UBS Group Forecasts Strong Price Appreciation for Warby Parker (NYSE:WRBY) Stock

Warby Parker (NYSE:WRBY) had its price target upped by research analysts at UBS Group from $20.00 to $23.00 in a note issued to investors on Friday,Benzinga reports. The firm presently has a “neutral” rating on the stock. UBS Group’s price objective would suggest a potential downside of 5.31% from the stock’s previous close.

Several other equities research analysts also recently issued reports on WRBY. Telsey Advisory Group reiterated an “outperform” rating and issued a $28.00 price objective on shares of Warby Parker in a report on Thursday. Evercore ISI reaffirmed an “in-line” rating and set a $23.00 target price on shares of Warby Parker in a research note on Friday, January 17th. BTIG Research boosted their price target on shares of Warby Parker from $18.00 to $20.00 and gave the stock a “buy” rating in a research note on Friday, November 1st. Roth Mkm initiated coverage on Warby Parker in a research note on Tuesday. They set a “neutral” rating and a $26.00 target price for the company. Finally, Stifel Nicolaus boosted their price objective on Warby Parker from $17.00 to $20.00 and gave the stock a “hold” rating in a research report on Wednesday, December 11th. One equities research analyst has rated the stock with a sell rating, six have given a hold rating, eight have given a buy rating and one has issued a strong buy rating to the stock. According to data from MarketBeat, the stock has a consensus rating of “Moderate Buy” and an average price target of $23.43.

Warby Parker Stock Performance

Shares of NYSE WRBY traded down $0.02 during mid-day trading on Friday, reaching $24.29. 1,105,732 shares of the company’s stock were exchanged, compared to its average volume of 1,574,177. The firm has a market capitalization of $2.47 billion, a price-to-earnings ratio of -89.85 and a beta of 1.90. The company’s 50-day moving average is $25.62 and its 200-day moving average is $20.55. Warby Parker has a 52-week low of $11.35 and a 52-week high of $28.68.

Insiders Place Their Bets

In other news, CEO Neil Harris Blumenthal sold 36,163 shares of the firm’s stock in a transaction on Tuesday, December 3rd. The stock was sold at an average price of $22.61, for a total value of $817,645.43. Following the completion of the transaction, the chief executive officer now owns 12,177 shares in the company, valued at $275,321.97. This trade represents a 74.81 % decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is available through the SEC website. Also, CFO Steven Clive Miller sold 14,853 shares of the firm’s stock in a transaction that occurred on Tuesday, December 3rd. The stock was sold at an average price of $22.61, for a total transaction of $335,826.33. Following the transaction, the chief financial officer now directly owns 189,146 shares of the company’s stock, valued at approximately $4,276,591.06. This trade represents a 7.28 % decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last ninety days, insiders have sold 608,032 shares of company stock worth $15,188,364. Corporate insiders own 26.55% of the company’s stock.

Institutional Investors Weigh In On Warby Parker

Several institutional investors and hedge funds have recently modified their holdings of WRBY. Arizona State Retirement System increased its position in shares of Warby Parker by 2.6% during the fourth quarter. Arizona State Retirement System now owns 24,881 shares of the company’s stock worth $602,000 after acquiring an additional 619 shares during the last quarter. Mariner LLC increased its holdings in Warby Parker by 6.5% during the 4th quarter. Mariner LLC now owns 10,772 shares of the company’s stock worth $261,000 after purchasing an additional 660 shares during the last quarter. Summit Investment Advisors Inc. boosted its stake in shares of Warby Parker by 10.0% during the 4th quarter. Summit Investment Advisors Inc. now owns 9,265 shares of the company’s stock valued at $224,000 after buying an additional 840 shares during the last quarter. Global Retirement Partners LLC bought a new stake in shares of Warby Parker in the 4th quarter worth about $25,000. Finally, Jones Financial Companies Lllp raised its stake in shares of Warby Parker by 205.6% in the 4th quarter. Jones Financial Companies Lllp now owns 1,528 shares of the company’s stock valued at $37,000 after purchasing an additional 1,028 shares in the last quarter. Hedge funds and other institutional investors own 93.24% of the company’s stock.

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.