Warby Parker (NYSE:WRBY) Shares Up 5.8% – Should You Buy?

Warby Parker Inc. (NYSE:WRBY)’s share price shot up 5.8% during mid-day trading on Thursday . The stock traded as high as $26.55 and last traded at $26.43. 892,625 shares were traded during mid-day trading, a decline of 49% from the average session volume of 1,765,296 shares. The stock had previously closed at $24.97.

Wall Street Analysts Forecast Growth

A number of research analysts have issued reports on the stock. BTIG Research upped their target price on shares of Warby Parker from $18.00 to $20.00 and gave the company a “buy” rating in a research report on Friday, November 1st. William Blair raised shares of Warby Parker from a “market perform” rating to an “outperform” rating in a research note on Thursday, November 7th. JMP Securities increased their price target on Warby Parker from $23.00 to $28.00 and gave the company a “market outperform” rating in a research note on Monday, December 16th. Telsey Advisory Group lifted 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. Finally, Robert W. Baird raised their target price on Warby Parker from $18.00 to $23.00 and gave the stock an “outperform” rating in a report on Friday, November 8th. Five equities research analysts have rated the stock with a hold rating and eight have given a buy rating to the company’s stock. According to data from MarketBeat.com, the stock has an average rating of “Moderate Buy” and a consensus price target of $21.67.

Warby Parker Stock Down 1.0 %

The business’s fifty day moving average is $24.46 and its 200 day moving average is $18.87. The firm has a market capitalization of $2.64 billion, a price-to-earnings ratio of -96.22 and a beta of 1.88.

Insider Activity at Warby Parker

In related news, CFO Steven Clive Miller sold 7,016 shares of the company’s stock in a transaction dated Wednesday, December 11th. The stock was sold at an average price of $23.85, for a total transaction of $167,331.60. Following the sale, the chief financial officer now owns 182,130 shares in the company, 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 is accessible through this hyperlink. Also, CEO Neil Harris Blumenthal sold 36,163 shares of the firm’s stock in a transaction that occurred on Tuesday, December 3rd. The shares were 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 of the company’s stock, valued at approximately $275,321.97. This represents a 74.81 % decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last quarter, insiders have sold 558,032 shares of company stock valued at $13,807,864. 26.55% of the stock is owned by insiders.

Institutional Investors Weigh In On Warby Parker

Large investors have recently made changes to their positions in the stock. Marshall Wace LLP boosted its stake in shares of 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 during the period. Verition Fund Management LLC bought a new position in Warby Parker during the third quarter worth $7,462,000. Dimensional Fund Advisors LP increased its holdings in shares of Warby Parker by 29.1% in the second quarter. Dimensional Fund Advisors LP now owns 1,369,424 shares of the company’s stock valued at $21,994,000 after purchasing an additional 308,472 shares during the last quarter. Loomis Sayles & Co. L P raised its position in shares of Warby Parker by 20.3% in the third quarter. Loomis Sayles & Co. L P now owns 1,782,629 shares of the company’s stock valued at $29,111,000 after purchasing an additional 300,891 shares during the period. Finally, Driehaus Capital Management LLC lifted its stake in shares of Warby Parker by 43.9% during the 2nd quarter. Driehaus Capital Management LLC now owns 806,501 shares of the company’s stock worth $12,952,000 after buying an additional 246,011 shares during the last quarter. 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.