Several analysts have recently issued reports on WRBY shares. Telsey Advisory Group reissued an “outperform” rating and set a $19.00 price target on shares of Warby Parker in a research report on Thursday, May 9th. UBS Group raised their price target on shares of Warby Parker from $13.00 to $15.00 and gave the company a “neutral” rating in a research report on Friday, May 10th. Finally, Morgan Stanley upped their price objective on Warby Parker from $13.00 to $14.00 and gave the stock an “equal weight” rating in a research report on Friday, May 10th.

Insiders Place Their Bets

In other news, major shareholder D1 Capital Partners L.P. sold 5,500,000 shares of Warby Parker stock in a transaction on Friday, June 14th. The shares were sold at an average price of $15.66, for a total transaction of $86,130,000.00. Following the completion of the sale, the insider now directly owns 9,444,023 shares of the company’s stock, valued at approximately $147,893,400.18. The transaction was disclosed in a filing with the SEC, which is available through the SEC website. In other news, major shareholder D1 Capital Partners L.P. sold 5,500,000 shares of the stock in a transaction dated Friday, June 14th. The stock was sold at an average price of $15.66, for a total value of $86,130,000.00. Following the transaction, the insider now owns 9,444,023 shares in the company, valued at approximately $147,893,400.18. The transaction was disclosed in a document filed with the SEC, which is available at this hyperlink. Also, Director Teresa Briggs sold 7,396 shares of the business’s stock in a transaction that occurred on Thursday, June 13th. The stock was sold at an average price of $16.31, for a total value of $120,628.76. Following the sale, the director now owns 38,859 shares of the company’s stock, valued at approximately $633,790.29. The disclosure for this sale can be found here. Insiders sold 5,848,537 shares of company stock worth $91,938,722 in the last 90 days. Corporate insiders own 26.55% of the company’s stock.

Institutional Inflows and Outflows

A number of hedge funds have recently modified their holdings of WRBY. Scopia Capital Management LP boosted its stake in Warby Parker by 781.3% in the third quarter. Scopia Capital Management LP now owns 1,590,744 shares of the company’s stock valued at $20,934,000 after acquiring an additional 1,410,243 shares in the last quarter. Vaughan Nelson Investment Management L.P. purchased a new stake in shares of Warby Parker in the 1st quarter valued at about $15,812,000. TimesSquare Capital Management LLC boosted its position in shares of Warby Parker by 149.4% in the 1st quarter. TimesSquare Capital Management LLC now owns 1,687,750 shares of the company’s stock valued at $22,970,000 after purchasing an additional 1,011,030 shares during the period. Jennison Associates LLC purchased a new position in Warby Parker during the 4th quarter worth approximately $12,034,000. Finally, Vanguard Group Inc. increased its position in Warby Parker by 7.7% during the fourth quarter. Vanguard Group Inc. now owns 8,457,986 shares of the company’s stock worth $119,258,000 after buying an additional 607,352 shares during the period. 93.24% of the stock is owned by hedge funds and other institutional investors.

Warby Parker Stock Performance

NYSE:WRBY opened at $16.06 on Wednesday. The stock has a market capitalization of $1.59 billion, a P/E ratio of -34.17 and a beta of 1.86. Warby Parker has a fifty-two week low of $9.83 and a fifty-two week high of $17.95. The company has a 50 day moving average price of $15.37 and a 200 day moving average price of $13.96.

Warby Parker (NYSE:WRBY) last released its quarterly earnings results on Thursday, May 9th. The company reported ($0.01) EPS for the quarter, topping the consensus estimate of ($0.02) by $0.01. The business had revenue of $200.00 million during the quarter, compared to analyst estimates of $196.25 million. Warby Parker had a negative return on equity of 13.19% and a negative net margin of 7.89%. Research analysts forecast that Warby Parker will post -0.09 earnings per share for the current fiscal year.

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.