BTIG Research Forecasts Strong Price Appreciation for Warby Parker (NYSE:WRBY) Stock

Warby Parker (NYSE:WRBY) had its price target lifted by BTIG Research from $18.00 to $20.00 in a report released on Friday, Benzinga reports. The firm currently has a “buy” rating on the stock. BTIG Research’s price target indicates a potential upside of 14.61% from the company’s current price.

Other equities analysts have also issued reports about the company. Piper Sandler initiated coverage on Warby Parker in a research report on Friday, August 23rd. They set an “overweight” rating and a $18.00 price objective on the stock. Telsey Advisory Group reissued an “outperform” rating and set a $19.00 price target on shares of Warby Parker in a research note on Thursday. Stifel Nicolaus boosted their price objective on shares of Warby Parker from $14.00 to $15.00 and gave the stock a “hold” rating in a report on Friday, August 9th. Loop Capital increased their target price on shares of Warby Parker from $15.00 to $16.00 and gave the company a “hold” rating in a report on Wednesday, July 10th. Finally, Deutsche Bank Aktiengesellschaft raised shares of Warby Parker from a “neutral” rating to a “buy” rating and boosted their price target for the stock from $15.00 to $18.00 in a research note on Monday, October 21st. Four equities research analysts have rated the stock with a hold rating and six have issued a buy rating to the company’s stock. According to data from MarketBeat, Warby Parker currently has an average rating of “Moderate Buy” and a consensus price target of $17.30.

Warby Parker Price Performance

NYSE WRBY opened at $17.45 on Friday. The company’s 50 day simple moving average is $15.57 and its two-hundred day simple moving average is $15.32. Warby Parker has a 1 year low of $9.83 and a 1 year high of $18.37. The stock has a market capitalization of $1.76 billion, a PE ratio of -44.74 and a beta of 1.80.

Warby Parker (NYSE:WRBY) last released its quarterly earnings results on Thursday, August 8th. The company reported ($0.03) earnings per share for the quarter, beating the consensus estimate 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 analysts’ expectations of $186.89 million. On average, research analysts anticipate that Warby Parker will post -0.04 EPS for the current year.

Insider Buying and Selling

In other Warby Parker news, Director Bradley E. Singer purchased 50,000 shares of the firm’s stock in a transaction that occurred on Tuesday, August 13th. The stock was bought at an average cost of $13.00 per share, for a total transaction of $650,000.00. Following the purchase, the director now directly owns 100,000 shares in the company, valued at $1,300,000. The trade was a 100.00 % increase in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. In related news, Director Bradley E. Singer acquired 50,000 shares of Warby Parker stock in a transaction that occurred on Tuesday, August 13th. The stock was bought at an average price of $13.00 per share, with a total value of $650,000.00. Following the transaction, the director now directly owns 100,000 shares in the company, valued at approximately $1,300,000. This represents a 100.00 % increase in their ownership of the stock. The acquisition was disclosed in a legal filing with the SEC, which can be accessed through the SEC website. Also, CEO Neil Harris Blumenthal sold 27,143 shares of Warby Parker stock in a transaction on Friday, September 6th. The shares were sold at an average price of $13.00, for a total value of $352,859.00. Following the transaction, the chief executive officer now owns 12,177 shares of the company’s stock, valued at $158,301. The trade was a 0.00 % decrease in their position. The disclosure for this sale can be found here. Insiders have sold a total of 99,178 shares of company stock valued at $1,339,901 over the last ninety days. Company insiders own 26.55% of the company’s stock.

Hedge Funds Weigh In On Warby Parker

Hedge funds have recently added to or reduced their stakes in the company. Advisors Asset Management Inc. raised its position in Warby Parker by 79.9% in the 1st quarter. Advisors Asset Management Inc. now owns 5,125 shares of the company’s stock worth $70,000 after buying an additional 2,276 shares during the last quarter. First Eagle Investment Management LLC purchased a new position in shares of Warby Parker during the second quarter valued at approximately $131,000. Sciencast Management LP bought a new position in Warby Parker during the first quarter valued at approximately $145,000. Principal Financial Group Inc. purchased a new stake in Warby Parker in the first quarter worth approximately $158,000. Finally, Choreo LLC purchased a new stake in Warby Parker during the 2nd quarter valued at $167,000. 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.