Warby Parker (NYSE:WRBY) Stock Rating Upgraded by The Goldman Sachs Group

Warby Parker (NYSE:WRBY) was upgraded by The Goldman Sachs Group from a “neutral” rating to a “buy” rating in a research report issued to clients and investors on Monday, MarketBeat.com reports. The brokerage currently has a $18.00 price target on the stock, up from their previous price target of $15.00. The Goldman Sachs Group’s price objective indicates a potential upside of 1.12% from the company’s current price.

Several other equities analysts have also recently issued reports on WRBY. Telsey Advisory Group reaffirmed an “outperform” rating and issued a $19.00 price objective on shares of Warby Parker in a research report on Thursday, August 8th. JMP Securities upgraded Warby Parker from a “market perform” rating to an “outperform” rating and set a $20.00 price objective for the company in a research note on Friday, August 23rd. Loop Capital upped their price objective on Warby Parker from $15.00 to $16.00 and gave the stock a “hold” rating in a research note on Wednesday, July 10th. Deutsche Bank Aktiengesellschaft upgraded Warby Parker from a “neutral” rating to a “buy” rating and upped their price objective for the stock from $15.00 to $18.00 in a research note on Monday. Finally, Piper Sandler began coverage on Warby Parker in a research note on Friday, August 23rd. They issued an “overweight” rating and a $18.00 price target for the company. Four equities research analysts have rated the stock with a hold rating and five have issued a buy rating to the stock. According to MarketBeat, Warby Parker has a consensus rating of “Moderate Buy” and a consensus price target of $17.00.

Warby Parker Price Performance

Shares of NYSE:WRBY opened at $17.80 on Monday. Warby Parker has a 1 year low of $9.83 and a 1 year high of $18.37. The company has a market cap of $1.76 billion, a PE ratio of -37.87 and a beta of 1.82. The stock’s 50-day moving average is $15.07 and its 200 day moving average is $15.14.

Warby Parker (NYSE:WRBY) last posted its earnings results on Thursday, August 8th. The company reported ($0.03) earnings per share for the quarter, topping analysts’ consensus estimates of ($0.04) by $0.01. Warby Parker had a negative return on equity of 11.09% and a negative net margin of 6.38%. The firm had revenue of $188.22 million for the quarter, compared to the consensus estimate of $186.89 million. Analysts expect that Warby Parker will post -0.04 EPS for the current fiscal year.

Insiders Place Their Bets

In other news, CFO Steven Clive Miller sold 6,763 shares of Warby Parker stock in a transaction on Wednesday, September 11th. The shares were sold at an average price of $13.90, for a total transaction of $94,005.70. Following the completion of the sale, the chief financial officer now directly owns 177,488 shares in the company, valued at approximately $2,467,083.20. The trade was a 0.00 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is accessible through the SEC website. In other news, CFO Steven Clive Miller sold 6,763 shares of the stock in a transaction dated Wednesday, September 11th. The shares were sold at an average price of $13.90, for a total transaction of $94,005.70. Following the sale, the chief financial officer now directly owns 177,488 shares of the company’s stock, valued at $2,467,083.20. This represents a 0.00 % decrease in their position. The transaction was disclosed in a legal filing with the SEC, which is available through this link. Also, Director Bradley E. Singer purchased 50,000 shares of Warby Parker stock in a transaction that occurred on Tuesday, August 13th. The shares were bought at an average price of $13.00 per share, with a total value of $650,000.00. Following the transaction, the director now owns 100,000 shares in the company, valued at approximately $1,300,000. The trade was a 100.00 % increase in their ownership of the stock. The disclosure for this purchase can be found here. Over the last three months, insiders have sold 99,178 shares of company stock valued at $1,339,901. 26.55% of the stock is currently owned by insiders.

Institutional Trading of Warby Parker

Hedge funds and other institutional investors have recently made changes to their positions in the company. Vanguard Group Inc. boosted its position in shares of Warby Parker by 2.6% during the 1st quarter. Vanguard Group Inc. now owns 8,677,106 shares of the company’s stock worth $118,095,000 after purchasing an additional 219,120 shares during the period. Vaughan Nelson Investment Management L.P. boosted its position in Warby Parker by 113.3% in the 2nd quarter. Vaughan Nelson Investment Management L.P. now owns 2,477,410 shares of the company’s stock valued at $39,787,000 after buying an additional 1,315,672 shares during the period. TimesSquare Capital Management LLC boosted its position in 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 buying an additional 1,011,030 shares during the period. Renaissance Technologies LLC boosted its position in Warby Parker by 44.3% in the 2nd quarter. Renaissance Technologies LLC now owns 1,568,600 shares of the company’s stock valued at $25,192,000 after buying an additional 481,900 shares during the period. Finally, Marshall Wace LLP boosted its position in Warby Parker by 1,013.4% in the 2nd 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. Institutional investors and hedge funds 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.