Deutsche Bank Aktiengesellschaft Upgrades Warby Parker (NYSE:WRBY) to “Buy”

Warby Parker (NYSE:WRBY) was upgraded by equities researchers at Deutsche Bank Aktiengesellschaft from a “neutral” rating to a “buy” rating in a research report issued to clients and investors on Monday, Benzinga reports. The firm presently has a $18.00 price target on the stock, up from their previous price target of $15.00. Deutsche Bank Aktiengesellschaft’s price target suggests a potential upside of 1.12% from the stock’s previous close.

Several other equities research analysts also recently weighed in on the company. JMP Securities raised Warby Parker from a “market perform” rating to an “outperform” rating and set a $20.00 price target for the company in a report on Friday, August 23rd. Telsey Advisory Group reaffirmed an “outperform” rating and set a $19.00 price target on shares of Warby Parker in a report on Thursday, August 8th. Stifel Nicolaus increased their price target on 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 price target on Warby Parker from $15.00 to $16.00 and gave the stock a “hold” rating in a report on Wednesday, July 10th. Finally, Piper Sandler started coverage on Warby Parker in a research report on Friday, August 23rd. They issued an “overweight” rating and a $18.00 price objective for the company. Four analysts have rated the stock with a hold rating and five have given a buy rating to the company. According to data from MarketBeat, Warby Parker presently has an average rating of “Moderate Buy” and a consensus price target of $17.00.

Warby Parker Stock Down 2.2 %

Shares of Warby Parker stock opened at $17.80 on Monday. The firm has a market capitalization of $1.76 billion, a P/E ratio of -37.87 and a beta of 1.82. Warby Parker has a 52 week low of $9.83 and a 52 week high of $18.37. The firm’s 50 day moving average is $15.07 and its two-hundred day moving average is $15.14.

Warby Parker (NYSE:WRBY) last posted its quarterly earnings data 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. The business had revenue of $188.22 million during the quarter, compared to the consensus estimate of $186.89 million. Warby Parker had a negative return on equity of 11.09% and a negative net margin of 6.38%. As a group, research analysts expect that Warby Parker will post -0.04 earnings per share for the current fiscal year.

Insider Buying and Selling

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

Hedge Funds Weigh In On Warby Parker

Several hedge funds and other institutional investors have recently modified their holdings of the company. Vaughan Nelson Investment Management L.P. lifted its position in Warby Parker by 113.3% during the 2nd quarter. Vaughan Nelson Investment Management L.P. now owns 2,477,410 shares of the company’s stock worth $39,787,000 after acquiring an additional 1,315,672 shares in the last quarter. Marshall Wace LLP lifted its position in Warby Parker by 1,013.4% during the 2nd quarter. Marshall Wace LLP now owns 1,422,940 shares of the company’s stock worth $22,852,000 after acquiring an additional 1,295,136 shares in the last quarter. TimesSquare Capital Management LLC lifted its position in Warby Parker by 149.4% during the 1st quarter. TimesSquare Capital Management LLC now owns 1,687,750 shares of the company’s stock worth $22,970,000 after acquiring an additional 1,011,030 shares in the last quarter. Vanguard Group Inc. lifted its position in Warby Parker by 7.7% during the 4th quarter. Vanguard Group Inc. now owns 8,457,986 shares of the company’s stock worth $119,258,000 after acquiring an additional 607,352 shares in the last quarter. Finally, Renaissance Technologies LLC lifted its position in Warby Parker by 44.3% during the 2nd quarter. Renaissance Technologies LLC now owns 1,568,600 shares of the company’s stock worth $25,192,000 after acquiring an additional 481,900 shares in the last quarter. 93.24% of the stock is owned by institutional investors and hedge funds.

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.