Piper Sandler Forecasts Strong Price Appreciation for Warby Parker (NYSE:WRBY) Stock

Warby Parker (NYSE:WRBY) had its price target increased by Piper Sandler from $18.00 to $22.00 in a research note issued to investors on Friday,Benzinga reports. The brokerage currently has an “overweight” rating on the stock. Piper Sandler’s target price suggests a potential upside of 12.76% from the stock’s previous close.

WRBY has been the subject of several other reports. Telsey Advisory Group reissued an “outperform” rating and issued a $19.00 price target on shares of Warby Parker in a research note on Thursday. BTIG Research boosted their target price on Warby Parker from $18.00 to $20.00 and gave the company a “buy” rating in a research note on Friday, November 1st. Stifel Nicolaus boosted their price objective on Warby Parker from $14.00 to $15.00 and gave the company a “hold” rating in a research report on Friday, August 9th. The Goldman Sachs Group upgraded shares of Warby Parker from a “neutral” rating to a “buy” rating and raised their target price for the stock from $15.00 to $18.00 in a report on Monday, October 21st. Finally, JMP Securities raised shares of Warby Parker from a “market perform” rating to an “outperform” rating and set a $20.00 target price on the stock in a research note on Friday, August 23rd. Four investment analysts have rated the stock with a hold rating and eight have given a buy rating to the company’s stock. Based on data from MarketBeat.com, the company has an average rating of “Moderate Buy” and a consensus price target of $18.18.

Warby Parker Price Performance

NYSE:WRBY opened at $19.51 on Friday. The company has a market capitalization of $1.96 billion, a price-to-earnings ratio of -50.03 and a beta of 1.80. The business has a 50 day moving average of $15.92 and a 200 day moving average of $15.57. Warby Parker has a 1-year low of $9.83 and a 1-year high of $19.93.

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

Insider Buying and Selling

In other Warby Parker news, CFO Steven Clive Miller sold 6,763 shares of Warby Parker stock in a transaction that occurred on Wednesday, September 11th. The stock was 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 approximately $2,467,083.20. The trade was a 0.00 % decrease in their position. The transaction was disclosed in a legal filing with the SEC, which can be accessed through this link. In other Warby Parker news, CFO Steven Clive Miller sold 6,763 shares of the firm’s stock in a transaction on Wednesday, September 11th. The stock was sold at an average price of $13.90, for a total transaction of $94,005.70. Following the completion of the transaction, the chief financial officer now 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 ownership of the stock. The sale was disclosed in a filing with the SEC, which can be accessed through this link. Also, CEO Neil Harris Blumenthal sold 50,000 shares of the company’s stock in a transaction dated Monday, September 9th. The stock was sold at an average price of $13.89, for a total transaction of $694,500.00. Following the completion of the sale, the chief executive officer now directly owns 12,177 shares in the company, valued at $169,138.53. This represents a 0.00 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold a total of 99,178 shares of company stock valued at $1,339,901 over the last three months. Corporate insiders own 26.55% of the company’s stock.

Hedge Funds Weigh In On Warby Parker

A number of institutional investors and hedge funds have recently made changes to their positions in WRBY. Advisors Asset Management Inc. grew its stake in shares of 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 bought a new stake in Warby Parker in the second quarter worth $131,000. Choreo LLC purchased a new stake in shares of Warby Parker in the second quarter worth $167,000. SG Americas Securities LLC bought a new position in shares of Warby Parker during the first quarter valued at $176,000. Finally, AQR Capital Management LLC purchased a new position in shares of Warby Parker in the 2nd quarter worth about $186,000. 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.