Warby Parker (NYSE:WRBY) Trading Up 5.4% – Here’s Why

Warby Parker Inc. (NYSE:WRBY) shares rose 5.4% during trading on Wednesday . The stock traded as high as $18.62 and last traded at $18.79. Approximately 1,044,914 shares changed hands during mid-day trading, a decline of 33% from the average daily volume of 1,568,550 shares. The stock had previously closed at $17.82.

Analyst Upgrades and Downgrades

WRBY has been the subject of several recent analyst reports. Stifel Nicolaus raised their target price on shares of Warby Parker from $17.00 to $20.00 and gave the stock a “hold” rating in a report on Wednesday, December 11th. Morgan Stanley raised their target price on shares of Warby Parker from $17.00 to $23.00 and gave the stock an “equal weight” rating in a report on Tuesday, January 21st. The Goldman Sachs Group raised their target price on shares of Warby Parker from $20.00 to $26.00 and gave the stock a “buy” rating in a report on Tuesday, December 10th. Roth Mkm initiated coverage on shares of Warby Parker in a report on Tuesday, February 25th. They set a “neutral” rating and a $26.00 price target for the company. Finally, Citigroup restated an “outperform” rating on shares of Warby Parker in a report on Friday, February 28th. Six research analysts have rated the stock with a hold rating, nine have assigned a buy rating and one has assigned a strong buy rating to the stock. According to MarketBeat, Warby Parker currently has an average rating of “Moderate Buy” and an average price target of $23.43.

Warby Parker Stock Up 6.2 %

The company has a market cap of $1.96 billion, a P/E ratio of -70.34 and a beta of 1.91. The stock’s 50-day moving average price is $24.62 and its 200 day moving average price is $21.29.

Insider Buying and Selling

In related news, CFO Steven Clive Miller sold 11,684 shares of the business’s stock in a transaction on Tuesday, March 4th. The shares were sold at an average price of $23.52, for a total transaction of $274,807.68. Following the transaction, the chief financial officer now owns 204,727 shares of the company’s stock, valued at approximately $4,815,179.04. The trade was a 5.40 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which is available through this hyperlink. Also, CEO Neil Harris Blumenthal sold 27,967 shares of the business’s stock in a transaction on Tuesday, March 4th. The stock was sold at an average price of $23.52, for a total transaction of $657,783.84. Following the transaction, the chief executive officer now directly owns 23,961 shares in the company, valued at $563,562.72. This trade represents a 53.86 % decrease in their position. The disclosure for this sale can be found here. Over the last quarter, insiders have sold 483,597 shares of company stock valued at $12,211,257. 26.55% of the stock is owned by company insiders.

Institutional Investors Weigh In On Warby Parker

Institutional investors have recently bought and sold shares of the business. Global Retirement Partners LLC acquired a new stake in Warby Parker during the fourth quarter worth $25,000. NewEdge Advisors LLC boosted its stake in Warby Parker by 700.0% during the fourth quarter. NewEdge Advisors LLC now owns 1,200 shares of the company’s stock worth $29,000 after buying an additional 1,050 shares in the last quarter. Jones Financial Companies Lllp boosted its stake in Warby Parker by 205.6% during the fourth quarter. Jones Financial Companies Lllp now owns 1,528 shares of the company’s stock worth $37,000 after buying an additional 1,028 shares in the last quarter. Comerica Bank boosted its stake in Warby Parker by 153.1% during the fourth quarter. Comerica Bank now owns 2,291 shares of the company’s stock worth $55,000 after buying an additional 1,386 shares in the last quarter. Finally, Anderson Financial Strategies LLC acquired a new stake in Warby Parker during the fourth quarter worth $69,000. 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.