Morgan Stanley Forecasts Strong Price Appreciation for Warby Parker (NYSE:WRBY) Stock

Warby Parker (NYSE:WRBY) had its price objective increased by Morgan Stanley from $17.00 to $23.00 in a research report report published on Tuesday morning,Benzinga reports. The brokerage currently has an equal weight rating on the stock.

WRBY has been the subject of several other research reports. Stifel Nicolaus raised their price objective on shares of Warby Parker from $17.00 to $20.00 and gave the company a “hold” rating in a research note on Wednesday, December 11th. Evercore ISI reiterated an “in-line” rating and set a $23.00 price target on shares of Warby Parker in a research report on Friday, January 17th. Piper Sandler upped their price target on Warby Parker from $18.00 to $22.00 and gave the stock an “overweight” rating in a report on Friday, November 8th. Robert W. Baird lifted their price objective on Warby Parker from $18.00 to $23.00 and gave the stock an “outperform” rating in a report on Friday, November 8th. Finally, Deutsche Bank Aktiengesellschaft upgraded Warby Parker from a “neutral” rating to a “buy” rating and boosted their target price for the stock from $15.00 to $18.00 in a research report on Monday, October 21st. Five research analysts have rated the stock with a hold rating and eight have issued a buy rating to the stock. Based on data from MarketBeat, the company presently has a consensus rating of “Moderate Buy” and a consensus price target of $21.67.

Warby Parker Price Performance

Warby Parker stock opened at $25.47 on Tuesday. The stock’s 50 day moving average price is $24.20 and its 200 day moving average price is $18.70. Warby Parker has a 1-year low of $11.35 and a 1-year high of $27.10. The company has a market cap of $2.59 billion, a PE ratio of -94.31 and a beta of 1.88.

Insider Activity at Warby Parker

In related news, CFO Steven Clive Miller sold 7,016 shares of the company’s stock in a transaction on Wednesday, December 11th. The stock was sold at an average price of $23.85, for a total value of $167,331.60. Following the completion of the transaction, the chief financial officer now directly owns 182,130 shares in the company, valued at approximately $4,343,800.50. This represents a 3.71 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which can be accessed through the SEC website. Also, CEO Neil Harris Blumenthal sold 300,000 shares of the firm’s stock in a transaction dated Thursday, January 2nd. The stock was sold at an average price of $25.14, for a total value of $7,542,000.00. Following the completion of the sale, the chief executive officer now directly owns 12,177 shares in the company, valued at approximately $306,129.78. The trade was a 96.10 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold a total of 558,032 shares of company stock valued at $13,807,864 over the last quarter. Insiders own 26.55% of the company’s stock.

Institutional Inflows and Outflows

Several large investors have recently modified their holdings of WRBY. Janney Montgomery Scott LLC increased its stake in Warby Parker by 3.4% during the third quarter. Janney Montgomery Scott LLC now owns 47,908 shares of the company’s stock worth $782,000 after acquiring an additional 1,556 shares during the last quarter. Hsbc Holdings PLC increased its position in Warby Parker by 11.5% during the 2nd quarter. Hsbc Holdings PLC now owns 25,696 shares of the company’s stock worth $413,000 after purchasing an additional 2,651 shares in the last quarter. The Manufacturers Life Insurance Company raised its holdings in Warby Parker by 7.2% in the second quarter. The Manufacturers Life Insurance Company now owns 44,667 shares of the company’s stock valued at $717,000 after buying an additional 3,007 shares during the period. LVW Advisors LLC lifted its position in Warby Parker by 27.9% during the third quarter. LVW Advisors LLC now owns 16,027 shares of the company’s stock valued at $262,000 after buying an additional 3,500 shares in the last quarter. Finally, Squarepoint Ops LLC grew its stake in Warby Parker by 2.4% during the second quarter. Squarepoint Ops LLC now owns 199,180 shares of the company’s stock worth $3,199,000 after buying an additional 4,757 shares during the period. 93.24% of the stock is currently owned by hedge funds and other 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.