Warby Parker (NYSE:WRBY) Price Target Raised to $23.00

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

Several other analysts have also recently commented on the company. Evercore ISI reissued an “in-line” rating and issued a $23.00 price target on shares of Warby Parker in a report on Friday, January 17th. William Blair raised Warby Parker from a “market perform” rating to an “outperform” rating in a report on Thursday, November 7th. The Goldman Sachs Group lifted their price objective on Warby Parker from $20.00 to $26.00 and gave the company a “buy” rating in a research report on Tuesday, December 10th. JMP Securities boosted their price target on Warby Parker from $23.00 to $28.00 and gave the company a “market outperform” rating in a research report on Monday, December 16th. Finally, Telsey Advisory Group boosted their price objective on Warby Parker from $22.00 to $26.00 and gave the stock an “outperform” rating in a research note on Tuesday, November 19th. Five analysts have rated the stock with a hold rating and eight have issued a buy rating to the company’s stock. According to data from MarketBeat.com, Warby Parker currently has a consensus rating of “Moderate Buy” and an average target price of $21.67.

Warby Parker Stock Up 5.2 %

NYSE:WRBY opened at $26.27 on Tuesday. The stock’s 50 day moving average price is $24.37 and its 200 day moving average price is $18.79. The company has a market capitalization of $2.67 billion, a PE ratio of -97.28 and a beta of 1.88. Warby Parker has a 52-week low of $11.35 and a 52-week high of $27.10.

Insider Activity

In other news, CFO Steven Clive Miller sold 7,016 shares of the company’s stock in a transaction on Wednesday, December 11th. The shares were sold at an average price of $23.85, for a total value of $167,331.60. Following the transaction, the chief financial officer now directly owns 182,130 shares of the company’s stock, 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 legal filing with the SEC, which can be accessed through this link. Also, CEO Neil Harris Blumenthal sold 300,000 shares of the company’s stock in a transaction on Thursday, January 2nd. The stock was sold at an average price of $25.14, for a total transaction of $7,542,000.00. Following the completion of the transaction, the chief executive officer now directly owns 12,177 shares in the company, valued at $306,129.78. This trade represents a 96.10 % decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last 90 days, insiders sold 558,032 shares of company stock worth $13,807,864. Insiders own 26.55% of the company’s stock.

Institutional Investors Weigh In On Warby Parker

Several hedge funds and other institutional investors have recently made changes to their positions in WRBY. Marshall Wace LLP lifted its stake in shares of Warby Parker by 1,013.4% in the second quarter. Marshall Wace LLP now owns 1,422,940 shares of the company’s stock valued at $22,852,000 after buying an additional 1,295,136 shares during the period. Verition Fund Management LLC bought a new stake in shares of Warby Parker in the third quarter valued at about $7,462,000. Dimensional Fund Advisors LP lifted its stake in Warby Parker by 29.1% during the second quarter. Dimensional Fund Advisors LP now owns 1,369,424 shares of the company’s stock worth $21,994,000 after purchasing an additional 308,472 shares during the period. Loomis Sayles & Co. L P lifted its stake in Warby Parker by 20.3% during the third quarter. Loomis Sayles & Co. L P now owns 1,782,629 shares of the company’s stock worth $29,111,000 after purchasing an additional 300,891 shares during the period. Finally, Driehaus Capital Management LLC lifted its stake in Warby Parker by 43.9% during the second quarter. Driehaus Capital Management LLC now owns 806,501 shares of the company’s stock worth $12,952,000 after purchasing an additional 246,011 shares during the period. 93.24% of the stock is owned by institutional investors and hedge funds.

Warby Parker Company Profile

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.